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Is Wells Fargo auto loans worth it? November 2020

Wells Fargo only offers loans through dealerships

While Wells Fargo previously allowed borrowers to apply for financing directly at a bank or through its website, it now offers financing only through partner dealerships. You can still make payments online, but it isn’t clear if Wells Fargo still has discounts for enrolling in automatic payments through a Wells Fargo account.

Before you visit a dealership and ask about financing through Wells Fargo, compare more auto loan lenders and read our guide to car loans to ensure you’re getting the best rate on your next ride.

Wells Fargo auto loans reviews and complaints

BBB accredited No
BBB rating F
BBB customer reviews

1 out of 5 stars, based on 366 customer reviews

BBB customer complaints 3,260 customer complaints
Trustpilot Score 1.4 out of 5 stars, based on 354 customer reviews
Customer reviews verified as of 16 October 2020

Wells Fargo bank gets mostly negative online reviews. In fact, it has so many complaints filed against it that the Better Business Bureau (BBB) website only publishes details for 25% of complaints online. The BBB also gives it a failing grade against it because the bank has faced several government actions. But most of the complaints are about other banking products — not auto loans.

How Wells Fargo compares to other auto loan providers

Here’s a snapshot of how Wells Fargo stacks up to auto loans from Bank of America and LightStream, the online lending arm of Truist Bank.

Not yet rated

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Credit score

680 – 850

Interest rate (APR)


Loan amount

$5,000 – $300,000

Not yet rated

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Credit score

700 – 850

Interest rate (APR)


Loan amount

$5,000 – $100,000

Wells Fargo auto loan rates, fees and terms

Previously, you could borrow from $5,000 to $300,000 with terms running from 12 to 72 months. Rates are based on factors such as your credit history, loan term, vehicle and loan-to-value ratio (LTV).

But since Wells Fargo switched to only offering loans through dealerships, it’s unclear if the rates, terms and fees have changed. You also won’t be able to tell what kinds of rates you might get until you apply, at the dealership. This makes it more difficult to shop around. Use this calculator to see how much a Wells Fargo car loan might cost you:

Wells Fargo auto loan requirements

You must meet the following basic criteria to be eligible for a Wells Fargo auto loan:

  • Good or excellent credit
  • At least 18 years old
  • US citizen or a permanent resident

Wells Fargo also looks at your income and debt-to-income ratio (DTI) when considering your eligibility, among other factors. Vehicle requirements are limited to what’s available at your dealership. Since Wells Fargo no longer works with independent dealerships, the only used cars you’ll can finance with this provider are certified pre-owned vehicles.

How the application works

You’ll have to visit a dealership that offers Wells Fargo financing to apply for a loan. Before you stop by, you can ask ahead to see if a loan through Wells Fargo is available. Consider prequalifying for another car loan before you visit so you have more flexibility to negotiate your rate and terms — or have another financing option if Wells Fargo doesn’t offer a good enough deal.

Once you have a loan from Wells Fargo, you can make repayments through your Wells Fargo account online, set up automatic payments or over the phone. You can also send payments by mail or in person at a Wells Fargo branch.

Previously, Wells Fargo offered a rate discount for automatic payments from current customers. But it’s unclear if that offer is still standing.

What sets it apart

Wells Fargo used to offer a wider range of financing than most banks. In addition to dealership financing, you could also get a loan for a private party purchase or even refinance a current Wells Fargo auto loan for a better rate.

But this bank appears to be phasing out its car loan program in response to COVID-19. Many banks consider personal financing to be too risky. It’s possible Wells Fargo will offer even fewer auto financing options in the future — or none at all.

Compare our top picks for car loan providers for more options.

Frequently asked questions

Find answers to common questions about Wells Fargo car loans.

I’ve fully paid off my loan. When will I receive my title?

Timing will vary, but the lien is typically released three to 10 calendar days after your final payment. Your local titling or registration authority will be able to give you a better time frame on the title transfer process.

Can I take my car out of the country, even though I still have a loan on it?

Yes. But before you leave the country, you need to contact Wells Fargo.

Can I make additional payments on my Wells Fargo auto loan?

Yes. You may make as many additional payments as you would like, all without being dinged with a prepayment fee.

Compare options for online car loans

Use this table to compare auto loans from

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Name Product

No minimum credit score

3.9% to 27.9%


18+ years old, annual income of $4,000+, no active bankruptcies

Get pre-qualified for used car financing and receive competitive, personalized rates. Car Loans


Varies by network lender

Varies by lender

Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.

Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.

CarsDirect auto loans

Varies by network lender

Varies by network lender

Must provide proof of income, proof of residence, and proof of insurance.

Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.

Auto Credit Express Car Loans




Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.

Get connected with an auto lender near you, even if you have bad credit.

Monevo Auto Loans


3.99% to 35.99%

3 months to 12 years

Credit score of 500+, legal US resident and ages 18+.

Quickly compare multiple online lenders with competitive rates depending on your credit.

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Loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate loan providers.

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