Does wells fargo refinance cars

Does wells fargo refinance cars DEFAULT

Wells Fargo Auto Loan & Refinance Rates

With services such as banking on the go, facilities to help you manage your account and check accounts, Wells Fargo tops the list.

Its auto loan service especially, is very efficient. Applications are online-based allowing customers to not only keep track of their accounts but also utilize tools such as auto-loan payment, car-buying tips and loan payment calculator.  For these reasons, Wells Fargo earns good ratings in our reviews.

Loan Versatility

According to our review, Wells Fargo auto loan is very versatile and has excellent credit history and loan amounts. It offers amounts greater than $22,000 and less than 85% of the car’s value. Relationship discounts of 0.25% are provided. To be eligible for the relationship discount, a customer needs to maintain a Wells Fargo checking account and also be able to make automatic payments from the bank’s deposit account. One relationship discount is allowed per application. The relationship discount has a downside as it does not encompass auto loans obtained from a dealership.

Its annual percentage rates (APR) for auto loan refinance, used car and new car are 4.08%, 3.63% and 3.12% respectively.

Wells Fargo, unlike other dealer services, is not interested in centralizing its operations but rather it is committed to be close to you and provide you with quick, reliable and flexible credit decisions.

Lease Buyout Options

Instead of returning the leased car, a lease buyout loan provides the money to help you purchase the car. You are able to own a vehicle that is familiar to you and avoid penalty fees for exceeding miles and for its wear and tear.

Application and Repayment

To receive loan offers, you are required to apply online. Create an account and submit your social security number including your employment and income. Part of the application requires that a credit check is made which eventually may affect your credit score.

Refinancing on longer term basis decreases your monthly payments but may increase the cumulative interest over the life of the newly acquired loan. You may also benefit from very low interest rates if you refinance.

Customer support

A very vital aspect of any given service provider is its customer support. At Wells Fargo, excellent support is offered. According to our reviews, employees have incredible communication skills.


Wells Fargo is among the largest auto loan providers in the nation. It has the strength, national scope and expansive resources needed to drive your dealership toward a greater level.

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How to save thousands on your Wells Fargo auto loan

Home / FAQs / How to save thousands on your Wells Fargo auto loan

Nicholas Hinrichsen - Published: October 1, 2021

You can lower your monthly payments on your Wells Fargo auto loan and save $600 every year / $50 every month through refinancing. You are a great candidate for refinancing if (a) you got your current loan at the dealership and/or (b) made all of your loan payments on time.
Instead of making your monthly payment to Wells Fargo why not refinance now and save thousands in minutes.

Table of contents

Background on Wells Fargo
  • Wells Fargo reviews
  • How to make your payment?
  • Does Wells Fargo report to the credit bureaus?

Before refinancing your Wells Fargo auto loan
  • Things to consider before refinancing
  • Common mistakes people make when refinancing

How to refinance your Wells Fargo auto loan
  • Step by step guide to refinance
  • Experts’ take on how to refinance
  • How much does it cost to refinance?
  • How soon can you refinance?
  • Will refinancing hurt your credit?
  • What happens if I pay extra?
  • Expected Savings from refinancing?
  • What are current refinance rates?
  • Can you refinance with the same lender?
  • Best bank for refinancing your Wells Fargo loan?

Things not to do when refinancing
  • Reasons you should not refinance
  • Can I skip a car payment?
  • Does Wells Fargo have a grace period?
  • How long does Wells Fargo take to repossess my car?

Refinance your Wells Fargo loan now

Background on Wells Fargo

Before going into more detail, here a little background about Wells Fargo: Henry Wells and William G. Fargo, the two founders of American Express, formed Wells Fargo & Company in 1852 to provide express and banking services to California.

Today, Wells Fargo is a multinational financial services company, still headquartered in San Francisco and the world's fourth-largest bank by market capitalization.

Wells Fargo targets the segment of American car shoppers with good (i.e. prime) credit and we observed an average auto loan interest rate of 8% (within a range of +/- 4%), while rates vary a lot by credit score. Our Wells Fargo auto loan calculator can pre-qualify you hassle-free through a simple credit application and help you get a sense for how much you can expect to save from a Wells Fargo auto refinance and the best rates.

