Wells Fargo Car Loans Review: Interest Rate, Customer Service, Login & Phone Number
You’re probably thinking about Wells Fargo car loans when you’re ready to buy a car and browsing for auto financing choices. For generations, Wells Fargo has supplied personal loans, vehicle loans, mortgages, and other financial services.
They now have vehicle loans for more than three million people. So you can get behind the wheel, Wells Fargo provides both new and used automobile loans. While Wells Fargo used to make vehicle loans directly to customers, it now works through over 11,000 businesses around the country.
After you’ve found a car you wish to buy, apply through one of the partner dealers instead of directly to Wells Fargo. Speciality vehicles, such as motorbikes, are also eligible for financing through this firm.
In addition to vehicle loans, Wells Fargo now provides auto loan refinancing, which you may apply for directly with the bank. Even if your credit score is poor, you may be able to refinance your home.
These loans provide a lot of flexibility with periods up to 72 months.
Here is a break down of what we will be covering today.
Who Is Wells Fargo Bank NA?
Henry Wells and William Fargo created Wells, Fargo & Co. in 1852 to provide bank and express service to the west coast. Wells Fargo Bank NA has shifted its attention away from its pony express days and into the financial services business.
With approximately 6,314 locations, 13,000 ATMs, and 259,000 employees, Wells Fargo Bank N.A. is now one of the largest banks in the United States.
Wells Fargo Bank Auto Financing offers new, used, and refinancing options for automobiles under the age of eight, with periods ranging from 12 to 72 months.
Through their dealer service program, they have partnered with over 11,000 dealers to offer finance for new and used automobiles.
Why Consider Wells Fargo for an Auto Loan
Wells Fargo’s network of 11,000 retailers provides competitive pricing and a wide range of credit options.
The bank does not directly issue Wells Fargo car loans to borrowers and instead requires all applications to be submitted via a merchant.
Wells Fargo, on the other hand, is not recognized for its customer service and may not meet your expectations if you need prompt responses and assistance when you have a problem.
Wells Fargo Bank Auto Loan Details
Wells Fargo’s 11,000 partner dealers may help you get Wells Fargo car loans. You can’t apply directly to Wells Fargo, but you may have a network distributor forward your finance application to them.
When other lenders provide pre-approved auto loans, an offer with your maximum APR and loan amount that you can take with you when buying a car, this is a disadvantage.
Some lenders may even issue you a check, which you can hand over to the business. However, there are compelling reasons to retain Wells Fargo car loans in the race:
- Consumer Vehicle Loans: According to a Wells Fargo car loans representative, most customers obtain a car loan rate between 1.99 percent and 19.99 percent, with loan amounts ranging from $ 2,500 to $100,000 and periods ranging from 24 to 75 months.
- Business Auto Loans: Wells Fargo Business Auto Loans are fully financed and offer durations ranging from 12 to 84 months. Check with your local office to see if there are any openings.
- Personal loan: You have unrestricted access to a personal loan while purchasing an automobile. Personal loans from Wells Fargo Bank start at 5.74 percent APR and run from $ 3,000 to $100,000, with durations ranging from 12 to 84 months. When you use automatic payment from a Wells Fargo Deposit Account, you may be eligible for a 0.25 percentage point reduction.
Special vehicle financing
Wells Fargo also finances new and used RVs, motorbikes, boats, yachts, private aircraft, and a range of recreational vehicles such as snowmobiles and jet skis, in addition to cars, trucks, and SUVs.
This sort of vehicle, however, must be purchased using a Wells Fargo personal loan rather than Wells Fargo car loans.
Although the initial rates for Wells Fargo personal loans are higher, you may be eligible for a customer relationship discount if you make automatic payments from a Wells Fargo checking account.
Wells Fargo Auto Loan Application Requirements
When you’re ready to apply for Wells Fargo car loans, make sure you have the following information on hand:
- Information about yourself, such as your social security number
- Information on citizenship
- Your current and former addresses, as well as your residential details
- Your gross monthly income, past employer, and present employer are all factors to consider.
- Make and model, year of production, mileage, VIN, and condition of the vehicle
The dealer that sells the automobile will inform you about the vehicle when you apply for new or used Wells Fargo car loans. This information is required when refinancing with Wells Fargo and trading directly with Wells Fargo.
Have information regarding your current loan on hand as well. Wells Fargo offers lower refinancing loan credit ratings, so even if your credit score isn’t perfect, you can get approved.
However, if you have a bad credit score, your Wells Fargo car loans will almost certainly have a higher interest rate. If your credit score is poor, consider applying for a loan with a co-applicant who has a higher credit score. With you, a co-applicant will apply for and open the loan.
You might be able to acquire a reduced rate if you have a co-applicant. Even if your credit score is too low for you to get approved on your own, a co-applicant can assist you to get approved.
Pros and cons of a Wells Fargo Bank car loan
Wells Fargo is an “indirect” automobile rental firm, meaning it works through dealers rather than customers. It does, however, provide flexibility that other car rental firms do not, such as direct finance to help you buy a vehicle for your business or a speciality vehicle like an RV or motorcycle.
