Written by
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Loan amount
Varies by dealership
Min. credit score
Not disclosed
APR from
Varies by dealership
Funds available in
Instant upon approval, paid to dealership
If in-person customer support is a top consideration when choosing a lender, Wells Fargo beats out most of its competitors. With over 5,600 branches across the country, borrowers can benefit from in-person visits for any questions about their financing.
U.S. Customers who prefer making payments in person can do so at any one of these locations, even if they don’t have a Wells Fargo account. This, coupled with the dealership finance structure that the Bank lends upon, makes it fitting for a driver who prefers face-to-face communication.
Wells Fargo offers loans through dealerships rather than lending directly to consumers. This results in a lack of information disclosed on expected rates, terms and fees.
Although Wells Fargo does not disclose its terms, you can expect to have between 12 and 72 months to pay off your auto loan. Your rate will be based on factors like your credit score and the vehicle you choose. For the best terms, come with an excellent credit score of 740 or higher.
However, the bank’s second-quarter earnings report disclosed an average interest rate of 5.09 percent for auto loans. With that in mind, it is wise to take advantage of an auto loan payment calculator to best understand what you can afford.
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.
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.
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
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.
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.
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.
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.
| Overall score | 3.2 | |
|---|---|---|
| Availability | 3.6 | Wells Fargo has an extensive dealership network but doesn't disclose loan amounts or terms for its loans. |
| Affordability | 3 | Wells Fargo has several ways to repay your loan, including autopay, but rates are not available. |
| Customer Experience | 3.9 | Wells Fargo supports online payments, has an app and its customer service hours extend to Saturday. |
| Transparency | 2.5 | With no prequalification or published rates and fees, Wells Fargo scores low for lender transparency. |
57
years in business
37
lenders reviewed
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loan features weighed
666
data points collected
The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Wells Fargo has poor online reviews, with 1.5 out of 5 stars on Trustpilot. While this is only based on 324 reviews as of September 2024, and not all reviews are about auto products, a score that low is notable. Many reviews mention poor customer service over the phone and long waiting times.
Here is what one borrower had to say, in part, about frustration when trying to make payments:
“For my auto loan, if I pay more than the loan amount, it can only be paid towards next month's payment. Extra payments only begin to be paid towards the principal if I get 3 months ahead of my monthly payments.
The only way to pay extra principal is by setting it up through automatic payments, visiting a branch, or mailing the payment.”
— trustpilot user
Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.
Dive into community reviews below and see what others think about Wells Fargo.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.
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