Wells Fargo reviews

If you currently have a loan with Wells Fargo, you most likely got the loan at the dealership during the car purchase. You probably used your used vehicle as a trade-in to lower your down payment. The dealer found you your loan and you can make your payments by clicking on WellsFargo Online at

79% of all Americans with auto loans get their auto loan at the dealership. People shop for new cars, they don't shop for new loans. As a result, auto dealers have a leg up when it comes to giving car shoppers loans. In fact, the same is true for auto insurance and when you inquire about a warranty.

The challenge is this:

  1. the number 1 goal of a car dealer is to sell a car
  2. the number 2 goal of a car dealer is to sell the car at the highest possible margin

Considering the interests of the car dealer and how most car shoppers get their loans, no wonder Americans are overpaying on their interest rates, right?

As mentioned above, Wells Fargo is an auto loan and financial services company that specializes on the segment of Americans with good (i.e. prime) credit. We looked at reviews for Wells Fargo and found the following:

  • BBB: 1 out of 5 stars and 3,232 complaints
  • Consumeraffairs: 1.4 out of 5 stars from 168 reviews
  • Glassdoor: 3.6 out of 5 stars from 24,901 reviews

Ever wondered if Wells Fargo treats everyone like you? Sadly, they do. Other loans you might have also qualified for could have been with one of the following auto loan companies:

If you bought your car at a Franchise Dealership, you may have qualified for a loan with one of the Captive Finance companies (i.e. the auto loan companies that are owned by the respective car brand), e.g.:

After you've made your first 6 / 12 / 18 payments, your chance to refinance your loan and lower your monthly payments has come. The challenge with refinancing is that most auto loan companies require you to visit their branch before they can give you any indication of how much money you will be saving. Fortunately, we can help with that.

How to make your Wells Fargo payments?

If you currently have a loan with Wells Fargo paying online is easy. Simply go to and login on the left at WellsFargo Online. You can choose between:

  • Making a one time payment.
  • Enrolling in Autopay from your checking account.

Please note that many banks and financial institutions offer a rate discount for enrolling in autopay (to reduce your interest expense and lower your monthly payment). Wells Fargo would have highlighted this option to you to get you into a lower interest rate when you got pre-qualified during your application process for your auto financing.

If you can’t pay online, you’ve also got the option to:

Pay your bill over the phone: Call 1-800-559-3557

Pay your bill through the mail: Send a check to Wells Fargo

Wells Fargo Auto
PO Box 17900
Denver, CO 80217-0900


Wells Fargo Auto
Lockbox Services 17900
MAC C7301-L25
1740 Broadway St LL2
Denver, CO 80274

Does Wells Fargo report to the credit bureaus?

When you first obtained your auto loan, Wells Fargo reported your new loan to the credit bureaus. Your Wells Fargo loan shows up as a so called trade-line on your credit report. Through a soft or hard credit inquiry, we can see:

  • When you got your Wells Fargo loan
  • What your initial balance was
  • How high your monthly payment is
  • Whether you've made your payments in time and full
  • How high your outstanding balance is
  • How many payments are remaining

If you miss a payment, Wells Fargo will very likely report the incident to the credit bureaus. Just like any other auto finance company, Wells Fargo will also report to the credit bureaus when you paid off your loan or refinanced it. In both of those cases, your loan will show up as paid off.

Before refinancing your Wells Fargo auto loan

Before refinacing your Wells Fargo auto loan we recommend first taking a look at how much you actually owe. To get a clear picture of your current loan, we need to pull up your Wells Fargo loan payoff statement to obtain your loan payoff amount and details. The loan payoff statement is not your outstanding balance. Instead, the loan payoff statement summarizes the following data points:

  • your payoff amount (usually your loan amount balance plus a few small fees)
  • the due date until your payoff is valid to avoid late fees (usually 10 days from when you requested it)
  • the per-diem (how much of daily interest your loan accumulates)
  • your account number (the new lender needs that to payoff your loan)
  • the payoff address (the new lender needs to know where to mail the check to)

With your accurate payoff information in mind, you're well equipped to make an educated decision on whether or not to refinance your loan. High monthly savings doesn't necessarily mean refinancing is worth it quite yet. We'll therefore look into a few nuances of refinancing first.

