Wells Fargo Auto Loans Review

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When choosing a bank for an auto loan, it is essential to consider various options to find the best one suited for you.

With thousands of branches throughout the country, Wells Fargo is a notable option because of its wide range of benefits.

Whether you need a loan to purchase a new car or refinance an existing auto loan for a lower rate, Wells Fargo has plenty of options that may fit your budget.

Best for Auto Loans
Wells Fargo Auto Loan Rates
Wells Fargo Auto Loans
  • Loan Amount
    $5,000 - $300,000
  • Est. APR
    3.88% - 19.51%
  • Learn More
  • Auto Loan Details

How Do Wells Fargo Auto Loans Work?

Wells Fargo Offers new and used car loans with up to 100% financing, but there is a catch.

You can only apply for a Wells Fargo auto loan through an Affiliated car dealership instead of online or in person.

When you are shopping for a new car, ask the dealer if they are affiliated with Wells Fargo to ensure that you have access to the Wells Fargo auto loan program.

Otherwise, you will not be able to finance your new vehicle through Wells Fargo.

Wells Fargo Auto Loans Features and Benefits

There are some perks to consider when financing with Wells Fargo. If you find yourself without the funds for a down payment, Wells Fargo allows those who qualify to completely finance your vehicle without any initial cost or down payment.

Additionally, Wells Fargo helps people with lower credit scores finance their vehicles.

Limited Loan Options

When considering a bank to finance auto loans, it is important to note that Wells Fargo only provides new or used car loans.

If you want to buy out a lease or refinance your vehicle, you should look for another bank.

Dealer Network is Relatively Small

If you prefer to use Wells Fargo’s Auto Loan program, be aware that they primarily work with larger franchised dealerships instead of Independent Auto Dealers.

The pandemic had a massive impact on how Wells Fargo operated their auto loan program. Over the last year, they stopped taking applications from independent dealerships and shifted their focus to only working with larger, more established Dealerships.

Since Wells Fargo will only work with the larger dealerships, they also exclude private sellers from their financing practice.

Can Change Due Date on Loan Payment Once

Wells Fargo allows its customers to reschedule the date your loan payment is due one time. This can be a lifesaver if you are stuck without the necessary funds to pay for the month’s rent.

Some Vehicles Aren’t Eligible

Before you try to finance your vehicle through Wells Fargo, you need to ensure that it is eligible.

You cannot finance vehicles through Wells Fargo, including discontinued cars from their manufacturer, salvaged or large commercial vehicles, and conversion vans.

Wells Fargo Auto Loan Rates

Although many customers will receive lower rates from Wells Fargo and a dealer can offer through dealer financing, Wells Fargo does not advertise its APRs online.

This means that you can only know your true interest rate once you submit a formal application to Wells Fargo through the dealership.

If you want to shop around and get pre-qualified for other loans, you will be able to have a solid idea of what Wells Fargo may offer you.

Wells Fargo Auto Loan Requirements and Restrictions

Applying for a Wells Fargo auto loan requires filling out a loan application with an Affiliated dealer once you are ready to purchase a vehicle.

You will need proof of income, a valid ID, and other personal details.

Be aware of certain restrictions because Wells Fargo does not finance all vehicles.

A few examples of vehicles that are not eligible for financing through the Wells Fargo auto loan program include large commercial vehicles, discontinued models, and thus buyouts.

Wells Fargo Auto Loans Pros and Cons


  • Allows customers with low credit scores to finance vehicles
  • Reasonably priced loans that go as low as $2,500
  • Easily accessible because of its many branches
  • Ability to finance vehicles without a down payment


  • Limited loan possibilities
  • No pre-approval
  • Auto loans available up to only 72 months

How Does Wells Fargo Auto Loans Compare to Other Companies?

Wells Fargo Auto Loans are unique because you can only apply for them directly through a licensed dealership and not through the bank itself.

However, since Wells Fargo is such a large and established financial institution, it’s important to compare the loans and overall experience to comparable Banks and lenders to ensure you get the best deal and interest rates on your next auto loan.

#1. Wells Fargo Auto Loans vs. Caribou

In contrast to Wells Fargo, Caribou only offers auto refinance loans, and the options they have are limited.

Through Caribou, you can only refinance your auto loans for cars, SUVs, and trucks. Despite this, Caribou does allow customers to apply for a prequalification without lowering their credit score.

