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Questions about Auto Loans, Refinancing, and Equity

Select a topic to learn more:

What are the current refinance auto loan interest rates?

Looking to refinance an existing loan? Wells Fargo can help with competitive rates, flexible terms, and outstanding service.

Check current rates

What factors contribute to the approval of a new auto loan?

Your ability to repay a loan, credit history, and vehicle collateral may impact your approval of a new auto loan.

How do you determine the interest rate on my auto loan?

Your auto loan rate is based on your:

  • Credit history
  • Loan amount financed
  • Loan to value (LTV) on the vehicle
  • Banking relationship with Wells Fargo

How does my credit score impact my auto loan interest rate?

Applicants with higher credit scores and excellent credit history may receive better auto loan interest rates.

What is the minimum loan amount required to refinance with Wells Fargo?

The minimum auto loan amount to refinance with Wells Fargo is $5,000. The amount of money you are eligible to borrow is based upon several factors, including the type of vehicle and your credit and financial history.

Are there vehicles Wells Fargo doesn’t refinance?

We do not finance commercial vehicles, salvage vehicles, or conversion vans. Additionally, titles cannot be registered in a Business Name.

If I refinance my loan, when is my first payment due?

Your first payment is based on your auto loan’s closing date and can vary between 19-51 days from when the loan closed. Please refer to your loan contract for your exact due date.

Can I refinance my existing Wells Fargo auto loan?

Yes, you may be able to refinance your existing Wells Fargo auto loan. Visit a store or call an auto loan specialist at 1-877-590-7776 for more information.

I currently have a lease on my vehicle, can I refinance with Wells Fargo?

We offer lease buyout auto financing to buyout your lease with the dealership or finance company.

I don’t have a loan against my vehicle, but can I take a loan on it and use the equity to consolidate debt?

You may be able to use your vehicle’s equity to consolidate debt, cover unexpected expenses, and finance large purchases.

Note: You can’t use your vehicle’s equity to pay for higher education costs.

Do I need auto insurance to refinance with Wells Fargo? And how do I provide evidence of coverage?

Your vehicle must be covered under an active auto insurance policy with comprehensive and collision coverage in order to refinance with Wells Fargo. Evidence of coverage is required.

Acceptable proof of insurance includes:

  • Copy of insurance card
  • Declaration of coverage
  • Statement or binder

Are there any states in which you don’t offer auto loans?

We don’t offer auto loans in Louisiana.

What are the current rates for new and used auto loans?

Looking to purchase a car? Wells Fargo can help with competitive rates, flexible terms, and outstanding service.

Check current rates

What factors contribute to the approval of a new auto loan?

Your ability to repay a loan, credit history, and vehicle collateral may impact your approval of a new auto loan.

How do you determine the interest rate on my auto loan?

Your auto loan rate is based on your:

  • Credit history
  • Loan amount financed
  • Loan to value (LTV) on the vehicle
  • Banking relationship with Wells Fargo

How does my credit score impact my auto loan interest rate?

Applicants with higher credit scores and excellent credit history may receive better auto loan interest rates.

I currently have a lease on my vehicle, can I finance with Wells Fargo?

We offer lease buyout auto financing to buyout your lease with the dealership or finance company.

What is the minimum loan amount required to finance with Wells Fargo?

The minimum auto loan amount to finance with Wells Fargo is $5,000. The amount of money you are eligible to borrow is based upon several factors, including the type of vehicle and your credit and financial history.

Are there vehicles Wells Fargo doesn't finance?

We do not finance commercial vehicles, salvage vehicles, or conversion vans. Additionally, Titles cannot be registered in a Business Name.

Do I need auto insurance to finance with Wells Fargo? And how do I provide evidence of coverage?

Your vehicle must be covered under an active auto insurance policy with comprehensive and collision coverage in order to obtain an auto loan with Wells Fargo. Evidence of coverage is required.

Acceptable proof of insurance includes:

  • Copy of insurance card
  • Declaration of coverage
  • Statement or binder

What is the longest term auto loan Wells Fargo offers?

Wells Fargo offers flexible terms to meet your borrowing needs. Our maximum loan term is 72 months, or 48 months for vehicles 7 years or older.

Are there any states in which you don’t offer auto loans?

We don’t offer auto loans in Louisiana.

What information do I need before I apply for a loan?

Before you apply for an auto loan, be sure that you have the following information available:

  • Personal and contact information — including your Social Security Number, previous addresses, and monthly mortgage or rent payments 
  • Employment and income information — such as your gross income, current and previous employment history, and employment status 
  • Current vehicle information — including the Vehicle Identification Number (VIN), year, make, and model of the vehicle, and mileage 

To see if you’re ready to apply, use the Loan Application Checklist.

