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, making it a popular choice for many individuals seeking a loan. 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 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.
Wells Fargo has around 11,000 dealers in its network. It provides high-qualifying clientele interest rates ranging from 3.99% to 19.99%, with repayment terms ranging from 24 to 75 months. Like the majority of indirect vehicle lenders, Wells Fargo does not disclose its eligibility conditions on its website.
However, lending decisions are influenced by criteria such as the car’s worth, the borrower’s ability to repay, income, and credit history. Furthermore, Wells Fargo’s dealership application process may be difficult for clients due to the lack of a prequalification method.
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 application. To obtain information on vehicle loan payments and annual percentage rates (APRs), you must visit a dealer 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 online banking so that the company receives monthly payments immediately.
Wells Fargo Auto Loan Requirements
Regarding the Wells Fargo auto loan, 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.
To apply for Wells Fargo vehicle finance through a dealership, it’s important to be aware of the following additional details:
- Dealers usually give you a selection of offers for auto loans.
- Dealer financing is more expensive than a direct bank or credit union loan due to additional fees and interest charges.
- With the dealer, you can work out other terms of payment, including your APR.
What to Do If You Get Rejected
If your application for a Wells Fargo vehicle loan is declined, you should contact the lender to see why. Applications for loans are denied because of incomplete or inaccurate documents. In such cases, consider whether you can fix the problem and submit your application again. While you are at the dealership, find out about additional financing alternatives.
If your application was denied due to a poor credit history or insufficient income, it’s crucial to take steps to enhance your chances of approval. You might need to settle outstanding debts on credit accounts or invoices to raise your credit score. You could ultimately have to make do with a lesser loan on a less fancy car.
As an alternative, choose a lender that offers prequalification procedures or has more clear eligibility requirements. 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. To apply for a Wells Fargo auto loan, visit a dealership and select your desired car. Additionally, to apply for financing directly from the dealership, inquire about Wells Fargo’s finance availability.
However, Wells Fargo may not always be the lender, as they typically provide the highest rate 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.
Wells Fargo offers various payment options for loan payments, including online, over the phone, via mail, or in person. Furthermore, Wells Fargo auto loans allow you to modify payment dates once during the loan payback period.