Yes, Wells Fargo offers auto loans for new and used vehicles
Wells Fargo Auto Finance provides car loans through its retail banking division. You can borrow money to buy a new car, a used car, or refinance an existing auto loan from another lender. The loans are available to customers who meet Wells Fargo's credit and income requirements, and you can apply online, by phone, or in person at a branch.
The loan amount, interest rate, and monthly payment depend on the vehicle price, how much you put down, the loan term you choose, your credit score, and current market rates. Wells Fargo does not publish a single rate—each person receives a rate based on their financial profile and the vehicle being financed.
Key Takeaways
- Wells Fargo Auto Finance funds purchases of new and used vehicles and refinances existing loans from other lenders.
- You can apply online, by phone, or at a branch, and the bank will tell you within minutes whether you are approved and what rate you will receive.
- The interest rate you receive depends on your credit score, income, down payment, and the vehicle's age and value.
- Wells Fargo requires a valid driver's license, proof of income, and proof of insurance before funding the loan.
How to apply for a Wells Fargo auto loan
You can start the application online at wellsfargo.com/auto, by calling 1-800-869-3557, or by visiting a Wells Fargo branch. The online application takes about 10 to 15 minutes and asks for your personal information, employment details, income, and the vehicle you want to buy or refinance.
If you are buying a car, you will need the vehicle identification number (VIN) or details about the car (year, make, model, mileage). If you are refinancing an existing loan, have your current loan documents ready so Wells Fargo can pull the payoff amount from your current lender.
Wells Fargo will give you a decision within minutes to a few hours. If approved, you will receive a loan offer showing the loan amount, interest rate, monthly payment, and loan term. You can accept or decline the offer online or by phone.
What Wells Fargo needs before funding the loan
Once you accept a loan offer, Wells Fargo requires several documents before the money is sent to the dealer or your current lender. You will need to provide a valid driver's license, proof of income (recent pay stubs or tax returns), and proof of auto insurance. The insurance must cover the vehicle you are financing and must list Wells Fargo as the lienholder.
If you are buying from a dealer, the dealer will handle the title and registration paperwork. If you are refinancing, Wells Fargo will contact your current lender to get the payoff amount and arrange the transfer. This process usually takes three to five business days after you submit all documents.
Interest rates and loan terms
Wells Fargo auto loans range from 24 to 84 months, meaning you can spread payments over 2 to 7 years. Shorter terms mean higher monthly payments but less total interest paid. Longer terms mean lower monthly payments but more interest paid over the life of the loan.
Your interest rate depends on your credit score, the down payment you make, the age and mileage of the vehicle, and current market rates. Customers with excellent credit (typically 740 or higher) generally receive lower rates than those with fair or poor credit. Putting down a larger down payment can also lower your rate because it reduces the lender's risk.
Wells Fargo does not publish specific rates online. To see what rate you would receive, you must start an application or call the bank directly.
Refinancing an existing auto loan with Wells Fargo
If you have a car loan with another bank or lender, you can refinance it through Wells Fargo. Refinancing means taking out a new loan to pay off the old one, which can lower your monthly payment or interest rate if your credit has improved or if rates have dropped.
To refinance, you will need your current loan documents showing the payoff amount, the vehicle's VIN, and proof of insurance. Wells Fargo will contact your current lender to get the exact payoff amount and arrange the transfer. The process takes about the same time as a new car loan—three to five business days from approval to funding.
What happens if you miss a payment or fall behind
If you miss a car payment to Wells Fargo, the bank will contact you by phone or mail to remind you. Most lenders allow a grace period of 10 to 15 days after the due date before reporting the late payment to credit bureaus. If you are more than 30 days late, the missed payment will appear on your credit report and damage your credit score.
If you fall significantly behind—usually 90 to 120 days—Wells Fargo may repossess the vehicle. Repossession means the bank takes back the car to sell it and recover the loan balance. You will still owe any difference between what the car sells for and what you owe on the loan, called a deficiency.
If you are struggling with payments, contact Wells Fargo as soon as possible. The bank may offer options such as a loan modification, deferment, or forbearance that temporarily reduce or pause your payments.
Comparing Wells Fargo auto loans to other lenders
Wells Fargo is one of many sources for auto loans. Credit unions, other banks, and online lenders also offer car financing. Credit unions often have lower rates for members, especially those with average credit. Online lenders may approve borrowers with lower credit scores more readily than traditional banks.
Before accepting a Wells Fargo offer, compare rates from at least two or three other lenders. You can apply to multiple lenders within a short window (typically 14 to 45 days, depending on the credit bureau) and the inquiries will count as a single hard pull on your credit report. This protects your credit score while you shop around.
You should also consider the total cost of the loan, not just the monthly payment. A longer loan term lowers the payment but increases the total interest you pay. A calculator on each lender's website can show you the total cost over the life of the loan.
Frequently Asked Questions
Can I get a Wells Fargo auto loan if I have bad credit?
Wells Fargo does not publish minimum credit score requirements, but the bank generally works with borrowers across a range of credit profiles. If your credit is poor, you may still be approved but will likely receive a higher interest rate. A larger down payment can improve your chances of approval and lower your rate.
What is the minimum down payment Wells Fargo requires?
Wells Fargo does not advertise a specific minimum down payment. Some loans may be available with zero down, but a larger down payment (typically 10 to 20 percent of the vehicle price) will lower your interest rate and monthly payment. Contact Wells Fargo directly to learn what down payment options are available for your situation.
How long does it take to get money from Wells Fargo after approval?
After you accept a loan offer and submit all required documents, funding typically takes three to five business days. If you are buying from a dealer, the dealer may drive the car off the lot before Wells Fargo's money arrives, as long as the paperwork is signed. If you are refinancing, the timeline depends on how quickly your current lender processes the payoff.
Can I pay off a Wells Fargo auto loan early without a penalty?
Wells Fargo auto loans do not charge prepayment penalties, meaning you can pay off the loan early without extra fees. Paying early will reduce the total interest you pay over the life of the loan. Contact Wells Fargo to confirm there are no penalties before making extra payments.
What if I want to return or cancel the car after getting a Wells Fargo loan?
Once a car loan is funded and you take ownership of the vehicle, you cannot return it like a retail purchase. If you bought from a dealer, you may have a short window (usually three to five days) to cancel under your state's cooling-off law, but this varies by state. Contact the dealer and Wells Fargo immediately if you want to explore this option.