Wells Fargo is a good choice to finance your vehicle because of its cheaper auto loans and its ability to accept low credit customers. However, if you are strictly looking to refinance your vehicle, then Caribou may be the best choice.

>> More: Caribou Review

#2. Wells Fargo Auto Loans vs. Capital One Auto Finance

Wells Fargo and Capital One provide different options depending on your financial needs. Wells Fargo offers a lower costing loan at $2,500, and it does not require you to make a down payment. There are also a wider variety of vehicles that can be financed.

Conversely, Capital One Auto Loans are a bit more expensive, starting at $4,000, and they might require you to make a down payment. If you don’t already use Wells Fargo and have a solid income source, then Capital One may be the best fit for you.

However, if you find yourself short on cash from time to time and need a more forgiving bank, then Wells Fargo could be the better choice.

>> More:Capital One Auto Finance Review

#3. Tresl vs. Wells Fargo Auto Loans

If you are looking for an auto loan, then Tresl and Wells Fargo offer similar benefits. Both companies are willing to work with you despite having bad credit.

However, Tresl won’t allow you to finance your vehicle unless it is at least a 2010 model with less than 150,000 miles. Wells Fargo is also more lenient in allowing a wider variety of vehicles to be financed. Overall, both companies offer good auto loans to those with lower credit, but you will find Wells Fargo to be more flexible than Tresl.

>> More: Tresl Auto Loans Review

#4. Autopay vs. Wells Fargo Auto Finance

Financing with Autopay is a good option for those with at least a 600-credit score and a $2,000 monthly income. Autopay has a wide loan range from $2,500 to $100,000, and it allows you to have a co-signer that can help get you better rates.

Unlike Wells Fargo, however, Autopay may require a downpayment. Overall, Wells Fargo is more flexible because it accepts people with low credit scores, allowing them to get a loan without a down payment.

Ultimately, both Wells Fargo and Autopay provide good options for auto loans, so choose the one that best fits your financial needs.

>> More: Autopay Review

Frequently Asked Questions

Can I change my payment due date?

Yes – Wells Fargo allows its customers to change their payment’s due date one time.

Do I need a down payment for my auto loan?

If you qualify, Wells Fargo will not require you to make a downpayment – however, be wary of 100% financing because you may end up with negative equity if your car is damaged or you try to sell it.

Does Wells Fargo allow me to buy a vehicle from a private party?

No – If you are looking to finance your vehicle with Wells Fargo, you can only pay through its network of dealers.

Can I refinance my vehicle through Wells Fargo?

No – Wells Fargo only offers new and used car loans. They do not provide any refinancing loans.

Is Wells Fargo Good for Auto Loans?

Yes – Wells Fargo is good for auto loans because of its low costing prices, starting at $2,500, and its willingness to accept customers with fair to bad credit.

Does Wells Fargo Give Bad Credit Auto Loans?

Yes, Wells Fargo is willing to work with you despite having bad credit. In fact, in the first quarter of 2020, almost 34% of auto loans went to people with credit scores below 680.

Is It Easy to Get a Car Loan from Wells Fargo?

Qualifying for a loan from Wells Fargo is relatively easy if you are working with a dealership that is one of its affiliates.

Loans can be as low as $2,500 Up to $100,000 for both new and used cars, which provides an enormous range of options for most customers who are going to be purchasing a car.

Bottom Line: Wells Fargo Auto Loans Review

Although you need to work directly with a dealership to finance a car through Wells Fargo, some serious benefits make a Wells Fargo auto loan a good choice for you. Since they issue loans as low as $2,500, they can be a great choice for somebody who wants to purchase a car at a lower price point, or they can finance up to $100,000 if they want a larger or more luxurious vehicle.

Customers who prefer more flexibility for choice in dealerships or would like to buy out a lease should look elsewhere, but if you are comfortable working with Wells Fargo through a dealership, they are worth considering and will probably offer better rates than dealership financing.

Justin Estes
Justin Estes

Justin Estes is a Senior Personal Finance Writer who is a recognized small business accountant, consultant, and credit card expert. His background in accounting and finance led to a passion for helping people make the most of their money and matching them with financial products that enhance their lifestyle. Justin attended Charleston Southern University where he double-majored in Finance and Accounting. Justin’s areas of expertise are credit cards, small business finance, accounting, and taxes.