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How To Get A Car Loan From Wells Fargo?

Last modified: Jul 24, 2023

Wells Fargo provides potential customers with competitive loan rates, but you will know the exact terms once you apply. So, if you want to understand every step of the process beforehand, here's how to get a car loan from Wells Fargo.

Where to Get a Car Loan From Wells Fargo

Wells Fargo is an indirect lender, meaning you can only get a car loan through a dealership. With 11,000 dealerships nationwide, applying directly for a vehicle loan is impossible. Still, you can request your application to be sent to Wells Fargo via a network dealership. Some lenders may even write you a check you will take to the dealership partner.

How to Get a Car Loan From Wells Fargo

If you're planning to get a car loan from Wells Fargo, here's everything you need to know before sending out an application.


Unfortunately, Wells Fargo doesn't post car loan requirements on its website. So, we've scoured the web to find the information you're looking for.

According to a Wells Fargo official, applicants get reviewed based on a variety of parameters:

  • Income and employment documentation
  • Social Security Number
  • Proof of citizenship or permanent residency in the U.S.
  • Vehicle details (make, model, and vehicle identification number)
  • Trade-in information (if required by the lender)

Wells Fargo doesn't take any origination fees. However, additional costs (late fees, financing charges, and account-related costs) on vehicle loans depend on the lender's agreement.

Types of Car Loans

When you apply for an auto loan from Wells Fargo, there are three types you can choose from:

  • New auto purchase: Keep in mind that, in this case, Wells Fargo doesn't finance recreational vehicles, motorbikes, or boats.
  • Buying a used car: You can loan a used vehicle up to 15 years old. However, lenders can't use this bank to finance a purchase from a private party or buy out a lease.

Loan Details

Do you want to avoid getting rejected by Wells Fargo? Here are some additional details you should consider before taking the next step.

Credit Score

Before making any decision, it's best to know your credit score. The overall score for Wells Fargo Auto Loans eligibility should be between 650 and 850. However, you can still receive an auto loan with a less-than-stellar credit report. In this case, you should expect to pay higher interest rates.

If you're concerned about your low score for acceptance, you should consider getting a co-signer.

APR Rates

Determine if the Wells Fargo auto loan rate has a fixed or adjustable interest rate. Your credit history, income, and car selection will determine monthly payments. Generally, the Annual Percentage Rate (APR) is as low as 3.9%.

Keep in mind that new car interest rates are frequently lower than used vehicle interest rates. For example, if your credit score is between 601 and 660, the APR for new cars will be 6.70%, while old cars register a 10.48%.

Loan Term

Wells Fargo provides potential customers with highly customizable loans. For example, according to the bank, the duration of a car loan can vary from 36 to 72 months.

But remember—longer terms may reduce monthly payments, but they may cost you even more in the long run.

Minimum Loan Amount

Most Wells Fargo vehicle loans range between $5,000 to $110,000. Make sure your loan documentation matches your requested amount, and consider local taxes. By doing so, you'll be 100% sure you can adhere to your monthly payments.


Some automobile loans may incorporate credit insurance and other products or services. Getting insurance on your vehicle comes with a massive set of benefits.

For instance, customers with a Guaranteed Asset/Auto Protection (GAP) product that paid off their auto loan early are entitled to a reimbursement.

Down Payment

In short, there's no specific amount to put down on a car. In the past, you were required to make a minimum down payment of 20% for both new and used vehicles. In recent years, however, the requirements dropped to 9%.

Consider putting down as much as you can reasonably afford without jeopardizing your budget. The more you pay off beforehand, the more likely you'll get accepted for a loan. This could be great news for individuals with poor credit scores.

Pros and Cons of Getting a Wells Fargo Car Loan

Despite being an indirect lender, Wells Fargo offers something others don't have: flexibility. But what are the other advantages of a Wells Fargo auto loan application? And which are its primary disadvantages?


  • Discount rates: Wells Fargo provides discount rates for its customers. However, you should have a Wells Fargo account or open one before booking your loan. This reduction will apply only to business auto loans or personal loans.
  • Competitive rates: Although Wells Fargo vehicle loan rates are comparable to those of other lenders, it's always a good idea to browse for the best deal.
  • Poor credit eligibility: You don't need perfect credit to get a Wells Fargo car loan.
  • No origination or pre-payment fees: If you're worried about upfront payment fees, don't worry. Wells Fargo won't charge customers for these costs.


  • No direct lending: Wells Fargo doesn't provide auto loans directly. As mentioned earlier, you must go for a dealership that partners with the bank.
  • No private-party auto loans: A Wells Fargo loan cannot be used to purchase a car from a private seller.
  • No auto refinancing: Wells Fargo only provides vehicle loans through dealerships.
  • Low customer satisfaction: According to J.D. Power Dealer Financing Satisfaction Study, Wells Fargo ranked in the weakest positions for customer satisfaction. This bank only surpassed the U.S. Bank and Bank of America.

Bottom Line

Now that you learned how to get a car loan from Wells Fargo, it's time to prepare for your next step: sending out your application.You may enjoy an interest rate discount if you already have a bank account with Wells Fargo. However, even customers who still need a Wells Fargo account can get a fantastic deal from the bank.



What credit score is needed for a Wells Fargo Auto Loan?

As mentioned earlier, the score needed for a Wells Fargo auto loan is between 650 and 850. However, even individuals with a less-than-ideal credit score can be accepted if they leave a higher down payment.

Can I get an auto loan directly from Wells Fargo?

As Wells Fargo is an indirect lender, it's impossible to take out a direct car loan from this bank. 

Does Wells Fargo refinance auto loans?

In short, no. Wells Fargo doesn't provide vehicle refinancing. Instead, consider another lender or bank if you wish to refinance, buy out a lease, or purchase a car from a private party.

What is the interest rate on a car loan at Wells Fargo?

One thing to know about how to get a car loan from Wells Fargo is its average interest rate. Well, that depends on your credit score—the higher it is, the higher the interest rate. Wells Fargo will take an APR rate of 3.9% if you boast an ideal score.


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