Things to consider before refinancing

Is it smart to refinance your Wells Fargo loan? Absolutely yes, you will save thousands of dollars over the life of your loan and free up up to $150 per month. With a good partner who can navigate the process, you will be done in minutes.

That said, we've seen a number of 'traps' when helping Americans refinace their auto loans. Just to be clear, there is no such thing as a prepayment penalty. So all the information required to consider a refinance can be found on the official payoff statement.

Once you know the payoff amount, you need to decide whether you want to pay off your loan yourlself or let the new lender take care of that. You have multiple payment options but first you need to locate the payoff statement from Wells Fargo's customer service reps:

  1. Call the Wells Fargo customer service phone number at 1-800-559-3557 and ask to be connected to the loan payoff department.
  2. Log into the online banking at WellsFargo Online (, login on the left) and browse to the 'Loan Payoff' tab. You will be able to download a PDF.
  3. Do a three-way phone call with the new lender and a Wells Fargo customer service rep at 1-800-559-3557, which allows the new lender to ask Wells Fargo all the questions necessary to pay off your existing loan.

Should you plan to payoff your loan and you are currently in the United States, you can overnight a check to the following address:

Wells Fargo Auto
PO Box 17900
Denver, CO 80217-0900


Wells Fargo Auto
Lockbox Services 17900
MAC C7301-L25
1740 Broadway St LL2
Denver, CO 80274

Once you paid off your auto loan, expect to receive the vehicle title along with a lien release letter in the mail. Car loans are usually secured personal loans and in order to be able to sell your vehicle or refinance it, you need the lien release in hand.

We provided those addresses above because we always struggle to find a service provider's contact information. Just be aware, due to COVID-19, waiting times for customer service reps might be longer than usual.

Want us to take care of the refinance for you? We can lower your rate in less than two minutes.

Common mistakes people make when refinancing

We've been helping Americans lower their Wells Fargo auto loan payments for a long time now. Wells Fargo - or any other auto lender for what its worth - doesn't want you to refinance their loan. Therefore, you won't find a lot of information about how to refinance your Wells Fargo on the Internet.

One common mistake we're seeing when helping Wells Fargo customers lower their car payments is the following:

Many borrowers think that refinancing their Wells Fargo auto loans means 'restructuring' the loan. With restructuring we mean: get a second chance to make payments after you have missed a few payments or closing the chapter with Wells Fargo and starting over with a new lender. Logically, that's not what refinancing is.

Refinancing your Wells Fargo auto loan means quite the opposite: you will be able to lower your payments by decreasing your interest rate and/or stretching the term because you've done a good job and made your payments in time and in full.

If you have not made your payments to Wells Fargo in time and in full, you're not a good candidate for refinancing. Instead, you should contact Wells Fargo and get their help on financial planning for the future. Your goal has to be to not miss payments again.

How to refinance your Wells Fargo auto loan

To lower your monthly payments on your Wells Fargo auto loan, you need to find a lender that can extend your used car loan term or who offers lower auto loan rates before the loan is paid in full. The best way to do so is through an online application that returns your annual percentage rate (APR) immediately. Usually, lenders offer you a lower rate than your current auto loan for one of two reasons:

  1. When you bought your car, the participating dealer marked up your rate. That's common for auto loan originations and to make more money.
  2. You improved your credit over time and now qualify for a lower car payment and interest rate.

Both of these observations are common sense and the reason for why you can save a lot of money, especially if you drive your car for personal use. You improved your credit with the credit bureaus from prime credit (i.e. between 680 and 720 on your credit report) to super prime credit (i.e. above 720), you're not facing any financial difficulties and therefore, your new lender will be likely one of the following ones:

You successfully got out of the prime credit segment (a FICO between 680 - 720 on your credit history) and moved into the super prime credit segment (FICO above 720). Credit Unions love super-prime members. These lenders have a community charter, are FDIC approved and are non-profits providing a great customer experience. Therefore, the rates are as low as they get.

