Wells Fargo Auto Loan Refinance Review & Application Process

Serving more than 3 million car loan customers, Wells Fargo is perhaps already on your radar if you’re looking for the best auto refinance loans. With banking services on the go, the lender tops the options for facilities that can help with refinancing new and used automobiles. Its auto financing service especially is highly efficient.

You can apply online to keep tabs on your accounts while utilizing tools such as an auto loan payment calculator and vehicle buying tips. For these reasons, Wells Fargo auto loan refinance earns good ratings in our reviews.

Financing your vehicle with Wells Fargo gives you access to its 12,000 plus strong countrywide dealership network. As expected of such a banking giant, they offer virtually anything else you’d think of regarding mortgages, personal finance, and credit cards. And given their aim to assist customers to manage their money well, it shouldn’t surprise you that Wells Fargo ranks highly in our roundup of the best auto loan refinance companies as well.

Wells Fargo Auto Loan Eligibility

• They consider all credit scores
• They accept co-signed applications

You cannot refinance your car directly with Wells Fargo. Instead, you must be ready to purchase a vehicle using one of its active dealers to receive an auto loan. However, with over 12,000 of them across the U.S., this should not be a problem.

Another important consideration is that Wells Fargo is often willing to lend to nearly anyone, despite the credit score. This inherently opens the door to finance your car with a less-than-favorable credit record. Although you’ll need to show a decent level of creditworthiness to get the best auto loan refinancing rates.

Obviously, there’s no guarantee that your application will be successful. Even so, you can still apply with a co-signer if your credit ratings are too low for approval. Note that not all lenders provide this opportunity, which increases your chances of acceptance bearing in mind both your finances.

Wells Fargo Auto Loans Review

Wells Fargo makes a viable option for refinancing your car owing to their numerous available choices and their quick approval time. But the lender has overwhelmingly negative reviews. And not to mention that they’re undergoing an investigation for discriminatory practices.

Still, the company agreed to a settlement worth $3 billion in February 2020 due to a scandal involving a fake account dating back to 2002. They admitted to wrongful collection of fees and interest amounting to millions of dollars harming the credit scores of some customers and using clients’ private information without their consent. Therefore, we encourage you to use due diligence when applying for Wells Fargo Auto Loans.

Wells Fargo is a great auto loan choice if you have poor credit. However, it’s probably not your best option if you could qualify for a loan elsewhere. One of the challenging aspects of Wells Fargo is that their auto loan info is spread across two websites. The company should take the time to bring their information together so it’s more helpful to borrowers.

Wells Fargo Auto Loan Application Process

Key Takeaways

• Loan Terms: Varies between 24 and 72 months
• Application Fees: Fees apply, although they’re not disclosed
• Application Process: Apply directly at a dealer or via phone call for a private party
• Annual Percentage Rate: APR varies by on loan amount, credit history, and terms 

To apply for an auto loan, you must visit the dealership or call the lender for a private party sale. And it should come as a little surprise that there’s little info available on their website about car loans.

If you Google Wells Fargo Auto Loans, you’ll be directed to a smaller self-contained portal. The site primarily benefits car dealers, while offering some useful content for auto loan customers as well.

That said, the company’s auto loans department provides auto financing for all loans, such as dealer-based purchases, private parties, lease buyouts, and refinancing for new and used cars. Besides, the lender offers flexible vehicle options that are customizable to your needs.

Wells Fargo’s fast decisions and competitive rates make them an ideal auto refinance choice. We’ve dedicated a whole section further below, addressing the Wells Fargo auto loan calculator, including their rates.

Furthermore, you can call them for queries about the application process. Lines are open between 7 am and 10 pm Central Time, Monday through Thursday, and between 7 am and 9 pm & 7 am and 5.30 pm on Friday and Saturday respectively.

However, you’re out of luck if you have any queries on Sunday. Another alternative is to go straight to one of their nearest approved dealerships and begin the process there.

Additional Wells Fargo Auto Loan Application Details

1. Loan Versatility

Our Wells Fargo auto loan review shows versatile lending options. You may qualify for over $22k and less than 85% of the value of your car. Besides, there are 0.25% relationship discounts to be had.

To be eligible for this discount, you must be a checking account holder who makes automatic payments using their deposit account. You only qualify for one relationship discount per application. However, dealer-based auto loans are ineligible for this discount.

The Wells Fargo auto loan refinances, new car, and used car APRs are 4.08%, 3.12%, and 3.63% respectively. And unlike other dealership services, the lender is not interested in a centralized operation. Instead, it is committed to bringing the services close to you through offering fast, dependable, and flexible credit decisions.

2. Applications, Refinance, and Repayments

Apart from dealer-based applications, you can apply online to receive their loan offerings. Create an account and provide your social security number as well as your employment and income details. As part of the application, Wells Fargo will run a credit check that may dent your credit score.

Long-term refinancing is a viable option that may reduce your monthly payments. However, it will increase your cumulative interest for the newly acquired loan over its lifetime. Still, you’re likely to benefit from lower-than-normal interest rates if you choose to refinance with Wells Fargo.

You can make payments via phone by calling 1-800-289-8004. Alternatively, you can sign up for the Wells Fargo Automated Payment service. It is available 24/7 for checking account holders with the bank.

You’ll need your wells Fargo auto loan number for monthly loan repayments. There are two places you can find the 10-digit loan account number printed on your monthly loan statement. Check the top center of your statement for the place marked ‘Account Number’. The right side of your statement above the due date is a tear-off coupon where you can also locate your loan number. 

3. Lease Buyout Options

One thing that makes Wells Fargo Auto Loan stand out is the lease buyout options. Instead of taking your leased car back to the dealer, the lender’s lease buyout loan gives you the funds you need to purchase the vehicle. You can own an automobile that’s familiar to you while avoiding penalty charges for exceeding mileage limits and for the car’s wear and tear.

Learn More: How To Refinance A Car Loan With Bad Credit And Late Payments?

Wells Fargo Auto Loan Calculator

One of the best things about wells Fargo auto loan refinance is its flexible terms. New and used car financing is available through your dealer. Also, Wells Fargo Online is a useful tool making it easy and convenient to manage your auto loan. Before you visit the dealership, the lender allows you to learn more about vehicle financing using their online resources.

And that’s not all. Take advantage of the Wells Fargo auto loan calculator to expediently calculate your monthly car payments. In this way, you’ll be able to tell whether the loan you want to take is affordable.

Here are some of the different wells Fargo auto loan rates if you are looking to finance or refinance your vehicle with the banking behemoth. Note that these are only sample rates for a buyer with excellent credit. Individual rates will vary by loan amount, terms, and credit score.

The Verdict

Wells Fargo Auto Loans may not be your first choice if you consider the overwhelming negative publicity the lender has been receiving recently. However, if you are looking for refinancing options but have doubts over your credit history, Wells Fargo auto loan refinance is an excellent choice.

As a dependable and well-known auto lender with over 12k dealerships nationwide, you should not have any issues finding the right vehicle. Moreover, there’s a selection of payment options and they accept co-applications.