Wells Fargo auto loans review: Range of loan options with no down payment required

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In a Nutshell

A Wells Fargo auto loan may be worth considering, especially if you’re already a customer with the bank — or if you have less-than-stellar credit or can’t afford a down payment. But keep in mind that this lender’s interest rates aren’t the best, and it can take up to a week to find out if you’re approved.

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Pros Cons
Interest rate discount for Wells Fargo customers who meet certain terms Relatively high interest rates
No down payment required, for those who qualify  Origination fee
All credit ranges considered Approval process can take up to a week

What you need to know about Wells Fargo auto loans

If you’re thinking about getting a Wells Fargo auto loan, here are some of the features that stand out.

You have a range of car loan options

Wells Fargo’s auto loan offerings include the following:

Interest rates are on the high end

Compared with some other larger banks that offer car loans, Wells Fargo’s interest rates are relatively high. That said, the lender offers a 0.25% interest rate discount if you have a qualifying Wells Fargo consumer checking account and set up automatic payments from an eligible Wells Fargo account.

Even if you qualify for that discount, be sure to shop around to make sure you’re getting the best rate available to you.

Wells Fargo is transparent about what you need to qualify for its lowest rates. Specifically, you’ll need what they consider to be “excellent” credit — and a loan amount that’s more than $22,000 but less than 85% of the car’s value.

You can apply with rough credit, or even no credit

The lender doesn’t disclose its credit score requirements publicly, but — as its car payment calculator indicates — it will consider applications across the credit spectrum, including those from people with no credit.

Keep in mind that getting an auto loan with lower or no credit can result in high interest rates. If you can apply with a co-signer who has a solid credit history, it can improve your chances of getting more favorable terms.

What factors affect your credit scores?

You don’t need a down payment

Putting money down on an auto loan can lower your monthly payment and total interest charges. But if you don’t have any savings to spare, you won’t necessarily need a down payment with a Wells Fargo auto loan — the lender will finance up to 100% of your car purchase if you qualify.

A closer look at Wells Fargo auto loans

Here are some of the finer details to know when comparing Wells Fargo with other auto lenders.

  • The minimum loan amount is $5,000.
  • Loan terms range from 12 to 72 months. If your vehicle is 7 years or older, the maximum loan term is 48 months.
  • Wells Fargo charges an origination fee of $99, which is financed as part of your loan.
  • Wells Fargo doesn’t finance commercial vehicles, salvage vehicles or conversion vans.
  • Wells Fargo auto loans aren’t available to Louisiana residents.

Is a Wells Fargo auto loan a good fit for you?

A Wells Fargo auto loan might be a good option if you’re already a customer of the bank and want to keep all of your banking and borrowing under one roof. In addition to the convenience, you’ll also be able to take advantage of the relationship interest rate discount if you qualify.

Also, Wells Fargo may be willing to consider applicants across the credit spectrum. And if you’re short on cash, you might be able to get a Wells Fargo auto loan without a down payment.

But if finding a lower interest rate is your top priority, you’ll want to compare Wells Fargo’s terms with the terms from other auto lenders. And if you already have a car picked out and need cash fast, note that it can take up to a week just to find out if you’re approved for a car loan with Wells Fargo.

How to apply for a loan from Wells Fargo

You can apply online or by calling an auto loan specialist. Here’s how.

  1. Click on the “Apply Now” button on the auto loans page.
  2. Select the type of loan you’re applying for.
  3. Indicate whether you’re applying alone or with a co-signer.
  4. If you already have an account with Wells Fargo, you can log in to prefill your application and see if you can get the relationship discount.
  5. Enter your desired loan amount, name, contact information, address, birthdate and Social Security number.
  6. If you agree to a credit check, click “Continue.”

Once you submit your application, a Wells Fargo auto finance specialist should call you to discuss your options and select a loan, if you qualify.

You could receive an initial decision within one or two days, but it could take up to a week for Wells Fargo to make a final decision. If you’re approved, it’s possible the loan could close in as little as 24 hours.

Auto loan alternatives to consider

Whether you’re buying a new or used car, Wells Fargo offers a range of loans and considers people with all kinds of credit. But its interest rates aren’t as competitive as some other auto lenders, so it’s important to shop around to help avoid paying more than you need to.

If your credit isn’t in great shape, make sure you understand the risks of getting a car loan before you apply. And if you’re not sure Wells Fargo is right for you, consider these alternatives.