Do you want to get that fancy new car, but don’t quite have the funds to buy the car outright? You might need an auto loan. If you’re shopping around for the best rates, you’ve probably looked at Wells Fargo as an option. In this article we’ll explore Wells Fargo Auto loan rates including the benefits they offer and some of the downsides as well.
Types of Wells Fargo Auto Loan Rates
Here are the types of loans offered by Wells Fargo:
Consumer Auto Loan
Generally, a consumer automobile loan comes with a lower interest rate than other types of loans do. The minimum APR for the consumer auto loan is 3.9%, according to Wells Fargo dealers. However, the disadvantage of using a consumer loan for a vehicle purchase is that it does come with some restrictions. Most customers qualify for this type of loan.
Personal Loan
The advantage of getting a personal loan is that it doesn’t place any limits on the vehicle you choose. However, you do have to be a current Wells Fargo customer to qualify. Starting at 5.74% APR, the personal loan is affordable and versatile. Although neither personal loans nor business loans are specifically for automobiles, it’s easy enough to use either for vehicle purchases.
Business Loan
Businesses can usually get a decent loan rate and term with Wells Fargo. Often a business loan even offers 100% financing on the purchase, depending on your credit. Of course, this only works if the vehicle is for your business, but if it is, this type of loan is a great option.
Pros of Wells Fargo Auto Loans
Here are some benefits of getting a car loan from Wells Fargo:
Online Management
The Wells Fargo app makes it easy to track your loan from start to finish from your mobile device. Although you can’t apply for financing online, you can do pretty much everything else on the app, which makes making your monthly payments pretty convenient. There’s also an option for you to set up automatic monthly payments, so you never have a late fee to worry about. If you set up autopay, you can even get a discounted rate.
Affordable Interest Rates
This is one of the biggest benefits of a Wells Fargo Auto loan. The company claims that its rates come in as low as 3.9% APR for a new car on a consumer loan, which is a pretty good rate compared to those of most other private lenders. Of course, your rate will also depend on your credit score and the kind of loan you choose, but if you’re a reliable borrower, then Wells Fargo may be the way to go.
No Application Fee
The application process is somewhat onerous, but at least there are no fees involved. It’s completely free to apply for a loan from Wells Fargo; there aren’t any prepayment penalties or origination fees. Plus, you can add a cosigner to your application at no cost to further improve your chances of getting approved.
Instant Funds Available
Once you’ve completed the loan application process and gotten approved, the funds from your loan should be available instantly, although this does depend to a certain extent on the dealership you’re buying through.
Long Repayment Terms
Wells Fargo is generous and flexible in the amount of time they allot for loan repayment. If you have good credit, you can get terms of anywhere between 12 and 72 months.
Specialty Vehicle Financing
Conveniently, Wells Fargo also offers lending options for RVs, boats, and motorcycles. Wells Fargo’s wide selection of loan products makes it easy for you to purchase not only a new car but also a nice vehicle for your next vacation.
Cons of Wells Fargo Auto Loans
Consider these downsides to getting a loan from Wells Fargo:
Application Process
If you’re looking for a Wells Fargo Auto Loan, you don’t actually go to Wells Fargo for it. Instead, you need to get in touch with your dealership and get the loan through them, using Wells Fargo’s dealer services program. Wells Fargo partners with 11,000 dealerships across the country, so it shouldn’t be too hard to find one where you can purchase your vehicle. However, they do favor partnerships with franchise dealerships rather than independent ones.
That being said, applying for financing through this indirect route does make the process a bit more difficult, especially since there’s no online option. The terms will also be different from dealer to dealer, so you won’t know the exact rates and conditions of the loan until you’re approved. It’s recommended that you research the rates other companies offer so you can compare them with the one you’ve been offered once Wells Fargo approves your application.
No Refinancing Options
Wells Fargo used to offer the option to refinance your auto loan, but they have phased this benefit out. Refinancing is essentially buying out your old loan with a new one, probably because the new one has better rates or terms. So if you want to refinance your vehicle, you’ll have to look somewhere else.
Poor Customer Satisfaction
Wells Fargo is a respectably old company, dating from 1852. However, it seems that older doesn’t always mean better, at least when it comes to lenders. Many customers report dissatisfaction with the company for various reasons, ranging from refusals to defer payments and slow processing to a lack of refinancing options and bad customer service.
In addition, Wells Fargo has had legal issues in the past for some undercover dealings, such as the charging of fees not outlined in the contract. This is a factor you may also want to take into account when making your lender decision.
If a low interest rate is your top priority, or if you need one of the specialty options that Wells Fargo offers, then you should consider using this long-established company as your lender for your next auto purchase. If, however, you’re looking for the most straightforward and most reliable lender, Wells Fargo may not be the best choice, based on their difficult application process and poor customer reviews.

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.