Wells Fargo auto loans: 2024 review

Where Wells Fargo stands out

• Large branch footprint: Wells Fargo boasts more than 5,000 banking branches across 36 states and doesn’t charge extra for making payments in person. This is a great plus for drivers who prefer to handle finances in person rather than online.  
• Option to add a co-borrower: If you don’t meet the lender’s credit score requirements, you may apply with a co-borrower — someone who agrees to be equally responsible for repaying the car loan and retains partial ownership. 
• Payment due date flexibility: If you meet certain requirements, you can change your payment due date to suit your budget better, though you can only do this once.

Where Wells Fargo falls short

• Unspecified information: Due to the relationship that Wells Fargo has with dealerships across the country, rates vary and cannot be determined until meeting with a sales representative at a dealer lot.  
• No prequalification: Wells Fargo does not offer auto loan prequalification. This can make it challenging for borrowers to understand their expected costs and gain the upper hand in negotiations.
• No direct application: Unlike the process you might find when working with other banks or online lenders, there is no direct application. Instead, to apply for a Wells Fargo loan, you must go through a partner dealership.

Wells Fargo customer resources

Customer support

Wells Fargo offers excellent customer service. They have in-person appointments along with online and app access. Account management and questions can be answered by phone, Monday through Thursday from 7 a.m. to 10 p.m., Friday from 7 a.m. to 9 p.m. and Saturday from 7 a.m. to 5:30 p.m. CT. 

Digital experience 

Although borrowers cannot apply for Wells Fargo auto loans online, they can manage their financing through the Wells Fargo app or online. The site offers little information but should be familiar to current bank-holders as it resides within the same interface as other banking products.  

How this lender compares

If you plan to finance directly at the dealership or currently bank with Wells Fargo, it is a sound route to vehicle ownership. Otherwise, consider comparing additional auto loan rates to ensure you get the best rate available

Wells Fargo vs. Valley Bank 

Valley Bank is another brick-and-mortar financial institution offering auto loan financing. Its branch footprint is much smaller than that of Wells Fargo, but includes Alabama, Florida, New Jersey and New York. 

That said, you could get a good deal on a car loan as they offer competitive rates — from 6.60 percent — and fast approvals. Like Wells Fargo, the lender’s website offers limited information regarding auto loan terms and eligibility guidelines.

Wells Fargo vs. Credit Direct

Credit Direct offers personal loans that can be used for auto purchases and refinances. You can borrow up to $40,000 with rates as low as 6.99 percent through Credit Direct or a lender in its partner network. 

Specific eligibility guidelines aren’t disclosed on the website, but there is no minimum credit score requirement. In fact, the lender uses factors beyond credit score to determine your creditworthiness. By comparison, with Wells Fargo, you’ll likely need good or excellent credit to qualify for an auto loan.

Do you qualify for a Wells Fargo auto loan?

Wells Fargo does not disclose its credit or income requirements for loan approval. If your credit score is not strong, Wells Fargo recommends applying with a co-applicant who will share responsibility for making payments. 

How to get a Wells Fargo auto loan

To apply for a loan with Wells Fargo, you will have to work with one of the dealers found in its network. This means that the entire application process is done through your chosen dealership. The loan application process varies, but you’ll likely need a few common items.