One major flaw: if you want to refinance your Wells Fargo car loans, you’ll have to search elsewhere because Wells Fargo no longer does it.
Advantages of the Wells Fargo auto loan
- Customer Relationship Discounts: As previously stated, Wells Fargo offers customer relationship discounts. You must have a Wells Fargo car loans account or open one when applying for a loan to be eligible. Only corporate or personal loans are eligible for the reduction; consumer vehicle loans are not.
- Competitive Rates: Wells Fargo car loans rates are comparable to those offered by other lenders, but it’s always a good idea to shop around for the best deal.
- Bad Credit: You don’t need perfect credit to get Wells Fargo car loans. However, it is not the only lender to consider when looking for a bad credit vehicle loan.
- There are no prepayment penalties or commitment fees.
- Financing of up to 100% is feasible.
- Loans starting at $2,500 are available.
- A wide range of lending choices are available.
- Financing options for special vehicles are available.
- Accounts may be easily managed online.
Drawbacks of the Wells Fargo auto loan
- No Direct Lending: You cannot get a consumer auto loan directly from Wells Fargo; instead, you must contact a bank-affiliated trader.
- No Personal Auto Loans: Wells Fargo car loans cannot be used to purchase a car from a private seller.
- Wells Fargo does not offer car loan refinancing or any other sort of vehicle loan, including home seller auto loans and lease purchases, because it exclusively offers auto loans through dealers.
- In the J.D. Power Dealer Financing Satisfaction Study 2021, Wells Fargo placed bottom in customer satisfaction.
Types of Wells Fargo Auto Loans
You may acquire Wells Fargo car loans for as little as $ 5,000 from Wells Fargo for both new and used cars. You may also provide complete finance through used or new vehicle loans, allowing you to drive your automobile straight from the parking lot.
These 100% financing alternatives are appealing, but if a car loan is turned upside down, they might result in negative equity. Negative equity can cause problems if you try to sell the automobile, if it is stolen, or if it is damaged and must be written off completely.
Utility vehicles, recovery vehicles, conversion vehicles, and models that have been discontinued are not funded by Wells Fargo. In addition, no loans were provided to Alaska, Arkansas, Hawaii, Louisiana, North Dakota, or Washington, D.C. Wells Fargo now offers vehicle loan refinancing in addition to dealer financing.
There are various benefits to refinancing an existing auto loan:
- A lower annual percentage rate (APR) lowers the amount of interest you pay throughout the loan’s term.
- Reduced interest means lower monthly payments.
- The flexibility to pick from a variety of circumstances and payment alternatives
- The chance to defer your auto payments for a month (depending on when you refinance and complete the new loan)
- Easy budgeting with consistent monthly payments at a fixed rate.
When it comes to refinancing loans, Wells Fargo has some limits similar to those that apply to used vehicle loans.
Wells Fargo, for example, will not refinance automobiles that are more than eight years old or have accumulated more than 100,000 miles.
Wells Fargo Car Loans Fees and Rates
The credit conditions and rates are not publicly published since Wells Fargo offers credit through dealers. You won’t know the loan’s interest rates until you’ve 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 (the value of the loan compared to the vehicle value)
Purchase credits with maturities of up to 75 months are available. Repayment lengths range from 24 to 72 months if you wish to refinance.
How To Get A Car Loan Through Wells Fargo
To qualify for a loan, Wells Fargo needs applicants to work through one of its partner dealers. You can inquire about the bank’s programs with your local dealer, but the application must be filed via them. You may manage your account online once you’ve taken out a loan.
Meet The Guidelines
Before you may apply, you must first satisfy the following Wells Fargo car loans requirements: At least 18 years old, presently resident in the United States or Canada, and working full-time or able to offer a monthly guaranteed fixed income of at least $1,000.
Are You Buying New or Used
Do you need to consider finance, and are you buying a new or used car? Are you looking for a self-financing option or an instalment purchase? You can go to the next stage once you’ve decided which option to select.
Get Your Paperwork Together
Wells Fargo Bank, NA requires the following items:
- History of banking
- Proof of earnings
- Identification proof
- Insurance documentation
- Proof of address
- Details on the car you wish to purchase
- Document proving the vehicle’s current registration (if you are planning a trade-in)
Keep in mind that this is only a guideline. Wells Fargo may want more or less information; just make sure you have the ones listed above.
Start Application Process
Consumer vehicle loans are not available directly from Wells Fargo. You can instead apply for a car loan at a dealership. Unfortunately, this means you can’t get a vehicle loan pre-approved before you buy one.
This makes comparing your loan rates to those offered by different lenders difficult. If you’re buying a car from a private seller, Wells Fargo car loans aren’t an option because you’ll have to apply via a dealer.
When trying to refinance an auto loan, contact Wells Fargo immediately. You may apply online or call 1-800-289-8004 to talk with a loan consultant about refinancing your existing vehicle loan.
