Wells Fargo Auto Loan Review

Wells Fargo offers lending products for new and used vehicles through a network of thousands of dealers across the country. Being more available doesn’t necessarily mean they’re the best choice for every borrower, however. We’ve done the homework for you to help you make the most educated and mindful decisions about buying or financing your next vehicle.

About Wells Fargo

Wells Fargo is an old and storied financial institution, but recent headlines have not been friendly to the company. Senior management and others have been blamed for excessive fees and poor service, which has tarnished the bank’s long reputation. Wells Fargo did reduce the number of dealerships it offers financing to at the beginning of the pandemic, but there are still thousands of dealers that offer its lending products.

Why Consider Wells Fargo for an Auto Loan

Wells Fargo offers competitive rates and a variety of loan products through its network of 11,000 dealerships. The bank does not offer loans directly to borrowers, and requires that a dealer submit all applications. That said, Wells Fargo is not known for its customer service and may not live up to your standards if you expect top notch responses and help when you have a problem.

How To Apply for a Wells Fargo Auto Loan

Wells Fargo requires applicants to work with one of its partner dealerships to apply for a loan. You can ask your local dealer if they participate in the bank’s programs, but the application must be submitted through them. Once you have obtained a loan, you can manage your account online.

Wells Fargo Auto Loan Details

Wells Fargo offers loans with rates that generally range from 1.99% to 19.99%, and with amounts that can reach $100,000. Qualified borrowers can stretch their loan terms out to 75 months. The bank also offers financing options for boats, RVs, motorcycles, yachts, personal aircraft, and more

Pros and Cons

Should I Get An Auto Loan Through Wells Fargo?

Wells Fargo offers a lending product for almost any buyer in almost any credit situation, which makes buying much easier for many people. That said, the bank has pulled back on some of its lending, mostly with used car lots, to focus on new car dealerships. The company also suffers from poor customer service and relations, particularly when it comes to problem resolution.

Read more on our top recommendations for the Best Auto Loans here.

Read more about Buying a Car here.