In the following, we will walk you through the exact steps to pay off your Wells Fargo loan. If you want to skip the details and refinance now through a simple loan application, get an offer with a few clicks and with no impact on your credit.

Step by step guide to refinance

Follow these 7 steps to refinance your Wells Fargo auto loan:

  1. Figure out your payoff amount
  2. Check if you have positive / negative equity
  3. Compare rates offered by lenders or contact a refinance broker
  4. Calculate your new rate and monthly payments
  5. Sign all the paperwork
  6. Payoff your existing loan
  7. Set up auto-pay with your new lender

Experts’ take on how to refinance

Experts in the refinancing space such as CreditKarma, NerdWallet and Bankrate are strong proponents of auto loan refinancing. That is true for Wells Fargo customers like you as well as any other auto loan company. NerdWallet even released a list of the 10 Best Auto Loan Refinancing Lenders, followed by, LendingTree, Investopedia and The Balance.

Personal finance is an important topic. We have seen studies that show how happiness and mental well-being directly correlate with stable and reliable finances. Therefore, we strongly recommend doing a lot of research and then refinancing your Wells Fargo auto loan.

The experts above have a good general understanding of personal finance. Given our backgrounds (MiT, McKinsey, Bain, Merrill Lynch, Stanford Graduate School of Business, Carvana etc) we are the absolute, unquestioned and unchallenged authority on auto loan refinancing in particular and have published a thorough thought leadership piece about it.

How much does it cost to refinance?

The cost to refinance your Wells Fargo are somewhere between $15 and $449. In theory, refinancing doesn't cost anything. You don't have early repayment fees on your Wells Fargo auto loan and the only charge that applies is the fee for the Department of Motor Vehicles (DMV) to change the lienholder on your vehicle title.

However, depending on who you work with to refinance your Wells Fargo auto loan, you might be incurring some (hidden) fees of up to $449. Take a look at our thorough refinance lender comparison to get a good overview of the cost related to refinancing your Wells Fargo loan by refinancing company.

How soon can you refinance?

You're eager to refinance your Wells Fargo loan? Great, you should absolutely work towards lowering your Wells Fargo payments through refinancing.

Car dealerships make most of their money on finance and insurance products. Therefore, there's a good chance that you are overpaying and can save money through refinancing - already the day you drive off the lot! That said, you will save the biggest amount of money from refinancing after you made 12 to 18 payments. That's when you will notice the effect from improving your credit above and beyond good (i.e. prime) credit.

That said, we recommend checking regularly: you can get a free refinance offer with no impact on your credit in three simple steps.

Will refinancing hurt your credit?

Refinancing will not hurt your credit! If you have the app CreditKarma installed on your phone, take a peek at what factors determine your credit. You will find the following:

  • Number of Hard Inquiries (less is better)
  • Age of Credit history (more is better)
  • Credit Card Utilization (less is better)
  • Total Accounts (more is better)
  • Derogatory Marks (less is better)
  • Payment History (more is better)

None of these factors is impacted negatively if you obtain a refinancing offer for your Wells Fargo loan. Lenders don't need to do a hard credit inquiry to make you a firm refinance offer. Neither do they charge an application fee. From a soft credit pull, we can see your whole credit file and estimate your rate.

Should you decide to accept the refinance offer, the new lender will have to perform a hard inquiry in order to add your new loan to your credit file. The hard inquiry, however, only happens after you have been approved.

We argue that the positive impact of refinancing your Wells Fargo loan outweigh the negative impact of the hard credit inquiry: after you refinance your Wells Fargo loan, you will have a lower rate and lower monthly payments. As a result, the likelihood that you will be able to establish a perfect payment history increases which will drive your score up quickly.

What happens if I pay extra?

The answer is simple: your loan term will shorten but your monthly payment will stay the same. A number of our customers hope they can reduce their monthly payments through paying extra but no lender will do that.

