Wells Fargo
7.9
Overall Score22 days ago
Wells Fargo
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For over 65 years, Wells Fargo Auto Finance Services has been helping customers finance or refinance their vehicles. With loan options for purchasing new and used cars, as well as a plethora of refinance options, Wells Fargo offers a loan option for almost any borrower. In addition, Wells Fargo is one of the few companies we reviewed that provides loans and refinancing for specialty vehicles like motorcycles, boats, and RVs. They also offer extended term lengths up to 72 months.
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
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
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.
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
Easy application process, great online services!
This company is easy work with and super supportive if you are going through a hard time. Stern but compassionate
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.
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.
I have had a car loan with Wells Fargo in the past and didn't have a great experience. Their customer service is bad.
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!
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.
I didn't feel like they were very interested in keeping me as a customer. Delays in hearing back. Account representative was in another state.
very impressive customer service. quick service and approval, in and out with signing papers less than an hour. i was offered a low interest rate from another bank and immediately switched to Wells Fargo for my auto loan. Monthly payments were easy to make as they mailed me monthly booklets to include with my payments.
One of our car loans is through Wells Fargo and they have been great to work with! My daughter bought her first car and her rate was low and the process took less than an hour!
I do not recommend Wells Fargo. They were not very helpful and then listen to what I need personally!
Wells Fargo is a great company! They are professional, trustworthy, and their customer service is excellent.
Wells Fargo car loans have not given us a great experience and I would recommend that you go somewhere else.
Tried to charge me a 14% interest rate on a car for $20k. I found another bank that gave me a %3 rate.
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
Got a great rate on a car loan. Easy process with no surprises.
ive actually had a lot of problems with wells fargo because they don't do what they say they are gonna. I wanted to set up my checking account so that If i ran out of money it wouldnt go into my savings and they said it would do as i wanted but it ended up taking money out of my savings when i ran out in my checking. Not trustworthy.
They are honest, fair, and are a well established company.
Best rates for auto loans and fast approval.
Many issues with crediting my payments promptly.
I would rate them 5 out of 5 because they did everything they were able to do for us. Answered every question and every concern.
They are easy to get credit from but their customer seevice is terrible and they are hard to contact
I have used Wells Fargo for three of my car loans in the past and I like the ease of the loan process, I like their rates and the value you get for your money, and I like that they are a large bank and very convenient.
We have two cars loans through WF. Great customer support and have never had any issues with my loans.
Wells gave me a very comparable rate for my daughters first carload. The customer service was top-notch.
Wells Fargo is our main bank, and we've always enjoyed working with them.
Wells Fargo did a great job in helping me find a good rate for my car loan.
Always responded to questions quickly and love their online app
Generally good experience, easy final payoff
Not easy to talk to in layman's terms, talks both sides of mouth
They care very little to non when it comes to there customers, unless why what you to join them.
GREAT LOW INTEREST RATE!!!!!!!!!!!!!!!!!!!!!!!!
Had a loan with them brought a new car they would not finance the new car
They offer a fair loan rates and fees are excessive
I have never had any problems since I have been paying them for the loan on my car. I have had other companies contact me about re-financing my loan for a lower price and I may do that down the road.
I get a late reminder notice every month even though the bill isnt late.