Wells Fargo Auto currently offers auto loans to more than three million customers, according to a bank representative. Because Wells Fargo is an indirect lender, auto loans must be obtained from one of approximately 11,000 dealerships in its network.
You are able to qualify for 100% financing or more, with loan amounts depending on several factors such as your income, credit, repayment capacity and vehicle value. The majority of car loans issued by Wells Fargo are between $5,000 and $110,000.
Loan terms generally range from 24 to 75 months, although the exact term depends on the loan amount and interest rates range from 3.99% to 19.99%.
Here are the main types of car loans offered by Wells Fargo:
Buying a new car
Wells Fargo auto loans can be used to purchase new vehicles, but the lender does not finance recreational vehicles, motorcycles, or boats. Vehicles must be purchased from one of Wells Fargo’s US dealer partners
Related: How many cars can I afford?
Buying a used car
You can take out a Wells Fargo car loan to finance the purchase of a used vehicle for up to 15 years, although eligibility also depends on vehicle mileage and loan term. As with new auto loans, drivers cannot use Wells Fargo to finance the purchase of a vehicle from an individual.
You can also buy out your lease by applying for a Wells Fargo car loan and using it to purchase your leased vehicle.
Related: How to get out of a car lease
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