To lower your monthly payments, you have to refinance your loan. If you haven't considered refinancing your Wells Fargo loan yet, you definitely should: not only can you reduce your monthly payments within 2 minutes or less, your total interest expense will go down as well and as a result, you can save $600 every year / $50 every month.

Expected Savings from refinancing?

We performed a study on the top 40 auto loan companies to refinance and found that the average Wells Fargo loan rate is around 8% (within a range of +/- 4%). If you made your payments for 6 / 12 / 18 consecutive months, you're guaranteed to be able to save money on your Wells Fargo loan.

Your new interest rate should be on the order of 4% or below. That means you will save $400 every year / $33 every month if your remaining loan balance is around $10,000 and you refinance. Usually, we see higher loan balances when refinancing our customers, e.g. around $15,000. If your loan balance is around $15,000 you will save $600 every year / $50 every month when you lower your rate by 4%.

For a guaranteed rate in less than 2 minutes, open, enter your phone number, select your goal (e.g. 'Lower my monthly payment') and click on 'Apply Now'. Our process will not hurt your credit and you'll receive a firm and guaranteed rate with not more than 5 clicks. Should you have any further questions, check out our FAQs.

What are current refinance rates?

We can help you get the following Wells Fargo refinance rates:

Credit New car Used car
760+ 2.69% 3.49%
700-760 3.00% 4.25%
650-700 5.50% 6.50%
600-650 9.75% 10.75%
550-600 15.50% 17.50%
Below 550 22.00% 22.00%

As mentioned above, Wells Fargo car loan rates vary a lot by credit score, i.e. lowest rate for excellent credit to highest rate for challenged credit. Yet, the rates are usually the same no matter where you live in the United States - be it Hawaii or Maine, Alaska or Florida. We therefore recommend taking a look at your Wells Fargo refinance offer for your exact and personalized refinance terms.

Can you refinance your Wells Fargo loan with the same lender?

The answer is short and sweat: no, you cannot refinance a Wells Fargo loan with the same lender. Wells Fargo does one of two things with your loan:

  • Keep it and generate profit over the course of the loan and while you are paying your interest.
  • Sell your loan to an institutional investor or the public through a securitization to realize a lump sum profit immediately.

In both of those cases, the institution holding your loan is expecting your monthly payments. When you refinance, however, you change the expected cash flow to Wells Fargo, which impacts Wells Fargo's bottom line. Wells Fargo would not allow that.

Hence, if anyone challanges you 'Does Wells Fargo refinance?' or 'Can you refinance through Wells Fargo?' the answer is simple: Wells Fargo won't let you refinance your car loan if you currently have your loan with Wells Fargo. Instead, you need to find a new lender offering a lower rate.

Fortunately, we recently studied the best car loan refinance companies and wrote a thorough review. In a nutshell, only WithClutch offers a fully digital pre-qualification experience, even for borrowers with minimum monthly income and without charging unreasonable fees. We do our best to give our clients the best auto refinance loans. Our partner lenders can offer the lowest rates and can help with lease buyouts as well as refinancing.

Best bank for refinancing your Wells Fargo loan?

In our study about the best car loan refinance companies, we explained that we need to distinguish between:

  1. Lenders (i.e. banks and Credit Unions who ultimately replace your Wells Fargo loan with a new one with a lower rate)
  2. Refinance Brokers (i.e. companies that create a marketplace between lenders and you as the customer with a Wells Fargo loan)
  3. Affiliate Websites (i.e. websites that rank high in Google's search algorithm for e.g. 'how to refinance my Wells Fargo loan' aiming to get you to submit your contact details)

Best Auto Loan Refinance Companies of 2021

  • Best for Great Credit: Credit Unions
  • Best for Checking Rates Without Impacting Your Credit: Capital One.
  • Best Trusted Name: Bank of America, Chase or WellsFargo.
  • Best for The Most Options: WithClutch.
  • Best for Members of the Military: USAA or Navy Federal CU.
  • Best for Peer-to-Peer Loans: LendingClub although not recommendable.
  • Credit Union with lowest rates: Digital Credit Union and PenFed.

