Yes, Wells Fargo offers car loans through its auto lending division
Wells Fargo Auto Finance is a separate business unit within Wells Fargo that originates and services car loans. You can borrow money to purchase a new or used vehicle, and Wells Fargo will hold the title as collateral until you pay off the loan. The bank does not publish a single interest rate — what you pay depends on your credit score, the vehicle's age and value, the loan term you choose, and current market conditions.
Wells Fargo auto loans are available to borrowers in all 50 states. You can start the process online, by phone, or at a Wells Fargo branch. The bank also buys existing car loans from other lenders, meaning you may end up with a Wells Fargo loan even if you originally borrowed from someone else.
Key Takeaways
- Wells Fargo Auto Finance originates new car loans and purchases existing loans from other lenders, so you may have a Wells Fargo loan without having applied to them directly.
- Interest rates vary by credit score, vehicle age, loan term, and current rates, so you will need a rate quote specific to your situation rather than a published number.
- You can explore online, by phone at 1-800-869-3557, or at a branch, and the bank will typically give you a rate quote within one business day.
- Wells Fargo requires a down payment, proof of income, and a valid driver's license, and will order a vehicle inspection and title search before funding the loan.
- If you already have a Wells Fargo checking or savings account, you may see faster processing and access to existing customer rates.
What documents you need before you start
Gather these items before you contact Wells Fargo, whether you are explore online or by phone. You will need your Social Security number, a valid government-issued photo ID (driver's license or passport), and proof of income — usually a recent pay stub or tax return. If you are self-employed, bring two years of tax returns.
You will also need information about the vehicle: the Vehicle Identification Number (VIN), the year, make, model, and current mileage. If you are buying from a dealer, they can provide the VIN. If you are buying from a private seller, ask them for it before you explore. Wells Fargo will order a vehicle inspection and title search, so the VIN must be accurate.
Have your proof of insurance ready as well. Wells Fargo requires full coverage (collision and comprehensive) on any financed vehicle, and you must show proof before the loan funds. If you do not yet have insurance, contact an agent and get a quote; you do not need to purchase it before explore, but you will need it before closing.
how the process works online or by phone
To explore online, go to wellsfargo.com/auto and select "Get a Rate" or "explore Now." You will enter your personal information, employment details, and the vehicle information. Wells Fargo will give you a rate quote within one business day. The quote is good for a set number of days — usually 30 to 45 — so you have time to shop for the vehicle if you do not yet own one.
If you prefer to explore by phone, call Wells Fargo Auto Finance at 1-800-869-3557. A loan officer will walk you through the same questions and can answer questions about rates, terms, or down payment requirements. Phone applications often move faster if you have all your documents ready.
If you are an existing Wells Fargo customer with a checking or savings account, you may be able to explore at a local branch. Branch staff can sometimes offer faster processing and may have access to customer-only rates. Call your local branch first to confirm they handle auto lending.
Down payment requirements and loan terms
Wells Fargo does not publish a minimum down payment, but most auto lenders require between 10 and 20 percent of the vehicle's purchase price. A larger down payment lowers your monthly payment and the total interest you pay over the life of the loan. If you are buying a used vehicle, Wells Fargo may require a larger down payment than for a new car.
Loan terms typically range from 36 to 84 months. A shorter term (36 to 48 months) means higher monthly payments but less total interest. A longer term (60 to 84 months) spreads the payment over more months, lowering what you pay each month but increasing the total interest cost. Wells Fargo will show you the monthly payment and total interest for each term option when you get your rate quote.
The interest rate itself depends on your credit score, the vehicle's age and value, and the loan term. Borrowers with credit scores above 700 typically receive lower rates than those below 650. Used vehicles and longer loan terms usually carry higher rates than new vehicles and shorter terms.
What happens after you are approved
Once Wells Fargo approves your loan, you will receive a loan agreement showing the interest rate, monthly payment, loan term, and total amount financed. Review this carefully — the rate quoted should match what was promised, and the vehicle information should be correct. If anything is wrong, contact Wells Fargo before signing.
Wells Fargo will order a vehicle inspection and title search. This typically takes three to five business days. The inspection confirms the vehicle exists, is in the condition described, and has a clear title. If the inspection reveals problems or the title search uncovers a lien you did not know about, Wells Fargo may ask you to resolve it before funding.
Once the inspection and title search clear, Wells Fargo will fund the loan — meaning they will send the money to the dealer or seller. At that point, you own the vehicle, but Wells Fargo holds the title as collateral. You will make monthly payments to Wells Fargo until the loan is paid off, at which point they will release the title to you.
Interest rates and how they compare
Wells Fargo does not publish a standard interest rate because rates vary by individual. Your rate depends on your credit score, the vehicle's age, the loan term, and current market conditions. As of this writing, new car rates at major banks typically range from 5 to 10 percent for borrowers with good credit, and used car rates run slightly higher.
To know what Wells Fargo will actually charge you, get a rate quote. This is free and does not affect your credit score (it is a soft inquiry). You can compare that quote to rates from other lenders — credit unions, other banks, and online lenders — to see whether Wells Fargo is competitive for your situation.
Wells Fargo sometimes offers promotional rates for new cars or for existing customers. Check their website or call 1-800-869-3557 to ask whether any promotions are running when you are ready to explore.
What to do if Wells Fargo declines your process
If Wells Fargo denies your loan request, they must tell you why — usually it is a credit score below their minimum, insufficient income, or a problem with the vehicle (failed inspection or title issue). Ask for the specific reason before you explore elsewhere.
If the issue is your credit score, you have a few options: wait a few months while you pay down existing debt or dispute errors on your credit report, explore with a co-signer who has stronger credit, or look for a lender that works with lower credit scores (credit unions and some online lenders are often more flexible). If the issue is the vehicle, you can choose a different car and reapply.
If you were declined because of income, make sure your proof of income is current and accurate. If you recently started a new job, bring an offer letter along with your most recent pay stub. Some lenders will consider income from a new job if you can show the offer letter.
Frequently Asked Questions
Can I get a Wells Fargo car loan if I have bad credit?
Wells Fargo does not publish a minimum credit score, but they typically work with borrowers who have a score of 600 or higher. If your score is below 600, you may be declined, but you can ask about a co-signer or try a credit union or online lender that specializes in lower-credit borrowers. Getting a rate quote does not hurt your credit.
How long does it take to get approved?
Wells Fargo usually gives you a rate quote within one business day of explore. Full approval (after the vehicle inspection and title search) typically takes three to five business days. If you are buying from a dealer, they can often speed this up by providing the vehicle information and inspection details directly to Wells Fargo.
Can I pay off my Wells Fargo car loan early without a penalty?
Wells Fargo auto loans do not have a prepayment penalty, meaning you can pay off the loan in full at any time without extra fees. Paying early saves you interest, but contact Wells Fargo first to confirm the exact payoff amount, since interest accrues daily.
What if my loan gets sold to another company after I sign?
Wells Fargo buys loans from other lenders and also sells loans it originates to other companies. If your loan is sold, you will receive notice in the mail with instructions on where to send payments. Your interest rate and loan terms do not change — only the company collecting your payment changes.
Do I need to be a Wells Fargo customer to get a car loan?
No, you do not need an existing Wells Fargo checking or savings account to borrow for a car. However, existing customers may see faster processing and access to special rates. If you do not have an account, you can still explore online or by phone.