Yes, Wells Fargo offers auto loans for new and used vehicles
Wells Fargo provides auto loans through its consumer lending division. You can borrow money to purchase a new car, used car, or refinance an existing auto loan from another lender. The loans are available to customers who meet Wells Fargo's lending requirements, and you can explore online, by phone, or at a branch.
Wells Fargo auto loans come with fixed interest rates, meaning your rate stays the same for the entire loan term. Loan terms typically range from 24 to 84 months, depending on the vehicle and your creditworthiness. The interest rate you receive depends on factors like your credit score, income, and the age and value of the vehicle you're financing.
Key Takeaways
- Wells Fargo auto loans cover purchases of new vehicles, used vehicles, and refinancing of existing loans from other lenders.
- You can explore online at wellsfargo.com, by calling 1-800-869-3557, or in person at a Wells Fargo branch.
- Loan terms range from 24 to 84 months with fixed interest rates that do not change over the life of the loan.
- Wells Fargo may require a down payment, proof of income, and a valid driver's license, though specific requirements vary by situation.
how the process works for a Wells Fargo auto loan
The online process is the fastest route. Go to wellsfargo.com, select "Auto Loans" under the lending products, and answer questions about the vehicle, the loan amount you need, and your personal information. Wells Fargo will give you a rate estimate within minutes, though the final rate comes after a full review of your credit and income.
If you prefer to speak with someone, call the auto loan team at 1-800-869-3557 during business hours. A representative can walk you through the process over the phone and answer questions about rates, terms, and what documents you'll need. You can also visit a Wells Fargo branch in person to explore with a loan officer.
The process process typically takes a few business days from start to approval. Once approved, Wells Fargo will fund the loan and send the money to the seller or your previous lender, depending on whether you're buying or refinancing.
What documents and information you'll need
Wells Fargo will ask for proof of identity, such as a valid driver's license or passport. You'll also need to provide proof of income — usually a recent pay stub, tax return, or bank statements showing regular deposits. If you're self-employed, be ready to share business tax returns or profit-and-loss statements.
For the vehicle itself, you'll need the vehicle identification number (VIN), the purchase price or current loan balance if you're refinancing, and details about the car's condition and mileage. If you're buying from a dealer, the dealer can often provide this information. If you're buying from a private seller, you'll need to gather it yourself.
Wells Fargo may also request proof of insurance before funding the loan. Most lenders require you to have comprehensive and collision coverage on the vehicle, which you'll need to show proof of before the money is released.
Interest rates and loan terms explained
Wells Fargo offers fixed-rate auto loans, which means your interest rate and monthly payment stay the same throughout the loan. The rate you receive depends on your credit score, the loan amount, the vehicle's age and value, and how much money you put down. Borrowers with higher credit scores typically receive lower rates.
Loan terms range from 24 months to 84 months. A shorter term (like 24 or 36 months) means higher monthly payments but less interest paid overall. A longer term (like 60, 72, or 84 months) spreads the cost across more months, lowering your payment but increasing the total interest you pay. Wells Fargo's website or a loan officer can show you payment estimates for different term lengths so you can compare.
The interest rate also depends on whether the vehicle is new or used. New cars typically may have access to for lower rates than used cars. The age of a used vehicle matters too — a three-year-old car may have a lower rate than a ten-year-old car.
Down payment requirements and options
Wells Fargo does not require a minimum down payment, but putting money down reduces the amount you need to borrow and can lower your interest rate. A larger down payment also means a smaller monthly payment and less total interest paid over the life of the loan.
If you're refinancing an existing auto loan, you may not need a down payment at all — Wells Fargo will pay off your old loan and give you a new one. If you're purchasing a vehicle, the dealer or seller may require a down payment as part of the sale, separate from what Wells Fargo requires.
Refinancing an existing auto loan with Wells Fargo
If you have an auto loan with another lender and want to refinance with Wells Fargo, the process is similar to getting a new loan. You'll provide the same personal and financial information, plus details about your current loan — the lender's name, your account number, the remaining balance, and your current interest rate.
Refinancing makes sense if Wells Fargo offers you a lower interest rate than your current loan. Even a 1 or 2 percent lower rate can save you hundreds of dollars over the remaining loan term. Use an online calculator to compare your current payment and total interest with what Wells Fargo is offering before you decide.
Wells Fargo will pay off your old loan directly, and you'll make payments to Wells Fargo instead. There's no gap in coverage or lapse in the loan — the transition happens behind the scenes.
What happens after your loan is approved
Once Wells Fargo approves your loan, you'll receive loan documents to sign. Read through these carefully — they show your interest rate, monthly payment, loan term, and any fees. If you're buying a car, Wells Fargo will fund the loan and send the money to the dealer or seller. If you're refinancing, Wells Fargo sends the money to your current lender to pay off the old loan.
You'll then make monthly payments to Wells Fargo, either through automatic bank transfers, online bill pay, or by mail. Your first payment is typically due 30 days after the loan funds. Wells Fargo will send you a payment coupon or set up automatic payments so you know exactly when and how much to pay each month.
Frequently Asked Questions
Can I get a Wells Fargo auto loan if I have bad credit?
Wells Fargo works with borrowers across a range of credit profiles, though a lower credit score typically means a higher interest rate. If your credit is poor, you may still be able to borrow, but expect to pay more in interest. A larger down payment or a co-signer with better credit can improve your chances of approval or a better rate.
What is the maximum loan amount Wells Fargo will give me?
The maximum depends on the vehicle's value, your income, and your credit history. Wells Fargo generally won't lend more than the vehicle is worth, and they'll verify the car's value using industry guides. Contact Wells Fargo directly or use their online calculator to get an estimate for your specific situation.
Can I pay off my Wells Fargo auto loan early without a penalty?
Yes, Wells Fargo auto loans do not have prepayment penalties, so you can pay off the loan early without extra fees. Paying early reduces the total interest you pay and gets you out of debt sooner. Contact Wells Fargo to confirm the exact payoff amount before sending a lump sum.
How long does it take to get approved for a Wells Fargo auto loan?
Online applications typically receive a rate estimate within minutes, but full approval usually takes a few business days. Wells Fargo reviews your credit, verifies your income, and confirms the vehicle details before giving final approval. Once approved, funding can happen within one to three business days.
Does Wells Fargo offer auto loans for used cars that are very old?
Wells Fargo does finance used vehicles, but there are age and mileage limits. Most lenders won't finance cars older than 10 to 15 years or with more than 150,000 miles, though these limits vary. Contact Wells Fargo to ask about the specific vehicle you're interested in.