Wells Fargo does offer auto loan refinancing, but only for loans they already own
Wells Fargo will refinance an auto loan if you borrowed from them originally. They will not refinance a car loan from another lender — you cannot bring an outside auto loan to Wells Fargo and ask them to take it over. This is a key difference from some other banks and credit unions, which will refinance loans from any lender.
If you have a Wells Fargo auto loan and want to refinance it with Wells Fargo, you can contact them to discuss a new loan term, interest rate, or monthly payment. The process involves a new process and a hard credit inquiry, which means your credit score will be checked and may dip slightly in the short term.
Key Takeaways
- Wells Fargo refinances only the auto loans they originally issued, not loans from other banks or lenders.
- Refinancing with Wells Fargo requires a new process, a credit check, and approval based on your current credit profile and income.
- If you want to refinance a loan from another lender, you will need to shop with different banks, credit unions, or online lenders instead.
- The main reasons to refinance are to lower your interest rate, reduce your monthly payment, or change your loan term.
How to refinance a Wells Fargo auto loan
Start by contacting Wells Fargo directly through their customer service line, their website, or by visiting a branch in person. Tell them you want to refinance your existing auto loan. They will ask about your current loan details — the vehicle, the remaining balance, and how much longer you have to pay.
Wells Fargo will then run a new credit check and review your income and employment status. This is a fresh process, so your approval depends on your current financial situation, not just the fact that you were approved years ago. If your credit score has improved since you took out the original loan, you may may have access to for a better rate. If your credit has declined, the new rate could be higher.
Once approved, Wells Fargo will issue a new loan that pays off the old one. You will have a new loan term, new interest rate, and a new monthly payment. The entire process typically takes one to two weeks from process to funding.
When refinancing with Wells Fargo makes sense
Refinancing is worth considering if your interest rate has dropped since you took out the original loan, or if your credit score has improved enough to may have access to for better terms. For example, if you originally borrowed at 6% and current rates are 4%, refinancing could save you money over the life of the loan — even after accounting for the new process fee, if Wells Fargo charges one.
Refinancing also makes sense if you want to change your loan term. If you have three years left on a five-year loan and want to pay it off faster, you can refinance into a shorter term. Conversely, if your monthly payment is too high, you can refinance into a longer term to lower it — though this means paying more interest overall.
Run the numbers before you explore. Calculate what you will save (or spend) by comparing your current loan balance and remaining payments against the new loan's terms. Wells Fargo or a third-party loan calculator can help you see the difference.
What to do if you want to refinance a loan from another lender
If your auto loan is with a different bank, credit union, or online lender, Wells Fargo cannot refinance it. You will need to look elsewhere. Credit unions often have competitive refinancing rates and may refinance loans from any lender, especially if you are a member. Online lenders like LendingClub, Upstart, and others also refinance auto loans across different original lenders.
Traditional banks like Chase, Bank of America, and Citibank also offer auto loan refinancing for outside loans, though availability and rates vary by location and your credit profile. Start by contacting lenders you already have a relationship with, then compare offers from at least two or three other sources before deciding.
The refinancing process is similar regardless of lender: you provide your current loan details, the lender pulls your credit, and if approved, they pay off the old loan and issue a new one. The main difference is that some lenders are faster or charge lower fees than others.
Documents and information you will need
Have your current Wells Fargo auto loan account number and statement ready before you call or visit. You will also need the vehicle identification number (VIN), which is on your registration and insurance documents. Wells Fargo will ask for your current income, employment status, and may request recent pay stubs or tax returns if your income is not straightforward.
If you are refinancing with a lender other than Wells Fargo, gather the same information plus your current loan payoff amount. You can usually find this on your monthly statement or by calling your current lender. Some lenders will pull this information for you during the process, but having it ready speeds up the process.
Fees and costs to watch for
Wells Fargo may charge an process fee, origination fee, or both when you refinance. These fees vary and are not always disclosed upfront, so ask specifically what you will owe before you sign. Some lenders waive these fees to compete for your business.
You may also owe a prepayment penalty on your original Wells Fargo loan if the loan agreement includes one. This is a fee charged by the lender if you pay off the loan early. Check your original loan documents or call Wells Fargo to ask whether a prepayment penalty applies. If it does, factor that cost into your refinancing decision — sometimes the savings from a lower rate are eaten up by the penalty.
Your state may also charge a title transfer or registration fee when the loan is refinanced, since the lender changes. This is typically small, but ask Wells Fargo or your state's motor vehicle department what to expect.
Frequently Asked Questions
Can I refinance my Wells Fargo auto loan with a different bank?
Yes. You can take your Wells Fargo loan to another lender — credit unions, online lenders, and other banks will refinance loans from Wells Fargo. You cannot bring an outside loan to Wells Fargo, but you can move a Wells Fargo loan elsewhere if another lender offers better terms.
Will refinancing hurt my credit score?
Refinancing causes a small, temporary dip in your credit score because the lender runs a hard credit inquiry. This dip usually recovers within a few months. The long-term impact depends on whether refinancing lowers your overall debt or changes your payment history — both of which can help your score over time.
How long does Wells Fargo refinancing take?
From process to funding typically takes one to two weeks. Some of that time is the credit check and underwriting; the rest is paperwork and processing. Ask Wells Fargo for a timeline when you explore so you know when to expect the new loan to be funded.
What if I have negative equity in my car?
Negative equity means you owe more than the car is worth. Wells Fargo may still refinance, but they will include the negative equity in the new loan balance, which means you will owe more overall. This is usually not a good refinancing scenario — you are better off waiting until you have positive equity or exploring other options.
Can I refinance if I am behind on payments?
Most lenders, including Wells Fargo, will not refinance if you are currently behind on your loan. You need to bring the account current first. Once you are caught up, you can then explore refinancing options.