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.

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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

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

3.7
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71 Reviews

Review Breakdown

5 star
38%
4 star
21%
3 star
21%
2 star
8%
1 star
11%

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Rickf

May 17th, 2018 DETAILS arrow_drop_down
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I get a late reminder notice every month even though the bill isnt late.

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Lynda Daluz

May 17th, 2018 DETAILS arrow_drop_down
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awful customer service and rates that are above normal

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Allison Minnick

May 17th, 2018 DETAILS arrow_drop_down
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they are fair and pretty easy to deal with just some branches are shady

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Edward Riggin Rider of Bikes and walking along the shore of New Jersey

May 16th, 2018 DETAILS arrow_drop_down
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They care very little to non when it comes to there customers, unless why what you to join them.

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Marie Ries

May 16th, 2018 DETAILS arrow_drop_down
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Because they made an error on my final payment

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winsome williams

May 16th, 2018 DETAILS arrow_drop_down
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Had a loan with them brought a new car they would not finance the new car

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Paula Lunniss

May 16th, 2018 DETAILS arrow_drop_down
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They offer a fair loan rates and fees are excessive

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Randi

May 16th, 2018 DETAILS arrow_drop_down
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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.

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Previn T Marquez

May 16th, 2018 DETAILS arrow_drop_down
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they are fair and pretty easy to deal with just some branches are shady

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Alice Medford

May 16th, 2018 DETAILS arrow_drop_down
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Generally good experience, easy final payoff

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Michael Miller

May 16th, 2018 DETAILS arrow_drop_down
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awful customer service and rates that are above normal

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TomStephens

May 7th, 2018 DETAILS arrow_drop_down
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Hard to get a human on the phone. They charge me to cash a non Wells Fargo check even though I have a car loan with them.

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pao

May 7th, 2018 DETAILS arrow_drop_down
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Never had any issues that would make me think less of them

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Duane Earl Mckean

May 7th, 2018 DETAILS arrow_drop_down
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Because I want to rate them this way because I like this bank for my car loans.

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William Flynn

May 7th, 2018 DETAILS arrow_drop_down
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High cost, poor service, morons in charge, tellers who can't count money

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Larry

May 7th, 2018 DETAILS arrow_drop_down
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No problems with anything they've done. All contacts have been favorable

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Chase H

April 18th, 2018 Provo, UT

Not the best out there. If you are in Utah, use America First. Wells Fargo only does auto loans for a minimum of $5k. Anything under could be a personal loan with a rate of 9-22%. Yikes.

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Maryayb

April 16th, 2018 Draper, UT DETAILS arrow_drop_down
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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.

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Natasha

December 18th, 2017 Salt Lake City, UT DETAILS arrow_drop_down
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It seemed like I was getting a good deal at first, but they had a lot of hidden fees and a balloon payment at the end that was outrageous.

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Julie Firkins

June 10th, 2017 Orem, UT

i was with first security bank when it was changed over to wells fargo, it was truly an unpleasant change, the people are nice but the fees and the impersonal banking rules were awful!

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Gary H.

June 7th, 2017

I've enjoyed their service because I pay extra every time and they keep the loan up to date and current.