Yes, Wells Fargo offers auto loans, but you apply through their auto finance division, not a branch
Wells Fargo Auto does make auto loans for new and used vehicles. You can apply online, by phone, or at a dealership that works with Wells Fargo. The loans are available to borrowers in most states, though some restrictions apply to certain states like New York.
The process differs depending on whether you already own a vehicle you want to refinance or you are buying a car and need financing before you drive it off the lot. Wells Fargo also buys loans from dealerships — meaning a dealer may offer you Wells Fargo financing without you contacting Wells Fargo directly.
Key Takeaways
- Wells Fargo Auto accepts applications online at wellsfargoauto.com, by phone at 1-800-869-3557, or through participating dealerships.
- You will need proof of income, a valid driver's license, proof of insurance, and the vehicle identification number (VIN) or details about the car you want to buy.
- Loan terms typically range from 24 to 84 months, and your interest rate depends on your credit score, the vehicle's age, and the loan term you choose.
- Wells Fargo does not offer loans in all states, and some states have restrictions on loan terms or rates.
- If you already have a Wells Fargo auto loan, you can manage payments and view your account through their online portal or mobile app.
How to apply for a Wells Fargo auto loan
Start by going to wellsfargoauto.com or calling 1-800-869-3557. You will answer questions about the vehicle — whether it is new or used, the make and model, the year, and the VIN if you have it. You will also provide your income, employment status, and the amount you want to borrow.
The application takes about 10 to 15 minutes. Wells Fargo will give you a decision within minutes to a few hours in most cases. If you are approved, you will receive a loan offer that shows the interest rate, monthly payment, and loan term. You can accept or decline the offer online.
If you are buying from a dealership, the dealer may handle the application on your behalf. Ask the dealer whether they work with Wells Fargo and whether they can submit your information directly. This can speed up the process, though you still need to review and sign the final loan documents.
Documents and information you will need
Have these items ready before you start your application: a valid driver's license, your Social Security number, proof of income (recent pay stubs or tax returns), and proof of auto insurance. If you are refinancing an existing loan, you will also need the loan account number and the current payoff amount.
For a vehicle you are buying, you need the VIN or at least the year, make, model, and trim level. If you are buying from a dealership, the dealer can provide this. For a used car from a private seller, ask the seller for the VIN before you apply.
Wells Fargo may ask for additional documents after you submit your application — such as recent bank statements or a letter from your employer confirming your job. They will tell you what they need and how to send it.
Interest rates and loan terms
Wells Fargo auto loans range from 24 to 84 months. Your interest rate depends on several factors: your credit score, the age of the vehicle, the loan term, and the amount you are borrowing. Newer vehicles and shorter loan terms typically receive lower rates.
Wells Fargo does not publish a single rate — each borrower receives a rate based on their credit profile and the vehicle. You can see your rate in the loan offer before you accept it. If you do not like the rate, you can decline and shop elsewhere.
If you already have a Wells Fargo auto loan and your credit has improved, you may be able to refinance with them at a lower rate. Contact Wells Fargo Auto to ask about refinancing options.
Refinancing an existing auto loan with Wells Fargo
You can refinance a car loan from another lender into a Wells Fargo auto loan. This makes sense if Wells Fargo offers you a lower interest rate or a shorter loan term that saves you money. To start, call 1-800-869-3557 or apply online at wellsfargoauto.com and select the refinance option.
You will need your current loan account number and the payoff amount from your existing lender. Wells Fargo will pay off the old loan and create a new one with them. The process usually takes 7 to 10 business days after you sign the documents.
Before you refinance, calculate whether the new payment and total interest paid over the life of the loan is actually lower than your current loan. A longer term may lower your monthly payment but increase the total interest you pay.
Managing your Wells Fargo auto loan after approval
Once your loan is funded, you can make payments online through wellsfargoauto.com, through the Wells Fargo mobile app, by phone at 1-800-869-3557, or by mail. Payments are due on the date shown in your loan documents — usually the same day each month.
You can set up automatic payments so the amount is withdrawn from your bank account on the due date. This ensures you never miss a payment. You can also make extra payments at any time without penalty to pay off the loan faster and save on interest.
Log into your account online to view your loan balance, payment history, and remaining term. If you have questions about your loan or need to change your payment method, contact Wells Fargo Auto customer service.
States where Wells Fargo auto loans are not available
Wells Fargo does not offer auto loans in all states. New York is the primary state where Wells Fargo Auto does not operate. Some other states may have restrictions on certain loan products or terms.
Before you apply, check the Wells Fargo Auto website or call 1-800-869-3557 to confirm that loans are available in your state. If Wells Fargo cannot lend to you, they will let you know during the application process.
What happens if you miss a payment
If your payment is late by 30 days or more, Wells Fargo will report it to the credit bureaus, which will damage your credit score. Late fees also apply — the amount depends on your loan agreement, but typically range from $10 to $25 for the first late payment.
If you know you cannot make a payment on time, contact Wells Fargo immediately. They may be able to work with you on a payment plan or temporary deferment, depending on your situation. The sooner you call, the more options you may have.
If payments remain unpaid for 120 days or longer, Wells Fargo may repossess the vehicle. Once repossessed, the car is sold and you are responsible for any difference between the sale price and what you still owe on the loan.
Frequently Asked Questions
Can I get a Wells Fargo auto loan with bad credit?
Wells Fargo considers borrowers with credit scores below 600, though your interest rate will be higher than someone with excellent credit. The exact rate depends on your score, income, and the vehicle. Apply online or call to get a rate quote based on your actual credit profile.
How long does it take to get approved for a Wells Fargo auto loan?
Most applications receive a decision within minutes to a few hours. If Wells Fargo needs additional documents, approval may take 1 to 2 business days. Once you accept the loan offer, funding typically occurs within 5 to 10 business days.
Can I pay off my Wells Fargo auto loan early without a penalty?
Yes, Wells Fargo auto loans have no prepayment penalty. You can pay extra toward your principal at any time or pay off the entire loan early. Contact Wells Fargo to confirm the exact payoff amount if you plan to pay in full.
What is the minimum down payment for a Wells Fargo auto loan?
Wells Fargo does not publish a minimum down payment requirement. The amount you put down affects your loan amount and interest rate, but you may be able to finance 100 percent of the vehicle price. Ask during your application what down payment options are available.
Does Wells Fargo offer auto loans for used cars?
Yes, Wells Fargo finances both new and used vehicles. Used cars typically have higher interest rates than new cars, and the vehicle must usually be no more than 10 years old, though this can vary by location and your credit profile.