Your bank is the first place you will think about applying if you are looking around for an auto loan. Wells Fargo Bank (WF) is the bank of choice for a third of American families. This makes it a popular choice for many individuals seeking loans. However, if you are looking for a Wells Fargo auto loan, you will need to look elsewhere.

This is because bank finance is no longer the exclusive option for financing cars. Therefore, you will need to apply for a loan at an automobile dealership that is part of the bank’s network rather than sending an application to Wells Fargo.
Wells Fargo Auto Loan
Wells Fargo Auto Loan offers auto financing ranging from $5,000 to $110,000 for both new and used cars up to the age of fifteen. However, the company does not offer vehicle refinancing. Since Wells Fargo is an indirect vehicle lender, you may only apply for a loan through a dealership. Generally, Wells Fargo has about 11,000 dealers in its network. Additionally, the highest-qualifying clients’ interest rates at Wells Fargo start at 3.99% and go up to 19.99%, with repayment durations ranging from 24 to 75 months.
Similar to the majority of indirect auto lenders, Wells Fargo does not post its minimal requirements for eligibility on its website. However, lending decisions are influenced by various factors such as the car’s value, the borrower’s repayment capacity, income, and credit history. Furthermore, Wells Fargo’s dealership application process may be challenging for customers due to the lack of a prequalification procedure.
Wells Fargo Auto Loan Details
Both new and used car loans are offered by Wells Fargo. Unlike other lenders, Wells Fargo does not provide vehicle loans directly but rather requires applicants to visit a participating dealership for an application. You will also need to visit a dealer to obtain information on vehicle loan payments and annual percentage rates (APRs), as the financial institution does not publish this information online.
Moreover, there are no longer any Wells Fargo vehicle refinance loans available. The following information relates to Wells Fargo auto loans:
- The loan term ranges from 24 to 75 months.
- Minimum loan amount of $2,500.
- Varying APR.
- No prepayment penalty.
- No application fee.
Individuals who obtain Wells Fargo auto loans via dealerships have the option to set up Internet banking so that the company receives monthly payments immediately.
Wells Fargo Auto Loan Requirements
Regarding the Wells Fargo auto loans, the specifics of your loan offer will be decided by the dealer. Since each dealer has different criteria, it is, unfortunately, impossible to understand the loan requirements upfront.
Generally, a credit score of 660 or above is required to purchase a car with approved financing. However, other factors such as your income and other personal information will also be taken into consideration. Since Wells Fargo mostly provides loans through franchise shops that market new cars from particular manufacturers or brands, being a strong applicant may be necessary to be approved.
- Before applying for Wells Fargo vehicle finance through a dealership, it may be useful to be aware of the following additional details:
- Dealers usually give you a selection of offers for auto loans.
- Because dealers tack on fees and interest to loans, dealer financing is frequently more costly than taking out a straight bank or credit union loan.
- With the dealer, you can work out other terms of payment, including your APR.
What to Do If You Get Denied
If your application for a Wells Fargo auto loan is denied, you might want to get in touch with the lender to find out why. Applications for loans are occasionally denied due to inadequate or erroneous documents. In such a situation, inquire as to if you may fix the mistake and submit your application again. Inquire about other financing choices while at the dealership.
However, if your application was turned down because of a poor credit history or insufficient income, you should take action to improve your chances of being accepted. To raise your credit score, you might need to pay off existing debts or credit accounts. In the end, you might have to settle for a car that costs less and needs a smaller loan.
As an alternative, pick a lender with prequalification procedures available or with more lucid eligibility standards. However, lower-qualification lenders charge higher interest rates on auto loans.
How to Apply for a Wells Fargo Auto Loan
Since Wells Fargo is an indirect auto lender, your application must go via one of the participating automobile dealers. The first step in applying for a Wells Fargo auto loan is to visit a dealership. Also, choose the car you want to buy. The next step is to apply for financing straight from the dealership; simply inquire as to if Wells Fargo financing is available.
However, it may not always be Wells Fargo, though, as the lender will usually tell you the highest rate they can provide before revealing their identity. Dealer-to-dealer application procedures may vary, but the following paperwork is required:
- Evidence of employment and income.
- Social Security number.
- Documentation of permanent residency or U.S. citizenship.
- Details about the vehicle, such as the type and model.
- Vehicle identification number (VIN) trade-in details, if any.
You have several options for loan payments if you choose to go with a Wells Fargo loan. This may include online, over the phone, via mail, or in person. On your Wells Fargo auto loan, you will also be able to modify the date of your payments. However, you are only able to do this once during the loan payback period.