Wells Fargo does offer car refinancing, but only to existing customers with current auto loans at the bank
Wells Fargo allows you to refinance an existing auto loan through their Auto Loan Refinance program, but the process and may be able to access differ significantly from getting a new car loan. The bank does not refinance vehicles financed through other lenders — you must already have a Wells Fargo auto loan to use this service. The refinance typically involves extending or shortening your loan term, adjusting your interest rate, or both, depending on your current credit profile and market conditions.
The refinance is not automatic. You must contact Wells Fargo directly to request it, and the bank will review your account history, current credit score, and payment record before deciding whether to approve the new terms. If approved, you sign new loan documents and the original loan is paid off and replaced with the new one.
Key Takeaways
- Wells Fargo refinancing is only available to customers who already have an auto loan with the bank, not for vehicles financed elsewhere.
- You must contact Wells Fargo directly through their auto loan department or online account to request a refinance — there is no separate process process.
- The bank reviews your payment history, current credit score, and the vehicle's current value before approving new loan terms.
- Refinancing can lower your monthly payment by extending the loan term, but it increases the total interest you pay over the life of the loan.
- Wells Fargo may offer a lower interest rate if your credit has improved since you took out the original loan, but approval is not may provide.
Who can refinance a car loan through Wells Fargo
To refinance through Wells Fargo, you must be an existing customer with an active auto loan from the bank. The vehicle must still be financed — you cannot refinance a loan you have already paid off. Wells Fargo does not refinance loans originated by other lenders, even if you are a customer at the bank for other services like checking or savings accounts.
Your payment history on the existing loan matters. If you have missed payments or are currently behind, Wells Fargo is unlikely to approve a refinance. The bank also considers your current credit score, which may have changed since you first borrowed. If your score has improved, you have a better chance of getting a lower interest rate. If it has declined, the bank may decline the refinance or offer terms similar to or worse than your current loan.
How to request a refinance from Wells Fargo
Start by logging into your Wells Fargo online account or calling the auto loan department directly. The phone number for auto loan services is typically on your loan statement or on the Wells Fargo website. You can also visit a Wells Fargo branch in person, though phone or online is usually faster for refinance requests.
When you contact the bank, tell them you want to refinance your existing auto loan. They will ask for your loan number, current vehicle information, and the reason for the refinance — for example, you want to lower your monthly payment or you want to pay off the loan faster. The bank will then pull your credit report and review your account. This review typically takes a few business days. Wells Fargo will contact you with the new terms they can offer, if any.
Do not assume you will be approved. Wells Fargo may decline the refinance if your credit has worsened, if you have missed payments, or if the vehicle's current value has dropped significantly. The bank may also offer terms that are not better than your current loan — in that case, you can decline and keep your original loan.
What changes when you refinance
Refinancing typically involves one or more of these changes: a new interest rate, a new loan term (the number of months to pay back the loan), or both. A lower interest rate reduces the total amount of interest you pay over the life of the loan and can lower your monthly payment. A longer loan term (for example, extending from 48 months to 60 months) lowers your monthly payment but increases the total interest paid.
When you refinance, you sign new loan documents that replace your original loan agreement. The new loan pays off the old one when ready. Your monthly payment amount and due date may change. Your loan term restarts — if you refinance a loan with 24 months remaining into a new 60-month loan, you will be making payments for 60 months from the date of the refinance, not 24 months.
The vehicle's title and lien holder do not change — Wells Fargo remains the lien holder on the car. Your insurance requirements stay the same: you must maintain comprehensive and collision coverage as long as the loan is active.
Reasons to refinance and reasons to avoid it
Refinancing makes sense if your credit score has improved since you took out the original loan and Wells Fargo offers you a lower interest rate. Even a 1% reduction in your rate can save hundreds of dollars over the life of the loan. Refinancing also makes sense if you want to shorten your loan term and pay off the car faster — this costs more per month but saves interest overall.
Refinancing is usually not worth it if Wells Fargo offers you a rate similar to or higher than your current rate, or if extending your loan term would cost you more in total interest than you save on monthly payments. Refinancing also makes sense to avoid if you are close to paying off the loan — restarting the loan term means you will be making payments for longer than you would have under the original agreement.
If you are struggling with your current monthly payment, contact Wells Fargo about loan modification options before requesting a refinance. Modification can sometimes lower your payment without restarting the loan term, though this is less common than refinancing.
Comparing Wells Fargo refinancing to other options
If you have a car loan from another lender, you cannot refinance directly through Wells Fargo. However, you can refinance through a different bank or credit union that offers auto refinancing to customers with loans from other institutions. Many credit unions and online lenders like LightStream, SoFi, and Earnin offer refinancing to borrowers with existing auto loans from any lender.
The process with an outside lender is different: you explore for a new loan, the lender pays off your existing loan, and you make payments to the new lender. This takes longer than a Wells Fargo refinance (usually 7 to 14 days) but may offer a better interest rate if your credit has improved significantly or if you are refinancing with a credit union that offers lower rates than banks.
If you have a Wells Fargo auto loan and want to explore outside refinancing options, you can do so without penalty. There is no prepayment penalty on Wells Fargo auto loans, so paying off the loan early with funds from another lender does not cost you extra.
What to have ready before you contact Wells Fargo
Gather your loan number, which appears on your monthly statement or in your online account. Have your vehicle identification number (VIN) available — it is on your registration and insurance documents. Know your current monthly payment amount and how many months remain on your loan. If you know your current credit score, that can help you understand what rate you might may have access to for, though Wells Fargo will pull your own credit report during the review.
Write down what you want from the refinance: a lower monthly payment, a shorter loan term, or a lower interest rate. This helps the bank understand what you are looking for and speeds up the conversation. Have a recent pay stub or proof of income available if Wells Fargo asks — they may need to verify that your income has not changed significantly since the original loan.
Frequently Asked Questions
Can I refinance a Wells Fargo auto loan if I have missed payments?
Wells Fargo is unlikely to approve a refinance if you are currently behind on payments or have missed payments recently. The bank views refinancing as a reward for good payment history. If you are struggling with payments, contact Wells Fargo about loan modification or hardship options instead of requesting a refinance.
How long does a Wells Fargo auto refinance take?
The review typically takes 3 to 5 business days from the time you request it. Once approved, the new loan documents are usually ready to sign within a few days. The entire process from request to funding usually takes 1 to 2 weeks.
Will refinancing hurt my credit score?
Wells Fargo will pull your credit report, which causes a small temporary dip in your score (usually 5 to 10 points). This dip fades within a few months. Refinancing itself does not hurt your score — in fact, paying off the old loan and opening a new one can help your score over time if you make on-time payments on the new loan.
What if Wells Fargo offers me worse terms than my current loan?
You can decline the refinance and keep your original loan. There is no penalty for requesting a refinance and then deciding not to proceed. If the new terms are not better, it usually makes sense to stay with your current loan.
Can I refinance if I still owe more than the car is worth?
Yes, but Wells Fargo may be less likely to approve the refinance or may offer less favorable terms. If you owe significantly more than the vehicle's value, the bank views the loan as higher risk. You can still request a refinance, but approval is not may provide.