Wells Fargo Logo
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4.9

Overall Score

Author: Kaitlyn Short

LAST UPDATED: May 31st, 2024

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.

Top Ranked Companies

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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.
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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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Star Rating

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3.7

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96 Reviews

Review Breakdown

5 grade

44%

4 grade

17%

3 grade

19%

2 grade

6%

1 grade

15%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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Greg Atlanta, GA

A year and a half ago I was out of town and my Truck died. I purchased a new one and selected Wells Fargo to finance it as I banked at Wells Fargo. I made it clear that upon return home I would have 50K in my account and pay off the loan. I was home in 3 days with my new car and this is the time it took to sell some investment shares and have the 50K in my Wells Fargo checking. I called Wells Fargo and they said they were just not ready for me to pay off the loan. They connected me to lots of people but this dragged for two weeks. The money was clearly in my Wells Fargo account, the contract said I could pay the loan any time, Wells Fargo just would not keep their word. And no one offered to stop the interest. I paid $47 in interest. Additionally, my 50K was not in the market earning interest, but sitting in my Wells Fargo account. I still bank with Wells Fargo but they have a lack of integrity in their basic corporate culture. If I were not so vested in my banking transactions being done at Wells Fargo and my Bill Pay at Wells Fargo, I would look elsewhere. Greg

2 years ago

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Dennis Brennan Jr Dallas, TX

Wells Fargo Dealer Services is responsible for document withholding, they prevented me from registering vehicle in timely manner. There was no alternative, their actions were directly required for me to register my truck. They refused, and stated that is not their policy. 10 months is unacceptable to pay all expenses on a vehicle that I can't use. My business plan of my logistics business failed because I could not buy a second truck while the first one sat unusable. May 29, 2021 purchase date, March 16, 2022 Legally registered and titled. Not to any fault of my own as I pursued registration of my truck with extreme efforts in hopes to resolve internally with Wells Fargo Auto, or better known as WELLSFARGODEALERSVCS or Wells Fargo Dealer Services. The attitude, consistently scripted response letters, and every "representative from the executive office" that I spoke with all had that "not my problem" approach. The initial customer service representatives were extremely pleasant, accepted responsibility and made me feel like I was a valued customer. I feel that this was also deceptive to linger hope to prevent the alternative litigation. Every time I pushed the issues, they treated it as a valid complaint, sent a letter, asked for more time to review, and closed it out the same way every time. A letter was sent saying the title was processed. The title wasn't the issue, me being able to register the truck in Mississippi was the problem.

3 years ago

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C G Eubank, KY

I got an auto loan with Wells Fargo on Easley SC. For a 2018 Nissan Rogue. I purchased the car last January 2021. My cousin cosigned for me. She passed away in March 2022. I sent a cashier check for the full payoff. Then suddenly come may after my cousin had passed away. They started sending out past due letters to her address and calling me 5 times a day trying to say I was behind on payments. Even though my bank statement showed they got the money. I got the paperwork in saying paid in full. her name removed from the loan.. They started saying they never received the money. Even though I faxed them proof. Then night before last they had their recovery company sneak out and steal my car in the middle of the night. I have being on phone with them numerous departments trying to locate it do at least I can get my personal stuff and the car and I have being given the run around and told to call back. Desired outcome: Car back plus a full refund Update by Christine ky Jul 01, 2022 7:30 pm EDT Well here I go again. Wells Fargo an employee name Corina, sweet girl was trying to work with me to get my car back. I told her my attorney and I would agree to try to stop payment on that cashiers check and sent out another one if my car was returned today or by Tuesday. She tried to help me do that but the redemption dept said no! They want more money now. I called them and the girl was so rude kept telling me she wanted over 18000 now before they would give back the car because they didn't receive the money and I go my bank statement shows you did. She felt out refused to work with me to give back my car even though I had proof it was paid off and everything. So now they are going to be taking my car to the auction to auction it off for whatever they can get out of it. I told her she would be hearing from my attorney for a major lawsuit. They don't care, they have being caught setting up false bank account to steal peoples money plus numerous other law suits against them. Its all over the internet on how many times they are being sued and here comes them another one.

3 years ago

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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.

4 years ago

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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.

5 years ago

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Deb Ficke

It takes wells fargo over two weeks to send out a title guarantee letter? The first call to inquire if it was done said it would be another week then when I called again to check on it , they lost the request. Is this so they can charge more interest on my stolen vehicle? Will never finance through them again.

1 year ago

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Annie Hickey

I found Wells Fargo Auto loans to be the worst people in the world to work with. I helped my daughter finance a car and we can get the paperwork straight took forever to get the title once the vehicle was paid off I actually wound up taking the loan away from them and refinancing it to another lender just so I could stop working with them.

1 year ago

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Review Source

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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.

7 years ago

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Tom Farekian

They care very little to non when it comes to there customers, unless why what you to join them.

7 years ago

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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.

7 years ago

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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.

7 years ago

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William Flynn

High cost, poor service, morons in charge, tellers who can't count money

7 years ago

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Lynda Daluz

awful customer service and rates that are above normal

7 years ago

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Michael Miller

awful customer service and rates that are above normal

7 years ago