Wells Fargo Car Loans Fees And Rates
The credit conditions and rates are not publicly published since Wells Fargo offers credit through dealers. You wont know the loans interest rates until youve completed and authorized the application. The interest rate on a Wells Fargo vehicle loan is determined by several factors:
- History of credit
- Period of repayment
- The car to be financed is of a certain age.
- The Loan-to-Value-Ratio is a measure of how much a loan costs relative to how much it costs
Purchase credits with maturities of up to 75 months are available. Repayment lengths range from 24 to 72 months if you wish to refinance.
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.
- Loan Terms: Up to 72 Months
- Availability: All 50 U.S. States
- Minimum Monthly Income: Not Disclosed
What Do You Need To Qualify For Wells Fargo Auto Loans
Wells Fargo Auto Loans does not have or does not disclose a minimum annual income eligibility requirement. Wells Fargo Auto Loans only considers borrowers who are employed.
The Military Lending Act prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Wells Fargo Auto Loans. Their rates fall within the limits of The Military Lending Act.
Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Recent pay stubs
- Proof of citizenship or residence permit
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Why Do I Still Have A Loan Balance If I Have Gap
There are limitations and exclusions for GAP, which you can find in the GAP contract. For example, GAP may not cover late payments, late fees, or payment deferments. If you have questions about the coverage, contact the dealership or the coverage provider their contact information is listed on the GAP contract. To request a copy of the GAP contract, contact the dealership or call us at 1-800-289-8004.
Wells Fargo Auto Loans: Conclusion
Wells Fargo auto loan was rated 2.5 out of 5.0 stars by our review team due to its poor reputation and lack of a streamlined application process. Overall, sentiment around the companys car loan services is not good and we recommend searching elsewhere. When searching for the best auto loan for you we recommend getting together companies in a list and comparing your options before committing.
Below you can start comparing auto loan rates from multiple top lenders.
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Taking Action On An Auto Loan
Hopefully, you found this Wells Fargo Auto Loan Review helpful because getting an auto loan can be complicated and a time-suck if done incorrectly.
Now that you know there are dealerships ready and willing to work with you there is no reason to go without a car.
Getting a car loan is also part of establishing a different type of tradeline which overtime, will help increase your credit score.
What Wells Fargo Offers
Wells Fargo Auto currently provides auto lending to more than three million customers, according to a bank rep. Because Wells Fargo is an indirect lender, auto loans must be obtained through one of the approximately 11,000 dealerships in its network.
Youâre 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. The majority of auto loans issued by Wells Fargo are between $5,000 and $110,000.
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%.
These are the main types of auto loans offered by Wells Fargo:
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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.
Set Up Automatic Payments
You decide which savings or checking account you would like the money to come from each month. There is no charge for enrollment, and you can easily change or cancel the automatic payments online.
To set up automatic payments, sign on, select your auto loan from Account Summary, and then select Enroll in Autopay. You can also call us at 1-800-289-8004 or download the automatic loan payments authorization , complete the form, and return by mail or fax.
If you would like to change or cancel your automatic payments, please allow at least 3 business days before the automatic payment is scheduled to withdraw.
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What Happens If I Make A Payment That Does Not Clear
If a payment is returned unpaid, we may attempt to present the payment to your financial institution one more time. Your financial institution may charge a fee each time the payment is returned. If the payment doesn’t clear, youll need to resubmit the payment once you have sufficient funds in your bank account.
Drawbacks Of The Wells Fargo Auto Loan
- No direct lending: You cannot get a consumer auto loan directly from Wells Fargo you must go through a dealership that works with the bank.
- No private-party auto loans: You cannot use a Wells Fargo auto loan to buy a car from a private seller.
- No auto refinancing: Because Wells Fargo only offers auto loans through dealers, it does not offer auto loan refinancing or other types of car loans, including private-seller car loans and lease buyouts.
- Poor customer satisfaction scores: Wells Fargo ranked last in the 2021 J.D. Power Dealer Financing Satisfaction Study.
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How Do I Update An Account Holder Name On My Auto Loan
Your request should include a copy of your birth certificate, U.S. passport, or state-issued identified identification as well as your signature.
You can send the documentation to us online through your Wells Fargo account. Sign on and select Upload Documents from your auto loan. Follow the steps to upload and submit your documents.
Keep these guidelines in mind:
- Attach accepted file formats: PDF, JPEG, JPG, PNG, or GIF
- Upload no more than 25 files and 25 MB total
- Make sure your files are not encrypted or password-protected
- Make sure your documents are clear, legible, and include all pages even blank ones
We will review your documents and contact you if we need additional information.
Note: Changing a name on your auto loan does not update the name on the vehicle title. Learn more about changing a name on a vehicle title.
Things To Consider Before Refinancing
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Private Party Auto Loan: What It Is And How It Works
With a private party auto loan, a lender loans you money to buy a car from a private seller. You must select the car you want to buy before applying for financing. If approved, the lender typically pays the seller or lienholder the amount you owe, then you repay the lender, with interest, over the term of the loan.
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.
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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 dont 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.
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Wells Fargo Auto Loan Rates Fees And Terms
Wells Fargo currently doesnt disclose the rates available on its auto loans. Previously, you could borrow from $5,000 to $300,000 with terms running from 12 to 72 months. Rates are typically based on factors such as your credit history, loan term, vehicle and loan-to-value ratio .
