Wells Fargo
Is This Your Business?3.8
5.1
Overall Score
Author: Kaitlyn Short
LAST UPDATED: March 22nd, 2022
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The Good
- Co-signer options
- Online application
- Speciality vehicle financing
Co-signer Options
Wells Fargo allows all car loan applicants the option of having a co-applicant if desired. In many cases, a co-signer is beneficial in achieving a better loan rate, and is also a helpful option for individuals hoping to build or establish credit. Wells Fargo offers the option to complete an application online, which is extremely convenient for customers who do not have the time to come in person. Borrowers can also apply at a local Wells Fargo location if they prefer to go through the process in person with a Wells Fargo representative.Speciality Vehicles
Wells Fargo offers specialty vehicle financing, which covers motorcycles, power sport vehicles, recreational vehicles, boats, yachts, and even aircrafts. This is very uncommon in the industry, and great for customers who are looking to purchase speciality vehicles. There are no fees to apply for these loans, and once approved, customers will usually be financed within one to two business days.The Bad
- APR may be higher
- Must read the fine print
- Lack of transparency
APR
The interest rate examples displayed on the Wells Fargo website won't apply to many applicants. The fine print listed with the APRs shown on the site state that the rates are based on the assumption that an applicant has excellent credit, is applying for a loan larger than $22,000, and has a loan-to-value ratio of less than 115 percent. Based on the website's information, these rates will only apply to a small percentage of applicants, so it's likely that the average borrower will have a higher APR. Well's Fargo beginning rates are higher than most in the industry at 3.13 percent. Other companies in the auto loan industry have a starting APR of 1.75 percent.Lack of Transparency
Well's Fargo is also lacking a great deal of information that should be on their website. This lack of information can make it difficult for potential customers to compare services and find the company that best fits their needs. It also makes it difficult for our team to rank their services with other companies in the industry. We would like to see more information regarding application fees, loan amount, mileage limits, early-pay penalty fees, and bad credit loan options.The Bottom Line
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David Cape Coral, FL
For years Wells Fargo has been a bad way to finance just about anything, they are quick to pounce on you if you run into a problem and love to charge huge amounts of money for late payments. I also had them for my business bank and they were terrible.
Perhaps I'm wrong in my thinking, but I think if you run into a problem with the company you have financed through a credit company, like a home air conditioner that is taking many years to pay off, and that product is miss-represented and breaks down after 1 year, I feel the credit company should jump in to help pressure the air conditioning company to straighten that problem out.
They can have a lot of power over that company and a vested interest in helping you pay for the rest of the loan. If you have to replace a home air conditioner after one year for $8000.00 while you still owe money on the first one how do you expect most people to do that.
Some companies always find a way out of helping you and on large purchases such as this Credit Companies can be a huge help to keep their feet to the fire.
5 years ago
dmfd123 Arlington, VA
The titling department is incredibly bad. After I paid off the car, I called with an address to send the title. They disregarded my request and sent it across the country to an old address, I called them back several times and they gave me a different story EVERY TIME.
Whoever manages the title department is an incompetent buffoon. The employees don't know anything about their jobs. They are obviously not trained at all.
6 years ago
Review Source
Jr Orem, UT
Our interest rate we were locked in was too high. We tried to negotiate and it wasn't in our favor which made our payments high. we decided to go with another bank who was offering a lower interest rate and better customer service.
8 years ago
Tom Farekian
They care very little to non when it comes to there customers, unless why what you to join them.
8 years ago
Edward Riggin Rider of Bikes and walking along the shore of New Jersey
They care very little to non when it comes to there customers, unless why what you to join them.
8 years ago
jordan cummins Gilbert, AZ
Tried to charge me a 14% interest rate on a car for $20k. I found another bank that gave me a %3 rate.
8 years ago
William Flynn
High cost, poor service, morons in charge, tellers who can't count money
8 years ago
Lynda Daluz
awful customer service and rates that are above normal
8 years ago
Michael Miller
awful customer service and rates that are above normal
8 years ago
