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.

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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.

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The Bottom Line

Wells Fargo is one of the few lenders we reviewed who offers loans for specialty vehicles. The APR could be slightly higher than advertised for most borrowers, and is higher than other companies in the industry. However, Wells Fargo offers a range of terms and the ability to have a co-applicant, which may give borrowers more loan options to choose from. Because of the higher APRs and the lack of information, we cannot recommend working with Well's Fargo for your auto loan needs at this time.

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User Reviews

Star Rating

3.8

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83 Reviews

Review Breakdown

5 grade

43%

4 grade

19%

3 grade

19%

2 grade

1 grade

11%

Sentiment Criteria

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John David Maher Neosho, MO

There was a time that WF would take about two weeks for them to submit my payment check to the bank. Then there was the times that no matter when I mailed the check, they waited until the due date. They have improved. I mail it and my check clears within one week. It takes the payment three days to get to Denver from Southwest Missouri via USPS.

6 years ago

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Michael Calabasas, CA

Have had our current car loan with Wells Fargo dealer services now for 10 months. Easy online set up for paperless statements and ease of account management. Online bill pay has been a snap and there is no penalty for prepayment of principal. I pay a little extra each month and pay in no-weekly installments with no problems. I just keep watching the balance decline. They were even nice enough to beat my credit union offer on interest rates

7 years ago

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Lesa Burgess Pleasant Grove, UT

I got a car loan from Wells Fargo on my Hyundai Elantra not too long ago. My credit score was above a 620, so I got a relatively decent APR of around 4.5%. I didn't qualify for those lowest rate, which was around 3.9%, but I was satisfied with my 4.5%. It was easy to apply for this loan by giving my personal info, income information & other miscellaneous stuff with my other vehicles. Pretty painless process. My only complaint was I felt the Origination fee was a bit high, but other than that very satisfied.

8 years ago

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Mali Orem, UT

Loan specialist was awesome, she was quick and fast to get us approved. Paperwork were already printed and ready to sign when we arrived. I wasn't too happy about the interest rate but that was the best she could do at the time. But overall the experience was great!

8 years ago

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Maryayb Draper, UT

I have used Wells Fargo Equipment Finance to purchase equipment for business and all is well however I wish they offered online account access for business accounts. If they can offer this to personal accounts it should be possible.

8 years ago

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Dylan Curtis Pleasant Grove, UT

They lent us the money to buy our Nissan Maxima, a car which we loved and drove for many years. We were glad to be approved by them, because our credit wasn't the best at the time.

7 years ago

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Derek Scoville Pleasant Grove, UT

Very easy to apply for a loan. Process is quick, simple and comfortable. Was able to find better interest rates elsewhere, but other than that, the process was great.

8 years ago

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king Queen Creek, AZ

they gave me a great rate for my vehicle. my regular bank gave me way higher not sure how that worked out. no brainer for me who to go with

8 years ago

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Allison Minnick

they are fair and pretty easy to deal with just some branches are shady

8 years ago

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Previn T Marquez

they are fair and pretty easy to deal with just some branches are shady

8 years ago

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Duane Earl Mckean

Because I want to rate them this way because I like this bank for my car loans.

8 years ago

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Robert McDonald

Many issues with crediting my payments promptly.

8 years ago

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Marybeth Little

Generally good experience, easy final payoff

8 years ago

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Alice Medford

Generally good experience, easy final payoff

8 years ago

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Troy Siren Gilbert, AZ

Got a great rate on a car loan. Easy process with no surprises.

8 years ago

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mgillings

Easy application process, great online services!

8 years ago