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 is available around the country and may 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 give a lot of details upfront about their auto loans, but here’s what we know.

Valley Bank

Wells Fargo

Bankrate score 3.5 3.2
Better for 
  • Rate discounts
  • Largest service area
Loans offered New, used New, used
Loan amounts Not specified Varies by dealership
APRs From 7.80% 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 auto loans

Valley Bank offers auto loans for both new and used vehicles. With some of the best auto loan rates currently starting at just above 4.50 percent APR, Valley Bank offers APRs that are mid-range. Their rates start at 7.80 percent APR.

Unfortunately, the bank only offers loans to customers based in Alabama, Florida, New Jersey or New York. Residents of those states can take advantage of the autopay discount and quick funding Valley Bank offers. They also offer a 0.50 percent rate discount if you are financing an electric vehicle or hybrid vehicle.

The lender doesn’t offer many more details about loan qualification requirements or loan terms on their websites. Interested applicants can contact their customer service team online, over the phone or in person at one of their branches to find out more specifics about their auto loans.


  • Fast funding: Customers approved for an auto loan can expect funds as soon as the same day.
  • Autopay discount: The lender offers an autopay discount of 0.25 percent, provided you sign up using a Valley Bank account.
  • Both in-person and online customer 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.


  • Minimal information provided on website: 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: No specifics about what you need to qualify for an auto loan with Valley Bank are given on their website. However, a company rep told Bankrate that Valley Bank doesn’t have a specific minimum credit score.

Wells Fargo auto loans

Wells Fargo is a large traditional banking institution with around 4,900 branches located throughout the U.S. The bank offers auto loans for both new and used vehicles. However, their auto loans are only offered through auto dealerships. Wells Fargo currently works with more than 11,000 car dealers to offer auto loans.

Wells Fargo car loans are administered by the banking institution, but you apply through the dealer. If Wells Fargo services the auto loan, you will make payments to Wells Fargo and use their tools to manage your account. The specific loan terms and interest rates vary by dealership, though, so getting the details upfront is difficult.


  • Available in all 50 states: Wells Fargo auto loans are available to borrowers throughout the country.
  • 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.


  • Loans only provided 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 provided on website. Since auto loans are handed out through dealerships, Wells Fargo doesn’t provide loan details like qualification requirements or loan term specifics on their website.
  • No prequalification option. Wells Fargo doesn’t give a prequalification option for auto loans, so you must apply and take the ding on your credit report without knowing whether you will be approved or not.

How to choose between Valley Bank and Wells Fargo

When looking at Valley Bank vs. Wells Fargo for auto loans, it can be difficult to choose without knowing many details about loan terms or requirements to qualify. However, Valley Bank is better if you are looking for rate discounts, while Wells Fargo has a larger availability.

Choose Valley Bank for rate discounts

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

Any Valley Bank customer can save on their car loans by setting up autopay. An additional discount is available to anyone purchasing a hybrid or electric vehicle. Valley Bank’s discount for these types of vehicles is 0.50 percent. 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. But if you don’t live in any of these states, Wells Fargo is your only option between the two auto loan lenders.

Compare more lenders before applying

When considering auto loan options, it’s always a good idea to shop around with multiple lenders. Both of these lenders share limited information about their loans. Many traditional and online lenders provide more upfront transparency — and one might have lower auto loan rates for you.

Also, check out our picks for bad credit lenders if your credit could use work.