Wells Fargo Auto Loans 2022: Review, Rates

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Wells Fargo car loan Wells Fargo

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Pros and Cons of Wells Fargo Auto Loans

Wells Fargo is the best choice for borrowers who want to use in-person assistance because Wells Fargo has many physical branches that you can visit for hands-on customer support and advice. Also, if your credit score is not at its best, you can use a co-signer with Wells Fargo.

The biggest downside to Wells Fargo auto loans is that its terms are not disclosed. You will have to discover them when you apply via its network of partner dealers. This makes it difficult to easily compare rates with those of other lenders.

Wells Fargo Auto Loan Comparison

How Wells Fargo Compares

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Editor’s note

2.25/5
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Regular APR

Varies by dealer

Editor’s note

4.75/5
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Regular APR

New: Starts at 3.79%, Used: Starts at 3.99%, Refinance/Lease Buyout: Starts at 4.89%

Editor’s note

4/5
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Regular APR

New: from 2.99%, Used/Refinance/Leasing Buyout: Unspecified

Wells Fargo isn’t clear about its credit score requirements or its 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. Bank of America does not have a minimum credit score that it considers, so it may 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 worth as little as $6,000, but the minimum loan amount of $7,500 means borrowers could be underwater or have a loan worth more than the value of the car. Again, Wells Fargo does not disclose its minimum loan amount.

See our auto loan scoring methodology »

Frequently Asked Questions

Wells Fargo has an F rating from the Better Business Bureau. The BBB, a non-profit organization focused on consumer protection and trust, gave the rating due to the lack of response to 12 complaints against the company and government actions against the bank. The BBB measures businesses by rating companies’ responses to consumer complaints, honesty in advertising, and transparency in business practices.

Wells Fargo has been embroiled in a few recent controversies. During the last years:

  • The bank continues to pay billions of dollars in settlements for its employees to set up fake bank accounts to meet sales targets, which became public in 2016.
  • In 2021, the Office of the Comptroller of the Currency (OCC) issued a cease and desist order against the company due to the bank’s failure to establish an effective home loan loss mitigation program.

  • The company paid $10 million to Philadelphia following city claims that Wells Fargo engaged in predatory mortgages to racial minorities (2019).

If the Wells Fargo story bothers you, you might want to consider other lenders.

Wells Fargo might be a good option for financing a car if you can get a good rate from one of its partner dealerships. Unfortunately, you won’t know your rate until you apply with one of these partners.

The bank does not specify a minimum credit score required for its auto loans. You will need to see if you qualify through one of its partner dealerships.