How to apply for Wells Fargo Auto Loan

In order to get a Wells Fargo auto loan, you need to go to a dealership and apply. Study the list of requirements, get approved and get paid.

Many people need car loans if their vehicle breaks down and they need a new one. Wells Fargo is a company that has partnered with a wide variety of dealerships offering car loans. Wells Fargo currently works with more than 12,000 dealerships across America.

Currently, a good way to apply for a loan is through a dealership that is why Wells Fargo now only offers loans through partners. Previously, this company had the option of applying for a loan from a bank or through a website, but now Wells Fargo works only with dealerships. Before visiting one of them, compare different car loans and make sure you get what you expect.

Wells Fargo loan amounts

Wells Fargo provides a variety of loan amounts that can be different because they are based on various factors such as the loan term, your credit history, and annual income. Before switching to work only with dealerships, Wells Fargo offered a minimum loan of $ 5,000. Many people think that a given amount of money is large for a minimum loan. If we talk about the maximum amount, then it can reach $ 300,000.

Wells Fargo loan terms

Typically, the terms of the loan mainly depend on the loan amount. A large loan is provided for a longer period of time, while you can pay off a small amount faster. Wells Fargo used to provide loans for a period of 12 to 72 months, so you can freely choose the repayment period that suits you. However, now that Wells Fargo only works with dealerships, conditions may have changed.

Wells Fargo auto loan rates

Currently, Wells Fargo does not disclose its loan interest rates. Typically, they depend on credit history, loan term, vehicle, and loan-to-value ratio. Thus, right now you cannot know in advance what loan rates you can get. In order to find out, you need to apply to the dealership. Of course, many people find this inconvenient, because they cannot figure out whether they can repay the loan at certain interest rates or not.

Requirements for obtaining a Wells Fargo auto loan

To obtain any loan, you need to comply with the lender's requirements and state laws. Thanks to these requirements, the lender can know if you are a suitable borrower. Thus, in order to receive a Wells Fargo auto loan, you need to meet the following criteria:

  • You must be at least 18 years old
  • You must be a US citizen or an official resident
  • You must have a regular source of income
  • You must have a good credit rating
  • The debt to income ratio is also considered

Advantages and Disadvantages of a Wells Fargo auto loan

As you know, each loan has its own advantages and disadvantages, and a Wells Fargo auto loan is no exception. Review the pros and cons and make sure the loan meets your requirements.

Pros
  • You can get a large loan amount. With a Wells Fargo auto loan you can apply for up to $ 300,000. Typically, most lenders do not lend that much, so if you need a lot of money, a Wells Fargo auto loan might be a good solution. 
  • You can get funding quickly. As a rule, the process of applying, considering and financing a Wells Fargo auto loan takes no more than a few days. Thus, you can quickly receive the required amount. 
  • You can repay the loan for up to 72 months. If you received a large loan, then you can have convenient repayment terms from 12 to 72 months. 
  • You can get a discount. If you are a regular customer and regularly take out loans from a Wells Fargo, then you can get a discount from the lender, which will be an advantage because you can save your own money.
Cons
  • You need a good or excellent credit history in order to get a Wells Fargo auto loan. As a rule, a large number of borrowers have problems with their credit rating, therefore they cannot apply for this loan. 
  • You can obtain a Wells Fargo auto loan only through dealerships. Many people found it convenient to be able to choose, and preferred to go to the bank or apply on the website. 
  • You cannot apply online. Unfortunately, in order to qualify for a Wells Fargo auto loan, you have to go to a dealership and apply there, you can no longer do it online. 
  • You cannot borrow less than $ 5,000. Many people consider this amount to be too large for the minimum loan, so they refuse a Wells Fargo auto loan. Thus, you must understand whether you can repay the loan or not. 
  • You do not have an opportunity to know your interest rates before applying. Wells Fargo does not disclose interest rates on the loan, so you cannot know how much additional amount will have to be paid. 
  • You will have to pay higher interest rates on the loan if your car is old.

Application for a Wells Fargo auto loan

To apply, you need to contact the dealership a Wells Fargo works with. Wells Fargo is known to work with 12,000 centers across the country, so you'll find several close to you. There you need to fill out an application and provide your personal data. At the dealership, you will find out the interest rates on the loan and can decide if this is right for you. You may be approved the same day you submitted your application, but it may take several days for the payment to be received.

Also, before you go to the dealership, you can visit other lenders offering car loans like Wells Fargo Bank or study their offers on the Internet. This way you can go through a soft credit check with other lenders and find out what interest rates you can qualify for and find the best solution.