Review Your Offer
Check out the Wells Fargo car loans offers before you buy. You should consider their restrictions, as well as Wells Fargo car loans rates and if a down payment or a co-signer is required. Simply pick the best deal! Keep in mind that Wells Fargo auto loans have their own set of specifications.
As a result, examine the offer as thoroughly as possible. Make sure you understand what you’re paying for and that nothing has changed between accepting your loan and receiving money.
Pick The Best Offer
You can opt to fund your loan with a bank deposit, check, or certificate once you’ve settled on an offer. Make sure you ask your Wells Fargo Auto Finance loan officer when the funds are expected to be available. Customer evaluations on Wells Fargo Auto Online suggest that the anticipated deadline may not be reached.
How To Increase Your Chances Of Approval
Borrowers with good credit may get the greatest interest rates on a vehicle loan, just like they can with any other type of loan. Unless you have an immediate need for a car, it may take many months to a year to improve your credit score and locate a better deal.
Even a 50-point increase might save you hundreds of dollars over the life of the Wells Fargo car loans. You might want to think about getting a co-signer for your loan. Make sure they is someone you can trust because they will be liable for paying off the auto loan if you are unable to make your monthly payments.
How To Make A Wells Fargo Bank Auto Loan Payment
You still have to pay the bank if you acquire a Wells Fargo vehicle loan at the dealership. Wells Fargo provides a number of options for making your monthly auto payment:
Wells Fargo Car Loans Login
Go to the Wells Fargo website and log in to your account. You may pay right away or book up to 30 days ahead of time.
Sign up for Autopay using your Wells Fargo auto-enrollment, or fill out and fax this form to initiate automatic payments from another bank account.
Wells Fargo Car Loans Phone Number
Call 800-289-8004 for automatic payments available 24 hours a day, 7 days a week. You must call between the hours of 7:00 a.m. and 9:00 p.m. to talk with a representative. On weekdays, 7 a.m.-5.30 p.m. CST, and on Saturdays, 7 a.m.-5.30 p.m. CST.
Through the mail
Wells Fargo Auto, P.O. Box 17900, Denver, CO 80217-0900, accepts checks and money orders.
Wells Fargo Reviews And Reputation
Wells Fargo is neither recognized nor evaluated by the Better Business Bureau, although it does have a BBB consumer rating of 1.1 out of 5 stars. However, that figure is based on just over 400 evaluations, which represents a small portion of Wells Fargo’s entire client base.
Good customer service experiences are mentioned in a few of Wells Fargo’s positive evaluations. Account closures, automated payments, and Wells Fargo’s online banking service presenting erroneous information are all mentioned in negative Wells Fargo reviews.
Is a Wells Fargo auto loan the right fit for you?
Taking up Wells Fargo car loans may not be in most people’s plans. Your loan application will normally be routed to many lenders for approval when you apply for a loan through a dealer.
If you bank with Wells Fargo and want to keep all of your financial affairs in one place, it may be more cost-effective to work with them exclusively rather than any other lender.
However, be careful to inquire about any bids the business has received so that you may compare costs and terms. However, if you want a pre-approval auto loan before going to the dealer, you’ll have to search elsewhere because Wells Fargo doesn’t provide that service.
Wells Fargo Auto Loan Calculator
There are a few things you need to know before you start the vehicle loan process, and the Wells Fargo car loan calculator is a terrific resource.
The current Wells Fargo car loans interest rates should be known, and the Wells Fargo Auto Loan Calculator will assist you in determining how much of a loan and payment you can afford.
Checking Current Wells Fargo Auto Loan Rates
You should start by looking at the interest rate table, to give you a sense of how it appears. For the most up-to-date Wells Fargo auto loan rates, head here.
Estimating Your Rate
You may now use the Wells Fargo Auto Calculator to calculate interest rates and payments after you have an idea of what your beginning interest rate would be. Select the type of credit, the amount of credit, your credit type or existing credit rating, and finally your zip code in this stage.
You will notice three distinct APRs after completing this process: a low APR, an average APR, and a high APR. You may use the APR to assist you to figure out how much your monthly license will cost.
Finally, calculate an interest rate by multiplying the projected loan amount by the annual percentage rate (APR) you obtained using the Estimate Your Interest tool.
Figuring Out Your Car Note
This calculator will show you how much you’ll have to pay each month based on the repayment period you select.
Wells Fargo Alternatives.
Here are some alternatives to consider if you’re not sure if a Wells Fargo vehicle loan is good for you – or just want more options before going to the dealer.
- Capital One Auto Finance: If you wish to apply for prequalification before heading to the dealer, this lender could be a suitable fit. It’s important to remember that prequalification does not guarantee loan acceptance.
- LightStream: This lender is worth looking into if you’re looking to buy a used car from a private party or if you’re looking to get out of a lease.
What is Wells Fargo auto loan grace period?
Does Wells Fargo refinance auto loans?
Why doesn’t Wells Fargo do car loans anymore?
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