To apply for a Wells Fargo auto loan, begin by shopping for and identifying the vehicle you’d like to purchase at a dealership. Wells Fargo is an indirect auto lender, meaning that you must apply through one of the car dealers within the lender’s network. You can also buy out your lease by applying for a Wells Fargo auto loan and using it to purchase your leased vehicle.
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As with new car loans, drivers cannot use Wells Fargo to finance the purchase of a vehicle from a private party. You can take out a Wells Fargo auto loan to finance the purchase of a used vehicle up to 15 years old-though eligibility also depends on the vehicle mileage and loan term. Related: How Much Car Can I Afford? Used Car Purchase Vehicles must be purchased from one of Wells Fargo’s partner dealerships across the U.S. Wells Fargo auto loans can be used to purchase new vehicles, but the lender doesn’t finance recreational vehicles, motorcycles or boats.
These are the main types of auto loans offered by Wells Fargo: New Car Purchase Loan terms generally range from 24 to 75 months, though the exact term depends on the loan amount and interest rates extend from 3.99% to 19.99%. The majority of auto loans issued by Wells Fargo are between $5,000 and $110,000. You’re able to qualify for 100% financing or more, with loan amounts depending on several factors such as your income, credit, repayment ability and value of the vehicle. Because Wells Fargo is an indirect lender, auto loans must be obtained through one of the approximately 11,000 dealerships in its network. Wells Fargo Auto currently provides auto lending to more than three million customers, according to a bank rep. Wells Fargo also doesn’t offer a prequalification process, so it can be difficult for buyers to understand their approval odds when applying at the dealership. However, lending decisions are made based on factors like income, credit score and history, as well as the ability to repay the loan and the value of the vehicle being financed. As of July 2022, Wells Fargo’s interest rates start at 3.99% for the most qualified customers and extend up to 19.99%, with repayment terms spanning from 24 to 75 months.Īs with most indirect auto lenders, Wells Fargo doesn’t publish online the details of its minimum qualification requirements. Wells Fargo has a network of approximately 11,000 dealers nationwide. Wells Fargo is an indirect auto lender which means you can only get their loan through an automotive dealership. Wells Fargo Auto provides auto financing from $5,000 to $110,000 on new and used vehicles up to 15 years old, but doesn’t offer vehicle refinancing, according to a bank representative.
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