2025 Wells Fargo Auto Loan Review

Wells Fargo auto loans at a glance

Shopping for an auto loan can feel like navigating a maze of options, but if you’re already banking with Wells Fargo, you might consider it a straightforward choice.

Wells Fargo only offers auto financing through its network of nearly 11,000 partner dealerships, so you’ll need to check with your dealership before you set your heart on using Wells Fargo. On top of that, the bank’s starting APRs, repayment terms and amounts are unclear.

• Must go through dealership: Auto financing is only available through dealerships in the Wells Fargo network.
• Extensive dealer network: With nearly 11,000 dealerships, including online options, you have plenty of choices to finance your next car.
• Unclear terms: Loan terms, amounts, interest rates and fees are not shared by Wells Fargo, so your options can vary widely.
• Flexible payment options: Make payments by mail, wire transfer, over the phone, online, automatically from your account or in person at any Wells Fargo branch, even if you don’t have a Wells Fargo bank account.
• Best for in-network dealership shoppers: If you’re already buying your vehicle from a Wells Fargo-partnered dealership, it’s worth exploring the dealership’s loan options to see how they stack up against other offers.

Wells Fargo auto loan requirements

When it comes to qualifying for a Wells Fargo car loan, the requirements aren’t very clear. That said, here’s what you can generally expect when shopping for a car loan:

Loan requirements

• Credit score: A credit score of 660 or higher is typically required to secure approved financing, but this can vary by dealership.
• Income verification: You may have to provide proof of income to demonstrate your ability to repay the loan.
• Financial history: Factors like your debt-to-income ratio and employment history can influence your eligibility.

Vehicle criteria

• New or used vehicles: Wells Fargo only works with dealerships, which often specialize in new cars or certified pre-owned vehicles from specific manufacturers. However, dealerships also offer used cars.
• Vehicle restrictions may apply: Financing may be restricted based on the car’s age, mileage or condition.
• Limited financing options: Getting a car loan through a dealership may limit your financing options since you won’t be able to shop around and compare rates. Dealership financing may also come with extra dealer fees, though some are optional.
• Negotiation is key: To get a better deal, you can negotiate your car price, APR and payment terms directly with the dealer to land on a payment plan that works for your budget.

Wells Fargo pros and cons

Finding the best deal on an auto loan through Wells Fargo can be tricky. You’ll need to locate a dealership in their network that offers Wells Fargo auto loans. However, the dealer may even present multiple financing options, and some may offer more favorable terms than through Wells Fargo.

On the positive side, Wells Fargo offers an extensive network of dealerships, which may make it easy to find participating dealers in your area. Additionally, it provides loan servicing, offering a reliable system for managing payments and customer support.

However, there are significant limitations. Borrowers are restricted to purchasing vehicles from the specific dealership where the loan is approved, which excludes private sellers or alternative dealerships.

Loan terms, amounts and interest rates are unclear and may not always provide the best deal. This lack of transparency can make comparison shopping and securing competitive terms more challenging.

Wells Fargo company overview

Founded in 1852, Wells Fargo is the fourth-largest bank in the U.S. It offers a wide range of financial services, from checking accounts to investment advising. Wells Fargo scaled back in 2020, limiting auto financing to select franchise dealerships within a nationwide network.

Wells Fargo auto loan types offered

The individual dealerships in Wells Fargo’s network may influence your loan options. Dealerships offer used and new car financing, though Wells Fargo doesn’t stipulate what types of vehicles or mileage and age restrictions.

If you’re looking to refinance, Wells Fargo isn’t an option since it doesn’t currently offer auto loan refinancing.

How to get an auto loan with Wells Fargo

To apply for a Wells Fargo car loan, you’ll need to visit a dealership in its network, but finding one can be tricky, since Wells Fargo doesn’t publish a dealer list. However, big names like AutoNation and Hertz openly offer Wells Fargo financing, while others, like Carvana, don’t.

Here’s the typical process:

1. Confirm that your dealer offers Wells Fargo loans.
2. Complete the dealer’s car loan application.
3. Sit back and wait while the dealer shops your application to various lenders.
4. Review your offers, negotiate and pick the best one that fits your budget.
5. Sign your contract and drive away.

If you choose Wells Fargo, you can pay online, by phone, by wire transfer, via mail, automatically from your bank account or in person at a branch. You’re also able to adjust your payment due date once during your loan term.

Is a Wells Fargo auto loan right for you?

It’s difficult to know up front if a Wells Fargo auto loan is the right fit for you as the terms, rates and requirements are unclear until you apply. To apply, you’ll need to track down an in-network dealership — but that’s just the start. Even if you find the right car at the right dealer, there’s no guarantee you’ll qualify for a Wells Fargo car loan.

You might get better offers by skipping the middleman and working directly with a bank or credit union.

How Wells Fargo auto loans compare

If you’re looking for transparent bank financing for your new car, Bank of America might be a better fit than Wells Fargo. Bank of America offers loan prequalification and refinancing and shares its rates, terms and loan amounts. Chase also offers prequalification, but like Wells Fargo, it doesn’t share its starting APR or minimum credit score.

Read our full reviews of how Chase auto loans and Bank of America auto loans compare to car financing from Wells Fargo.