Auto: Wells Fargo Auto Loan review 2020

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Wells Fargo is only one of two auto loan companies in this review series to not have an accreditation with the Better Business Bureau. Ordinarily this lack of accreditation should give you pause but this isn’t a pop-up shop that will run away with your money and reputation. 

Wells Fargo has been in business for more than 100 years. The company determines your APR based on your credit score, the age of your vehicle and the terms of the loan. This can be as low as 3.90 percent on a new car but can get higher than 5 percent if you’re looking to purchase a used car from a dealership. 

You are also obliged to purchase your vehicle from one of the bank’s approved dealers which does limit your reach. Also, you won’t be able to access an auto loan from Wells Fargo if you’re in Alaska, Arkansas, Hawaii, Louisiana, North Dakota or Washington D.C.

Wells Fargo has made a lot of effort to give you a lot of information about its rules, regulations and approved dealers but it doesn’t give you a big red button to push when you want to get started. 

You will have to give the bank a call to find out more about the process, which may or may not remove your will to live depending on how long you sit on hold, or you can go to one of the approved dealers (there are 11,000) and simply start the process from there. Don’t expect it to be quick, either. Wells Fargo can take up to a week to approve your loan – this is not where you go when you need to urgently purchase a getaway car.

Wells Fargo is a good bet for anyone who has already got an account with the bank or for someone who would like to put all their financial eggs in one basket. You can use the online platform to manage all your finances in one and you get the benefit of access to a bunch of other services and loan options. 

That said, it has had mixed reviews from customers on Best Company and ConsumerAffairs with some praising the customer service and dependable platform and others claiming the customer service is shocking and the telephone waits are lengthy. 

Wells Fargo does offer up a lot of information and has its own dedicated Car Loan FAQ. That doesn’t make the FAQ any good though. 

You can’t find out about fees – the search function is abysmal and a search for ‘auto loan fees’ or ‘auto loan calculator’ will turn up more than 190 search results and they start with ‘mortgage fees’ and ‘student loan calculator’. 

Our Verdict

What makes this bank’s auto loan services stand out is the accessibility, leniency on credit scores and lack of down payment. The approach is customer centric and the website provides plenty of information to help you make an informed choice about your auto loan. While the interest rates are not the best on the market, the services and support that surround the Wells Fargo offering make it a worthy choice.


  • No down payment required
  • All credit scores given consideration


  • Limited dealer choices
  • Lengthy approval process

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