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Wells Fargo is a national bank that offers a variety of mortgages anywhere in the US.
Wells Fargo; Alyssa Powell/Business Insider
The bottom line: Wells Fargo Auto Loan is an alright lender for borrowers who want a large branch presence for in-person support. However, you can’t borrow directly from the bank as it works with a network of partner dealerships. This means Wells Fargo also doesn’t disclose its rates.
Pros and cons of Wells Fargo auto loans
Pros
No additional fees from Wells Fargo. While its partner dealerships may charge fees on your loan, the bank itself won’t tack on any additional fees, which will keep down the cost of your loan overall. Large network of branches. Borrowers in most states have options to visit branches in person. While Wells Fargo offers auto loans in all 50 states, it doesn’t have branches in 13 states. Branches aren’t available in: Ohio, Michigan, Kentucky, West Virginia, Missouri, Oklahoma, Louisiana, Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, and Hawaii.Cosigners allowed. If you find it difficult to qualify for a loan on your own or simply want a better rate, you can apply with a cosigner. Not all auto lenders allow cosigners on their loans.
Cons
Undisclosed rates. Wells Fargo doesn’t disclose its rates or most of its other loan terms, which makes it tough to compare with other lenders. You can find lenders that are more transparent about what they offer.Loans only available through a partner dealership. You aren’t able to get a loan directly from Wells Fargo, and must use its network of partner dealerships. However, Wells Fargo works with a network of nearly 11,000 dealerships nationwide, so you will have options to do so.Only new and used vehicle financing available. If you’re looking to refinance a loan or buy out a lease, you’ll need to go with a different lender.
Who is Wells Fargo best for?
Wells Fargo is best for borrowers who want to utilize in-person support, as Wells Fargo has many physical branches you can visit to get hands-on customer support and advice. Additionally, if your credit score isn’t in the best shape, you’ll be able to enlist a cosigner with Wells Fargo.
The biggest downside of Wells Fargo’s auto loans is that its terms aren’t disclosed. You’ll have to find them out when you apply through its network of partner dealerships. This makes it hard to easily compare rates with those from other lenders.
How Wells Fargo auto loans compare
Wells Fargo isn’t clear about its credit score requirements or interest rates. Capital One’s auto loan options beat the starting interest rates available through Bank of America for most buyers with good or better credit scores. Bank of America doesn’t have a minimum credit score it considers, so it may still be worth applying even if you have a low credit score.
Capital One has an advantage over Bank of America for borrowers looking for affordable used cars. While Bank of America has a minimum loan amount of $7,500, Capital One only requires minimum loans of $4,000. Bank of America will finance cars valued as low as $6,000, but the $7,500 minimum loan amount means that borrowers could be underwater, or have a loan worth more than the car’s value. Again, Wells Fargo doesn’t disclose its minimum loan amount.
See our ratings methodology for auto loans »
Frequently asked questions
Is Wells Fargo trustworthy?
Wells Fargo has an F rating from the Better Business Bureau. The BBB, a non-profit organization focused on consumer protection and trust, gave this rating because of a failure to respond to 12 complaints against the business and government actions against the bank. The BBB measures companies by evaluating businesses’ responses to consumer complaints, honesty in advertising, and transparency about business practices.
Wells Fargo has been involved in a few recent controversies. Over the past few years:
The bank is still paying billions in settlements for its employees creating fake bank accounts to meet sales goals, which became public knowledge in 2016.
In 2021, The Office of the Comptroller of Currency (OCC) issued a cease and desist order against the company based on the bank’s failure to establish an effective home lending loss mitigation program.
The company paid Philadelphia $10 million as a result of the city’s claims that Wells Fargo engaged in predatory mortgage lending to racial minorities (2019).
If Wells Fargo’s history bothers you, you may want to consider other lenders.
Is Wells Fargo a good place to finance a car?
Wells Fargo might be a good option to finance a car if you can get a good rate through one of its partner dealers. Unfortunately, you won’t know your rate until you apply with one of those partners.
What credit score is needed for a Wells Fargo auto loan?
The bank does not specify a minimum credit score required for its auto loans. You’ll have to see if you qualify through one of its partner dealers.