Feel free to submit your details on our digital and 100% online refinance platform for some free advice on which company would be the best fit for you. You'll get a reliable answer with three clicks and in less than 2 minutes.

Things not to do when refinancing

Refinancing your Wells Fargo auto loan may feel intimidating and overwhelming. That's totally understandable, you don't refinance your Wells Fargo loan every day and therefore want to avoid a few pitfalls:

Reasons you should not refinance

You should not refinance your Wells Fargo auto loan if you end up with a higher overall interest charge. That means, you don't want to refinance your loan if you end up in a worse financial product, with a higher interest rate. Let's take a look at the following example:

if you're currently paying 8% and $450 monthly, you don't want to accept a loan at 8% even if the monthly payment might be $400 only because your lender stretched the loan over a longer period of time. It is definitely possible but we highly recommend against it.

We've seen thousands of success stories of clients refinancing their Wells Fargo auto loans. Some of our clients wanted to reduce their monthly Wells Fargo payment while keeping the loan term constant. Other clients wanted to reduce the monthly payments by even more and therefore stretched the loan term to 60, 72 and some even 84 months.

And other clients had positive equity in their car - i.e. the remaining Wells Fargo loan balance was lower than the value of their car - and therefore decided for themselves that the best auto loan from all of our loan offers would be the one with cash-out.

Still, one question a lot of our customers ask us is this: 'I haven't been great about making my payments so my credit score hasn't improved a lot quite yet. However, I really want to lower my monthly payments. Should I refinance, accept a higher rate and stretch the loan over a longer period of time?'

We don't encourage such a refinance. It's a bad financial decision and you're locking yourself into making a lot higher payments over a long period of time. Don't be penny-wise and pound-foolish!

Can I skip a car payment?

You're short on cash and are wondering whether you can skip a car payment with Wells Fargo? The answer is yes, you can defer one or more payments on your existing auto loan. You have to talk to Wells Fargo about the deferral first though. You can't just not pay or you risk collection calls and ultimately a repossession.

Ideally, you give Wells Fargo a call at 1-800-559-3557 and describe your situation. Wells Fargo's goal is for you to make your payments throughout the whole term of the loan. Finance charges will continue to accrue on the unpaid loan balance, which means you will end up paying more on your loan after all. But for as long as you communicate well with Wells Fargo, they will defer one or more payments out of courtesy and to help you with your repayment.

All that said, you can lower your Wells Fargo payments through refinancing if you've made all your latest payments on time. In three simple steps, you can find out how low your payments could be without having to skip a payment or two.

Does Wells Fargo have a grace period?

The Wells Fargo late payment policy provides a grace period of 7 to 15 days. Grace periods vary from lender to lender and due to the coronavirus pandemic, banks have become a lot more lenient with their borrowers.

Late fees vary drastically by loan, the minimum late fee we've encountered was 5% of the monthly payment amount. However, we strongly advise not to take advantage of Wells Fargo's grace period unless you have an emergency. You'd be putting your credit at risk, which can have a long-term, negative impact on your personal finances.

Instead, we recommend exploring if refinancing can help you reduce your monthly burden and potentially even provide unexpected cost savings. Provide your phone number and follow our three simple steps to get a firm offer, 100% online and with no hit on your credit.

How long does Wells Fargo take to repossess my car?

Repossession law varies slightly from state to state and range from 3 to 5 months after you stopped making payments on your Wells Fargo loan. Each individual retail and installment contract - the contract you signed when you got your car and Wells Fargo loan - states what constitutes a default.

Some states and contracts even trigger a repossession within 45 days (or a month and a half) of being in default. You are in default when you stopped making your payments and for as long as you haven't paid the Wells Fargo late fees.

Just catching up with your missed payments making Wells Fargo whole doesn't automatically mean you're not in default anymore. You really need to pay Wells Fargo everything you owe including fees to be not considered in default any longer.

Refinance your Wells Fargo loan now

Haven't explored refinancing yet? Take a look at our exhaustive article about all the auto refinance companies and you will realize, is the only fully digital platform that lets car owners like you do so from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.

Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.
How to Refinance A Car Loan (The Right Way) / Ask The Money Nerds

Wells Fargo Auto Loan Review for 2021

If you’re ready to buy a car and are researching auto financing options, chances are you’re considering a loan from Wells Fargo. Founded in 1852, Wells Fargo has provided personal loans, auto loans, mortgages, and more for centuries. Today, more than three million people have car loans through them.

Wells Fargo

Wells Fargo offers both new and used car loans to help you get behind the wheel. While the bank once provided auto loans directly to consumers, Wells Fargo now partners with over 11,000 dealerships throughout the United States.

Rather than applying at Wells Fargo directly, you’ll apply through one of their partner dealerships after you’ve found a car that you’d like to buy. This company also offers loans for specialty vehicles, like motorcycles.

In addition to auto loans, Wells Fargo offers auto loan refinancing, and you can complete a refinance application directly with Wells Fargo. So even if you have a low credit score, you may still be eligible for refinancing. With terms up to 72 months, these loans offer plenty of versatility.

Wells Fargo Auto Loan Application Requirements

When you’re ready to apply for a loan, you’ll need to be prepared with the following information:

  • Personal information, including your Social Security number
  • Citizenship information
  • Housing information, including your current residential address and previous addresses
  • Income information, including your gross monthly income, your previous employer, and your current employer
  • Details about the car, including its make and model, year, mileage, VIN, and condition

If you’re applying for a new or used car loan, the dealership selling the car will provide details on the vehicle. If you’re refinancing and working with Wells Fargo directly, you’ll need to have this information on hand. Be sure to have details on your current loan ready, too.

Wells Fargo works with lower credit scores for refinance loans, so even if your credit isn’t the greatest, you may still get approved. However, keep in mind that your loan will probably have a higher interest rate if you have a lower credit score.

If you have a low credit score, you may want to apply for a loan with a co-applicant who has a stronger credit score. A co-applicant will apply for and open the loan with you. Having a co-applicant may mean you’ll enjoy a lower rate. Also, if your credit rating is too low for approval on its own, a co-applicant may be able to help you get approved.

Types of Wells Fargo Auto Loans

You can get both new and used car loans through Wells Fargo and can take out as little as $5,000 for a car purchase loan. They may also offer complete financing through used- or new-car loans, so you can drive your car off of the lot without even paying a down payment.

These 100% financing options can be appealing, but they can lead to negative equity, also called being upside-down on a car loan. If you have negative equity, you can run into trouble if you want to sell the car, if it’s stolen, or if it’s damaged and a total loss.

Wells Fargo won’t finance commercial vehicles, salvage vehicles, conversion vans, and models that manufacturers have discontinued. In addition, loans aren’t offered in Alaska, Arkansas, Hawaii, Louisiana, North Dakota, or Washington, D.C.

In addition to dealer financing options, Wells Fargo also offers auto loan refinancing. When you refinance an existing auto loan, you may enjoy a number of benefits:

  • A lower annual percentage rate (APR) which reduces the interest you pay over the loan term
  • Lower monthly payments, thanks to reduced interest
  • The option to choose different term and different payment options
  • The ability to take a month off from your car payments (depending on when you refinance and close on that new loan)
  • Consistent monthly payments at a fixed rate for easier budgeting

Like its used-car loans, Wells Fargo has some restrictions on refinance loans, too. For example, Wells Fargo may not refinance loans for vehicles eight years and older or that have over 100,000 miles on them.

Fees and Rates

Since Wells Fargo offers loans through dealerships, loan terms and rates aren’t posted publicly. You’ll only learn of the loan’s rates after you apply and are approved. Multiple factors impact the interest rate on a Wells Fargo auto loan:

  • Credit history
  • Loan term length
  • Age of the vehicle being financed
  • Loan-to-value ratio (the value of the loan compared to the value of the vehicle)

Purchase loans are available with terms as long as 75 months. If you’re looking to refinance, 24- to 72-month loan terms are available.

Wells Fargo Auto Loan Reviews

One of the best ways to find a great auto loan lender is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.

