What Wells Fargo Car Loans Offer
Wells Fargo offers auto loans for new and used vehicles through its auto lending division. You can borrow money to buy a car and repay it over a set term, typically three to seven years. Wells Fargo funds the loan directly to the dealer or, in some cases, to you as the borrower.
The bank offers both in-person and online process paths. If you already bank with Wells Fargo, you may see faster processing because the bank already has your financial information on file. If you do not bank there, you will need to provide income verification, employment history, and details about the vehicle you want to buy.
Wells Fargo's rates and loan terms depend on your credit score, income, the vehicle's age and value, and how much you put down as a down payment. The bank does not publish a single rate — your actual rate comes after the bank reviews your financial situation.
Key Takeaways
- Wells Fargo auto loans are available for new and used vehicles, with terms ranging from three to seven years.
- You can start the process online or in a Wells Fargo branch, and the bank will ask for proof of income, employment, and details about the vehicle.
- Your interest rate depends on your credit score, down payment amount, and the vehicle's value — the bank will tell you the rate after reviewing your information.
- Wells Fargo typically funds approved loans within a few business days, though the exact timeline depends on whether you are buying from a dealer or a private seller.
How to Start a Wells Fargo Auto Loan
You can begin the process online at wellsfargo.com/auto or by visiting a Wells Fargo branch in person. Online, you will enter basic information about yourself, the vehicle, and how much you want to borrow. The bank will give you a preliminary rate estimate, though this is not a final offer.
If you go to a branch, a loan officer will walk you through the same questions and can answer questions about your specific situation. Some people prefer the branch route because they can discuss their credit history or explain recent financial changes face-to-face.
Either way, have these documents ready before you start: a government-issued ID, recent pay stubs or tax returns to show income, and details about the vehicle (the vehicle identification number, or VIN, if you have already chosen one, or the make, model, and year if you are still shopping).
Documents You Will Need to Provide
Wells Fargo will ask for proof that you earn enough money to repay the loan. This usually means recent pay stubs (typically the last two months) or, if you are self-employed, tax returns from the last two years. If you receive income from other sources — Social Security, disability payments, retirement accounts — bring documentation for those as well.
You will also need to show a valid driver's license or passport and proof of residence, such as a utility bill or lease agreement. The bank uses this to verify your identity and confirm where you live.
For the vehicle itself, have the VIN ready if you have already chosen a car. If you are still shopping, the dealer will provide the VIN once you decide on a specific vehicle. Wells Fargo uses the VIN to confirm the vehicle's value and condition, which affects the loan amount and interest rate.
How Wells Fargo Decides Your Interest Rate
Your interest rate is not set in advance — Wells Fargo calculates it based on several factors. Your credit score is the biggest one: borrowers with higher credit scores typically receive lower rates. The bank also looks at your debt-to-income ratio (how much you already owe compared to what you earn), your employment history, and whether you have banked with Wells Fargo before.
The vehicle itself matters too. Newer cars and vehicles with higher resale value usually may have access to for lower rates than older or less valuable cars. A larger down payment also typically lowers your rate, because the bank's risk is smaller when you have more of your own money in the deal.
After you submit your process, Wells Fargo will tell you the rate you may have access to for. This is when you can decide whether to move forward or shop around with other lenders. You are not locked in until you sign the final loan documents.
What Happens After Your Loan Is Approved
Once Wells Fargo approves your loan, the bank will send the money to the dealer (if you are buying from a dealership) or to you (if you are buying from a private seller). The dealer handles the paperwork on their end, and you will sign the loan documents and take the car home.
If you are buying from a private seller, Wells Fargo will send you a check or arrange a wire transfer. You will then complete the sale with the seller, handle the title transfer at your local DMV, and register the vehicle in your name.
Your first loan payment is typically due 30 days after the loan closes. Wells Fargo will send you payment instructions and can set up automatic payments from your bank account if you want. You can pay online, by phone, or by mail.
When Wells Fargo May Decline Your Loan
Wells Fargo may decline your process if your credit score is very low, your income is too low relative to the loan amount, or you have recent late payments or defaults on your credit report. The bank may also decline if the vehicle is too old (typically more than 10 years old) or has very high mileage.
If Wells Fargo declines you, ask why. The bank is required to tell you the main reason. Sometimes it is fixable — for example, if your debt-to-income ratio is too high, paying down other debts before reapplying might help. If your credit score is the issue, you may want to wait a few months while you build your credit before trying again.
You can also explore other lenders. Credit unions, banks, and online lenders have different standards, and some may be willing to work with you even if Wells Fargo is not.
Comparing Wells Fargo to Other Auto Lenders
Wells Fargo is one option among many. Credit unions often offer lower rates to their members, especially if you have been a member for a while. Online lenders like LendingClub and Upstart may approve borrowers with lower credit scores. Traditional banks like Chase and Bank of America also offer auto loans with similar terms.
The best approach is to get rate quotes from at least three lenders before you decide. Each inquiry will lower your credit score slightly, but multiple inquiries within 14 days typically count as a single inquiry, so do your shopping quickly. Comparing rates can save you hundreds of dollars over the life of the loan.
Also consider whether you want to finance through the dealer instead. Dealers can sometimes arrange financing with multiple lenders and show you the best rate they can find. However, dealer financing often comes with higher rates than bank financing, so getting pre-approved by Wells Fargo or another bank before you go to the dealer gives you a baseline to compare against.
Frequently Asked Questions
Can I get a Wells Fargo auto loan if I have bad credit?
Wells Fargo does not publish a minimum credit score, but the bank typically works with borrowers who have a score of 600 or higher. If your score is lower, you may still be able to borrow, but your rate will be higher. A larger down payment can also help offset a lower credit score.
How long does it take to get approved?
Online applications usually get a decision within one business day. In-branch applications may be faster if you have all your documents ready. Once approved, funding typically happens within two to three business days, though it can be faster if you are buying from a dealer.
What is the longest loan term Wells Fargo offers?
Wells Fargo typically offers terms up to 84 months (seven years) for new vehicles and up to 72 months (six years) for used vehicles. Longer terms mean lower monthly payments but higher total interest paid over the life of the loan.
Do I have to make a down payment?
No, but making a down payment lowers your interest rate and reduces the amount you need to borrow. Most lenders prefer a down payment of at least 10 to 20 percent of the vehicle's price, though Wells Fargo may approve loans with smaller or no down payments depending on your credit and income.
Can I pay off my Wells Fargo auto loan early without a penalty?
Yes, Wells Fargo auto loans do not have prepayment penalties. You can pay off the loan early without extra fees, which saves you money on interest. Contact Wells Fargo to confirm the exact payoff amount before you send a large payment.