But since Wells Fargo switched to only offering loans through dealerships, its unclear if these terms and fees have changed. You also wont be able to tell what kinds of rates you might get until you apply, at the dealership. This makes it more difficult to shop around. Use this calculator to see how much a Wells Fargo car loan might cost you:
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How To Apply For An Auto Loan By Wells Fargo
Applying for a Wells Fargo auto loan is a simple process that can be completed in very little time. Wells Fargo has put in place an efficient online mechanism for auto loan applications and approvals.
All you have to do is to go online and apply for the auto loan and wait for a decision on your loan.
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My Vehicle Was In An Accident And I Received An Insurance Check For The Repairs How Do I Cash The Insurance Check When It Is Payable To Both Wells Fargo Auto And Me
If the check amount is $2,500 or less, you can take the check to a Wells Fargo branch and ask an employee to endorse it on behalf of Wells Fargo Auto. Find a Wells Fargo banking location near you. If you are unable to visit a branch, please call us at 1-800-825-8506, Option 4.
If the check amount is more than $2,500, please call us at 1-800-825-8506, Option 4, for instructions on how to endorse the check and for next steps. Were available to assist you Monday Friday, from 7 am to 7 pm Central Time.
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Here’s How To Pay A Car Payment With A Credit Card:
- Mobile payment services: One way to pay your car loan or lease with a credit card is to use a mobile payment app such as Venmo or PayPal as a middleman. These applications allow you to transfer money from user to user, and you can fund them with a credit card.
So, for example, you could use your credit card to pay a friend or family member through the app, and they can then make your car payment for you or give you the money to do it yourself. Just make sure you really trust the person, and be careful because payments may count as purchases or cash advances, depending on the service and the credit card issuer. But either way, there are fees involved. Venmo, for example, charges 3% of the transaction amount.
- Money transfer services: Companies like MoneyGram and Western Union allow you to directly pay a collection of participating billers, and you can fund the transaction with a credit card. However, this may be treated as a cash advance, which would mean expensive fees and interest charges would apply, in addition to the fees charged by the service. You can learn more about how this works from our explanation of how to transfer money from a credit card to a bank account.
The bottom line is that these options are far from ideal and should only be considered if you’re in a real bind, or if you do the math and somehow find an opportunity to save. That could be the case if you’re able to transfer part of an auto loan to a 0% balance transfer credit card, for example.
What Apr Does Wells Fargo Auto Refinance Offer On Its Car Loans
Wells Fargo auto refinance offers a fixed apr car loan product that ranges from 3.88% APR up to 19.51% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
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Can I Send You A Document Electronically
Yes, send selected documents to us online to:
- Provide proof of payment on your account
- Change a name on the vehicle title
- Transfer a vehicle title to a different state
- Change an account holder name on your auto loan
Sign on and select Upload Documents from your auto loan. Select the reason for your upload and the type of document and follow the steps to complete the process.
Keep these upload guidelines in mind:
- Attach accepted file formats: PDF, JPEG, JPG, PNG, or GIF
- Upload no more than 25 files and 25 MB total
- Make sure your files are not encrypted or password-protected
- Make sure your documents are clear, legible, and include all pages even blank ones
We will review your documents and contact you if we need additional information.
Does Refinancing My Loan Affect The Aftermarket Product I Purchased
Refinancing your loan may affect aftermarket products, but it depends on the product you purchased. Review the terms in the contract to understand whether refinancing your vehicle will affect coverage. While most products are generally not affected, Guaranteed Asset Protection coverage typically ends when the loan is refinanced or paid off.
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What Sets It Apart
Wells Fargo used to offer a wider range of financing than most banks. In addition to dealership financing, you could also get a loan for a private party purchase or even refinance a current Wells Fargo auto loan for a better rate.
But this bank appears to be phasing out its car loan program in response to COVID-19. Many banks consider personal financing to be too risky. Its possible Wells Fargo will offer even fewer auto financing options in the future or none at all.
Compare our top picks for car loan providers for more options.
Wells Fargo Auto Loan Requirements
You must meet the following basic criteria to be eligible for a Wells Fargo auto loan:
- Good or excellent credit
- At least 18 years old
- US citizen or a permanent resident
Wells Fargo also looks at your income and debt-to-income ratio when considering your eligibility, among other factors. Vehicle requirements are limited to whats available at your dealership. Since Wells Fargo no longer works with independent dealerships, the only used cars youll can finance with this provider are certified pre-owned vehicles.
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What People Are Saying About Wells Fargo
As of Sept. 12, 2022, Wells Fargo has a 1.08-star rating based on 622 customer reviews through the Better Business Bureau and a 1.3-star rating on Trustpilot based on 793 reviews. Reviews are overwhelmingly negative and generally focus on the companyâs poor customer service. Note, however, that online reviews of Wells Fargo are primarily related to the bankâs other financial productsânot auto loans since those are offered indirectly.
Some reviews mention that, since Wells Fargo customer service can only be reached via phone, this limited availability makes it difficult to contact a representative. That said, the lender has a frequently asked questions page on their website that includes answers to a number of topics about online account enrollment, fees, interest calculations, payments and other auto loan information.
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