The Better Business Bureau (BBB) currently gives Wells Fargo Auto Loan a ‘B .’ They have very few complaints for a big bank. You will find plenty of 4- and 5-star Wells Fargo Auto Loan reviews at several other review sites as well.

Wells Fargo Auto Loan Application Process

Wells Fargo doesn’t provide car loans directly to consumers. Instead, you can apply for a car loan through a dealership. Unfortunately, that means you can’t get pre-approved for a car loan before shopping for a car. This makes it difficult to compare your loan rates with loans from other providers. Also, Wells Fargo auto loans aren’t suitable if you’re buying a car from a private seller because you need to apply through a dealership.

If you’re looking to refinance an auto loan, you’ll work with Wells Fargo directly. You can apply to refinance your existing auto loan online or call 1-800-289-8004 to speak with a loan specialist.

Special Features

With a Wells Fargo loan, you can pay in multiple ways:

  • Use Wells Fargo’s online eServices
  • Set up automatic loan payments
  • Pay in person at a Wells Fargo branch

If you’re an existing customer and you set up automatic payments through your consumer checking account, you can get a 0.25% discount on your payments.

Bottom Line

It’s important to be aware that, after agreeing to a settlement in 2018, Wells Fargo is paying $385 million to auto loan customers. When those customers signed up for a Wells Fargo auto loan, they were reportedly signed up for auto insurance without being aware of it. As with any loan, always read your contract carefully and be sure to monitor your bank statements and credit card charges.

A Wells Fargo auto loan may be best for you if:

  • You’re buying a used or new vehicle directly from a dealership.
  • Your new vehicle is less than eight years old and has less than 100,000 miles on it.
  • You want to refinance a current auto loan.

If you’re buying a car from a private seller, a loan from Wells Fargo won’t be the right option for you. Keep in mind that you won’t be able to be preapproved for a Wells Fargo loan. Instead, you will need to apply once you find the car that you want to buy. To compare rates, consider getting preapproved for loans with other auto lenders so you can decide if the Wells Fargo loan is right for you.

Still Searching?

Check out our other auto loan reviews below to continue exploring your options.


Cars fargo does wells refinance

Consider Refinancing

Whether you need to lower your monthly payments, or you’d like to pay less interest over time, refinancing your loan may be a good option. You may be able to qualify for a lower rate, or a shorter or longer loan term, depending on your situation. Explore refinancing options today to find out if they might be right for you.

Personal loans

See if you may qualify for a lower rate if your credit has improved. Wells Fargo customers can use the Check my rate tool to get personalized rate and payment estimates in minutes, with no impact to their credit score.

Home loans

Use our Refinance Calculator to explore if refinancing your home mortgage could help lower monthly payments, shorten your loan term, or reduce your interest rate.

When you have a loan against your home and if there is sufficient equity, you may have the option to receive additional funds with a cash-out refinance. With this cash-out refinancing option, you refinance your original loan into a new loan with a higher amount that allows you to access your home's equity that's provided to you after the loan closes. Those funds borrowed against your equity can be used for large purchases or other purposes.

Understand what changes when you refinance a loan

If your new refinance loan has a lower rate but the same term (length as your original loan), you may have lower monthly payments. However, if you refinance with a longer repayment period than what was remaining on your original loan, you may lower your monthly payment, but you may also increase the total amount or interest you pay over time. Keep in mind that you may be able to pay off the loan faster by making more than the minimum monthly payment – however, check with your lender first, as some may charge an early payment fee. For more details, review the total cost of borrowing money.

Need help with multiple loans?

If you'd like to refinance but you have more than one loan, consider consolidating multiple debts into one loan under a new rate, payment and term.

Consider debt consolidation

Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating multiple debts means you will have a single payment monthly, but it may not reduce or pay your debt off sooner. The payment reduction may come from a lower interest rate, a longer loan term, or a combination of both. By extending the loan term, you may pay more in interest over the life of the loan. By understanding how consolidating your debt benefits you, you will be in a better position to decide if it is the right option for you.

If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the relief you may be eligible for under the Servicemembers Civil Relief Act or applicable state law.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

Equal Housing Lender

When is the Best Time to Refinance a Car?

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