What refinancing means and whether Wells Fargo offers it
Refinancing means replacing your current car loan with a new one, usually at a different interest rate or term length. Wells Fargo does offer auto loan refinancing, but only for loans they already own — they will not refinance a car loan you took out somewhere else.
If your current car loan is through Wells Fargo, you can contact them to explore refinancing options. The main reason people refinance is to lower their interest rate, which reduces your monthly payment or lets you pay off the loan faster. You might also refinance to change your loan term — for example, moving from a 72-month loan to a 60-month one — though this usually raises your monthly payment.
Wells Fargo refinancing is available only if you meet their current lending standards, which means your credit score, income, and the car's value all factor into whether they will approve you and what rate they will offer.
Key Takeaways
- Wells Fargo refinances only loans they already own; if your loan is with another lender, you cannot refinance through Wells Fargo.
- Contact Wells Fargo directly by phone, online, or in person to request a refinance quote and learn what rate you would receive.
- Refinancing involves a new loan agreement and closing costs, which typically range from $0 to $500 depending on your state and the lender's fees.
- The refinance process usually takes one to two weeks from process to funding, though it can be faster if you have all documents ready.
- You should compare the new monthly payment and total interest paid over the life of the loan to decide whether refinancing saves you money.
How to start the refinancing process with Wells Fargo
Call Wells Fargo's auto loan department at 1-800-869-3557 to request a refinance quote. Have your current loan number and account information ready. The representative will ask about your income, employment status, and whether anything major has changed since you took out the original loan — such as a significant drop in credit score or a recent missed payment.
You can also start the process online through your Wells Fargo account if you are already logged in. Look for an option labeled "Refinance" or "Loan Options" in the auto loan section. Some Wells Fargo branches also handle refinancing in person, though calling or using the online portal is usually faster.
Wells Fargo will pull your credit report as part of the quote process. This is called a hard inquiry and will temporarily lower your credit score by a few points. Multiple hard inquiries within a short time frame (usually 14 days) for the same type of loan count as one inquiry, so shopping around with other lenders in the same window will not hurt you further.
What documents and information you will need
Have your current Wells Fargo auto loan number and account details on hand before you call. You will also need to provide your Social Security number, current income, and employment information. If you have recently changed jobs or your income has shifted, bring documentation such as recent pay stubs or a letter from your employer.
Wells Fargo will verify the car's current value using their own valuation tools, so you do not need to bring a separate appraisal. However, if the car has been in an accident or has significant damage, mention this during the call — it may affect the value they assign and the rate they offer.
If you have made any major changes to your financial situation since the original loan — such as paying off other debts, increasing your credit score, or reducing your debt-to-income ratio — let the representative know. These changes can work in your favor and may result in a better rate.
Understanding the costs and timeline
Refinancing involves closing costs, which Wells Fargo may charge as a separate fee or roll into the new loan balance. These costs typically range from $0 to $500 depending on your state and whether Wells Fargo waives fees as part of a promotion. Ask the representative for an itemized list of all costs before you agree to move forward.
The refinance timeline usually runs one to two weeks from the day you submit your process to the day the new loan funds and pays off the old one. During this time, you will receive a new loan agreement to sign. Read it carefully to confirm the interest rate, monthly payment, and loan term match what was quoted to you.
You will continue making payments on your original loan until the new loan actually funds. Once the new loan pays off the old one, your payment schedule resets. Make sure you understand your new payment due date so you do not miss a payment during the transition.
Comparing your new rate to your current one
Before you commit to refinancing, calculate whether the new loan actually saves you money. The interest rate matters, but so does the loan term. A lower rate over a longer term might result in a lower monthly payment but higher total interest paid over the life of the loan.
Use this straightforward comparison: multiply your new monthly payment by the number of months remaining in the new loan, then subtract your current loan balance. That number is the total interest you will pay. Do the same calculation for your current loan to see which costs less overall. Do not forget to factor in the closing costs — if closing costs are $300 and your monthly savings are only $25, it will take 12 months to break even.
If your credit score has improved significantly since you took out the original loan, you should see a noticeably lower rate. If the new rate is only slightly lower or higher than your current rate, refinancing may not be worth the closing costs and the hassle of a new process.
What happens if Wells Fargo denies your refinance request
Wells Fargo may deny a refinance request if your credit score has dropped, you have missed recent payments, or the car's value has fallen below what you owe on it. If you are denied, ask the representative why — this information helps you understand what to fix before explore elsewhere.
If you were denied because of recent missed payments, waiting three to six months and rebuilding your payment history will improve your chances with any lender. If the car is worth less than you owe — called being underwater on the loan — refinancing becomes much harder because lenders see higher risk.
You can also explore refinancing through other lenders such as credit unions, banks, or online lenders. These lenders may have different approval standards and might offer a better rate even if Wells Fargo turned you down. However, remember that only Wells Fargo can refinance a Wells Fargo loan; other lenders would be paying off your Wells Fargo loan and issuing you a brand new loan with them.
Frequently Asked Questions
Can I refinance my Wells Fargo car loan if I still owe more than the car is worth?
It is much harder, but not impossible. Wells Fargo and most other lenders are reluctant to refinance underwater loans because they carry higher risk. If you are only slightly underwater, you might still may have access to, especially if your credit score has improved. Call and ask — the worst they can say is no.
How much will my monthly payment drop if I refinance?
That depends on the new interest rate and the loan term you choose. A lower rate always means a lower payment, but extending the term also lowers the payment — though you pay more interest overall. Ask Wells Fargo for a detailed breakdown showing the new payment, the total interest, and the payoff date before you decide.
Will refinancing hurt my credit score?
The hard inquiry will lower your score by a few points temporarily. However, refinancing does not hurt your score long-term — in fact, paying off the old loan and opening a new one can help your credit mix. The temporary dip usually recovers within a few months.
What if I want to refinance with a different lender instead of Wells Fargo?
You can refinance with any lender — credit unions, banks, or online lenders — even if your current loan is with Wells Fargo. That lender will pay off your Wells Fargo loan in full and issue you a new loan with them. Shop around and compare rates from at least two or three lenders before deciding.
Can I refinance if I have a co-signer on my original loan?
Yes, but the co-signer may need to be part of the refinance process. Ask Wells Fargo whether the co-signer needs to sign the new agreement or whether you can refinance on your own if your credit and income now support it without them.