Yes, Wells Fargo offers auto loans for new and used vehicles
Wells Fargo Auto Loans is a direct lending product that finances both new and used cars. You can apply online, by phone, or at a Wells Fargo branch. The bank funds loans for vehicles from dealerships or private sellers, though the process and terms differ depending on where you buy.
Wells Fargo does not require you to be an existing customer to apply for an auto loan. However, if you already have a Wells Fargo checking or savings account, you may see different rates or terms than a new applicant would.
Key Takeaways
- Wells Fargo auto loans cover new cars, used cars, and refinancing of existing loans from other lenders.
- Interest rates and loan terms depend on your credit score, income, debt, and the vehicle's age and value.
- You can prequalify online to see estimated rates without a hard credit inquiry, or apply directly through a dealership.
- The loan process typically takes a few business days to a week once you submit your full application and documentation.
- Wells Fargo charges an origination fee on some loans, which is deducted from the loan amount or added to your monthly payment.
How to apply for a Wells Fargo auto loan
Start by going to wellsfargo.com/auto or calling 1-800-869-3557 to prequalify. Prequalification shows you estimated rates and terms based on a soft credit pull, which does not affect your credit score. You will need your Social Security number, income, employment information, and details about the vehicle you want to finance.
If you move forward with a full application, Wells Fargo will run a hard credit inquiry. At that point you will need to provide proof of income (recent pay stubs or tax returns), proof of residence (utility bill or lease), and the vehicle's details (VIN, mileage, purchase price). The underwriting process usually takes three to seven business days.
If you are buying from a dealership, you can also apply through the dealership's finance office. The dealership submits your application to Wells Fargo and other lenders simultaneously. This route is faster at the point of sale but gives you less control over which lender funds your loan.
Interest rates, terms, and what affects your offer
Wells Fargo auto loan rates vary widely based on your credit score, the loan term you choose, the vehicle's age, and current market conditions. Rates are typically lower for new cars than used cars, and lower for shorter loan terms (36 or 48 months) than longer ones (60, 72, or 84 months). The bank does not publish a single rate; you receive a personalized offer after underwriting.
Loan terms at Wells Fargo range from 24 to 84 months. A longer term means a lower monthly payment but more interest paid over the life of the loan. A shorter term costs more per month but saves you money on interest.
Wells Fargo may charge an origination fee, which typically ranges from 0% to 2% of the loan amount depending on the loan type and your creditworthiness. Ask whether the fee is included in your rate quote or added separately.
What documents you need before you apply
For prequalification, you need minimal information: your name, Social Security number, income, and the vehicle's purchase price. For a full application, gather these documents before you start:
- Two recent pay stubs (or tax returns if self-employed)
- Proof of residence (utility bill, lease, or mortgage statement dated within the last 60 days)
- Government-issued ID
- The vehicle's VIN, mileage, and purchase price
- Proof of insurance (required before the loan funds)
If you are refinancing an existing auto loan from another lender, you will also need the loan account number and current payoff amount.
Refinancing an existing auto loan with Wells Fargo
Wells Fargo refinances auto loans from other lenders. Refinancing makes sense if your current interest rate is higher than what Wells Fargo offers you, or if you want to change your loan term. The application process is the same as for a new auto loan, except you provide your current loan details instead of a vehicle purchase agreement.
Wells Fargo pays off your old loan directly and issues you a new loan with new terms. The payoff typically happens within five to ten business days. During that time, continue making payments to your old lender to avoid late fees. Once the payoff clears, your old loan closes and your new Wells Fargo loan begins.
Refinancing resets your loan term, so if you had two years left on a five-year loan and refinance into a new five-year loan, you will owe payments for five more years from the refinance date. Calculate whether the interest savings outweigh the extra time you will spend paying.
What happens after your loan is approved
Once Wells Fargo approves your loan, you receive a loan agreement that shows the loan amount, interest rate, monthly payment, and term. You sign the agreement and provide proof of insurance. Wells Fargo then funds the loan, which typically takes three to five business days.
If you are buying from a dealership, the dealership handles the paperwork and title transfer. If you are buying from a private seller, you are responsible for handling the title and registration with your state's motor vehicle department. Wells Fargo will provide instructions for both scenarios.
Your first payment is usually due 30 days after the loan funds. You can set up automatic payments from a Wells Fargo account or an external bank account. Automatic payments sometimes may have access to for a small interest rate discount (typically 0.25%).
Frequently Asked Questions
Can I get a Wells Fargo auto loan with bad credit?
Wells Fargo considers applicants with credit scores below 620, though rates will be higher than for borrowers with good or excellent credit. If you are denied, ask whether you can reapply after addressing specific issues (like paying down existing debt or disputing errors on your credit report).
What is the minimum down payment Wells Fargo requires?
Wells Fargo does not publish a minimum down payment. Most auto lenders, including Wells Fargo, prefer a down payment of at least 10% to 20% of the vehicle's purchase price. A larger down payment lowers your loan amount and may improve your interest rate offer.
Can I pay off my Wells Fargo auto loan early without a penalty?
Yes. Wells Fargo auto loans have no prepayment penalty, so you can pay off the loan in full at any time without extra fees. Paying early saves you interest, though you forfeit any remaining interest the bank would have earned.
How long does it take to get funded after I am approved?
Funding typically takes three to seven business days after you sign the loan agreement and provide proof of insurance. If you are buying from a dealership, the dealership may have the funds sooner because they handle the paperwork in-house.
Does Wells Fargo offer auto loans for vehicles older than a certain year?
Wells Fargo finances used vehicles, but the vehicle's age and mileage affect your interest rate and loan term options. Very old or high-mileage vehicles may not may have access to. Ask during prequalification whether the specific vehicle you want to buy is may be able to access.