Yes, Wells Fargo offers car loans for new and used vehicles

Wells Fargo Auto Loans is a lending product the bank offers directly to borrowers. You can finance a new car, used car, or refinance an existing auto loan from another lender through Wells Fargo. The bank handles the loan origination, sets the interest rate based on your credit profile, and services the loan after closing.

The loan is secured by the vehicle itself, meaning the car serves as collateral. If you stop making payments, Wells Fargo can repossess the vehicle. This is standard for auto loans across all lenders, not unique to Wells Fargo.

Key Takeaways

  • Wells Fargo Auto Loans cover both new and used vehicles, with loan terms typically ranging from 24 to 84 months.
  • Your interest rate depends on your credit score, income, debt-to-income ratio, and the vehicle's age and value.
  • You can apply online, by phone, or in person at a Wells Fargo branch, and the bank will typically give you a rate decision within one business day.
  • Wells Fargo requires full coverage auto insurance on financed vehicles, and you must maintain that insurance for the life of the loan.
  • If you already have a car loan elsewhere, you can refinance it through Wells Fargo, though the new rate depends on current market conditions and your credit profile.

Interest rates and what affects your rate

Wells Fargo does not publish a single interest rate for auto loans. Instead, the rate you receive depends on several factors the bank evaluates during underwriting. Your credit score is the largest factor — borrowers with scores above 700 typically receive lower rates than those below 650. The bank also looks at your income, existing debt, employment history, and how much you are putting down as a down payment.

The vehicle itself matters too. Newer cars and those with lower mileage usually may have access to for better rates than older or high-mileage vehicles. The loan term you choose also affects the rate — a 36-month loan may carry a different rate than a 72-month loan on the same vehicle.

Wells Fargo publishes sample rates on its website, but these are not binding offers. The only way to know your actual rate is to complete an application or request a rate quote. The bank will perform a hard credit inquiry, which temporarily lowers your credit score by a few points.

How to apply for a Wells Fargo auto loan

You can start an application online through Wells Fargo's website, by calling 1-800-869-3557, or by visiting a branch in person. The online process typically takes 10 to 15 minutes and asks for basic information: your name, address, income, employment, and details about the vehicle you want to finance.

If you are financing a used car, you will need the vehicle identification number (VIN), the seller's name, and the purchase price. If you are refinancing an existing loan, you will need the loan account number and the current lender's name. Wells Fargo will pull your credit report as part of the application.

After you submit, the bank typically provides a rate decision within one business day. If approved, Wells Fargo will issue a loan offer that includes the interest rate, monthly payment, loan term, and any fees. You do not have to accept the offer — you can shop around or decline and apply elsewhere.

Down payments and loan terms

Wells Fargo does not require a minimum down payment, but putting money down reduces the loan amount and can help you secure a better interest rate. Many borrowers put down 10 to 20 percent of the vehicle's purchase price, though some put down nothing.

Loan terms range from 24 to 84 months. Shorter terms (24 to 48 months) mean higher monthly payments but less total interest paid over the life of the loan. Longer terms (60 to 84 months) lower your monthly payment but increase the total interest you pay. Wells Fargo will show you the monthly payment for each term option so you can compare.

Keep in mind that if you finance a used vehicle, the loan term cannot exceed the vehicle's age plus a certain number of years. For example, a 10-year-old car may only may have access to for a 5-year loan, not an 8-year loan. This protects the bank in case the car becomes worth less than what you owe.

Insurance requirements and fees

Wells Fargo requires you to carry full coverage auto insurance (comprehensive and collision) on any financed vehicle. You must provide proof of insurance before the loan closes, and you must maintain that coverage for the entire loan term. If your insurance lapses, Wells Fargo can purchase insurance on your behalf and add the cost to your loan balance — this is called force-placed insurance and is significantly more expensive than buying it yourself.

Wells Fargo does not charge an origination fee or application fee for auto loans. However, some loans may include other costs such as a documentation fee or title and registration fees, depending on your state and the specific loan. The loan offer will itemize all fees before you sign.

Refinancing an existing auto loan

If you have a car loan with another lender and want to refinance through Wells Fargo, you can do so as long as the vehicle meets the bank's requirements. The vehicle must be a 1990 model year or newer, have fewer than 150,000 miles, and be in good condition. Wells Fargo will pay off your existing loan and issue a new loan to you.

Refinancing makes sense if Wells Fargo's interest rate is lower than your current rate, which would reduce your monthly payment or the total interest you pay. However, if you have already paid several years into your current loan, refinancing into a longer term can mean paying interest for more years overall, even if the monthly payment drops.

You can apply to refinance online or by phone. Wells Fargo will order a vehicle inspection report to confirm the car's condition and value. The refinance process typically takes 7 to 10 business days from application to funding.

Frequently Asked Questions

Can I get a Wells Fargo auto loan if I have bad credit?

Wells Fargo considers borrowers with credit scores as low as 580 to 600, though rates for lower credit scores are significantly higher. If you have recent late payments or a recent bankruptcy, approval is less likely. You may improve your chances by putting down a larger down payment or having a co-signer with better credit.

What happens if I want to pay off the loan early?

Wells Fargo does not charge a prepayment penalty, meaning you can pay off the loan in full at any time without extra fees. Paying early reduces the total interest you pay over the life of the loan. You can make extra payments toward principal or pay the entire balance in one lump sum.

How long does it take to close a Wells Fargo auto loan?

After you receive a loan offer and accept it, closing typically takes 3 to 5 business days. This includes title work, insurance verification, and final documentation. For refinances, the timeline is usually 7 to 10 business days because the bank must coordinate with your current lender to pay off the old loan.

Can I apply for a Wells Fargo auto loan if I am not a Wells Fargo customer?

Yes. You do not need to have a Wells Fargo checking account, savings account, or any other product to borrow from Wells Fargo Auto Loans. The application process is the same whether you are an existing customer or new to the bank.

What if the car I want to buy is not yet in my possession?

You can apply for a Wells Fargo auto loan before you own the vehicle. Provide the VIN and purchase price, and Wells Fargo will issue a loan offer. You then have a set number of days (usually 30 to 60) to complete the purchase and close the loan. If you do not close within that window, you may need to reapply.