Wells Fargo is a nationwide bank that has been around since 1852. Valley Bank has been serving its customers since 1927. Both banks offer a variety of financial products, including auto loans.

Both Wells Fargo and Valley Bank offer car loans for new and used vehicles. However, Wells Fargo operates nationwide. It be a good fit if you want to fund through the dealership. Meanwhile, Valley Bank is the best option for rate discounts if you live within one of the four states they serve.

Valley Bank vs. Wells Fargo at a glance

Neither Valley Bank nor Wells Fargo shares many details about their auto loans, but here’s what we know.

Valley Bank Wells Fargo
Bankrate score 3.2/5 3.2/5
Better for 
  • Rate discounts
  • Largest service area
Loans offered New, used New, used
Loan amounts Not specified Varies by dealership
APRs From 7.30% Varies by dealership
Loan term lengths 12-84 months Not specified
Fees Late fee None
Minimum credit score Not specified Not specified
State footprint 4 states 50 states
Time to funding As soon as the same day Instant upon approval, paid to dealership
Autopay discount? Yes, 0.25% No

Valley Bank
Best for rate discounts

Valley Bank

Rating: 3.2 stars out of 5
Learn more in our Bankrate review
  • Green circle with a checkmark inside


    • Fast funding: Customers approved for an auto loan can expect funds as soon as the same day.
    • Autopay discount: There is an autopay discount of 0.25 percent, provided you sign up using a Valley Bank account.
    • In-person and online service: Loan applicants and borrowers can receive help either online or at one of Valley Bank’s in-person branches. And unlike with Wells Fargo, you don’t have to visit a dealership to apply.
    Red circle with an X inside


    • Minimal information online: Valley Bank provides few details about loan specifics on their website. Wells Fargo has the same issue.
    • Limited availability: Valley Bank auto loans are only available in four states: Alabama, Florida, New Jersey and New York.
    • Unclear qualification requirements: Valley Bank doesn’t share its credit requirements online. However, a company rep told Bankrate that Valley Bank doesn’t have a specific minimum credit score.

Wells Fargo
Best for its large service area

Wells Fargo

Rating: 3.2 stars out of 5
Learn more in our Bankrate review
  • Green circle with a checkmark inside


    • Available in all 50 states: Wells Fargo auto loans are available to borrowers throughout the country, unlike Valley Bank’s loans.
    • No extra fees: Wells Fargo doesn’t charge any extra upfront fees for auto loans, including origination fees.
    • Fast funding: Funds are paid to the dealership once your loan is approved.
    Red circle with an X inside


    • Loans only through dealers: You can’t apply for an auto loan with Wells Fargo directly. The dealer may mark up Wells Fargo’s rates in order to profit — a common practice with dealership financing.
    • Minimal information online: Since auto loans are dealt with at the dealership, Wells Fargo doesn’t provide any details on its website.
    • No prequalification: Wells Fargo doesn’t offer prequalification for auto loans, so you must apply and take the ding on your credit report without knowing if you will be approved.

How to choose between Valley Bank and Wells Fargo

It can be difficult to choose without knowing their loan terms or requirements details. Valley Bank is better for rate discounts, while Wells Fargo has wider availability.

Choose Valley Bank for rate discounts

Valley Bank has the most to offer in rate discounts. If you want the most opportunities to save, Valley Bank wins over Wells Fargo.

Valley Bank customers can save on car loans by setting up autopay. An additional 0.25 percent discount is available to anyone purchasing a hybrid or electric vehicle. Many lenders offer an autopay discount. But an electric or hybrid vehicle discount is unusual and offers an extra way to save on your auto loan.

Choose Wells Fargo for a bigger state footprint

Wells Fargo far exceeds Valley Bank in the areas it services. Valley Bank only offers car loans in four states. However, Wells Fargo offers car loans in all 50 states.

If you live in Alabama, Florida, New Jersey or New York, Valley Bank is a great option for auto loans. If you don’t live in these states, Wells Fargo is your only option of the two. But there are many other great auto lenders out there.

Compare more lenders before applying

Shopping around with multiple lenders is always a good idea. Both of these lenders share limited information about their loans. We recommend comparing other auto loan rates, especially if you need a bad credit lender.