How do I apply for an auto loan?

Applying is simple and takes 5 to 10 minutes to get an initial credit decision.

  • Apply online
  • Discuss and select a loan option with a Wells Fargo Auto Finance Specialist
  • Complete and submit your loan documents

If approved, you’ll receive your loan quickly — typically within a few days — and you can access your account 24 hours a day, 7 days a week with Wells Fargo Online.

Do I need to make a down payment to be approved for an auto loan?

No, we don’t require a down payment. If you qualify, you can choose to finance up to 100% of the vehicle purchase.

If I can get financing at the dealership, why would I finance my car with Wells Fargo?

Dealers often offer cash rebates as an alternative to low interest rates, so choosing financing with us may prove more attractive to you.

If I don’t have a loan on my car, can I refinance to use the equity?

Yes, you may be able to use your car’s equity to combine some or all of your debt while possibly lowering the overall amount you pay each month.

Do I need a co-applicant?

No, but a co-applicant may help you meet credit and ability to repay requirements.

If I have limited credit history, can I still get a loan?

Yes, but you will have to meet credit depth requirements and may want to consider a co-applicant.

Are there any fees associated with the loan origination?

Yes, there is a $99 origination fee, which is financed within the loan and reflected in the annual percentage rate (APR)

Note: The borrower is responsible for tax, title, registration fees and lien recording fees, which may be financed into the loan.

How can I track the progress of my loan application?

You’ll be able to use Your Application Status to track your loan application quickly and easily online. There you can:

  • Provide required documents
  • Prepare for closing
  • Manage your account

After I apply, how soon before I have a loan decision?

Your vehicle loan is usually reviewed within 1 day. An initial credit decision is made within 1-2 days. However, it may take up to 1 week to complete the loan decision process.

Once my loan is approved, how do I receive my check?

We offer several loan disbursement options, including:

  • Direct deposit to a Wells Fargo checking account
  • Check issued to you
  • Check issued to dealer or lien holder

When will my first payment be due?

Your first payment is based on your auto loan’s closing date and can vary between 19-51 days from when the loan closed. Please refer to your loan contract for your exact due date.

How do I enroll in Online Banking in order to manage my auto loan?

With Online Banking you can make payments, view statements, and check your loan balance.

To monitor and service your account digitally, enroll in Online Banking. If you are already enrolled and cannot view your Auto Loan, Sign on, navigate to Account Services, select Add Accounts, and then select your Auto Loan.

What are my payment options if I do not have a banking relationship?

You can make payments from your checking or savings account held at Wells Fargo or at any other financial institution.

If you make a payment through Online Banking, your Wells Fargo checking and savings accounts will automatically be provided.

You can also easily add checking and savings accounts from other financial institutions and save them for future use.

Can I make extra payments?

Yes. You can make extra payments at any time with no penalty. If you would like to apply a portion of your payment or an additional amount to principal only, select the principal payment option within Online Banking.

Alternatively, mail your payment along with instructions that you would like the additional amount applied to principal only to:

Wells Fargo
P.O. Box 29704
Phoenix, AZ 85038-9704

If you don’t designate a payment as principal only, each payment in full equal to your regular payment amount will advance your due date by one month, up to three months. Once your due date is advanced three months, all additional payments will be applied towards principal.

Can I change my payment due date?

Yes, after you make your first payment, you may request a one-time due date change by sending a secure email through online banking or calling customer service at 1-800-559-3557, Monday – Friday, 8 am to 6 pm, Local time.

Can I take my car out of the country if I have a loan on it?

If you want to take your financed vehicle out of the country, you will need a signed authorization from us, which must be kept in the vehicle at all times.

To request the information needed for this authorization, please call customer service at 1-800-559-3557, Monday – Friday, 8 am to 6 pm, Local time.

Please allow 3-5 business days for processing from the date that we receive the required documentation.

How do I request relief for my time in military service?

Contact Wells Fargo Military Banking, 1-855-USA-2WFB (1-855-872-2932), Monday – Friday, 8 am – 8 pm, Central time.

How do I file for a claim if I was involved in an auto accident and I have Guaranteed Asset Protection (GAP) on my vehicle?

Contact our total loss department at 1-866-829-3395, Monday – Friday, 9 am to 6 pm, Central time.

Can I trade in my car before I have paid off my loan?

Yes, but please contact customer service at 1-800-559-3557, Monday – Friday, 8 am to 6 pm, Local time for specific details. Wells Fargo will release title or its equivalent when the loan is paid in full.

How do I pay off my auto loan?

You can make a same-day payoff through Online Banking. If you are not making an immediate online payment, please contact us at 1-800-559-3557, Monday –Friday, 8 am to 6 pm, Local time, so we can provide you with an accurate payoff quote.

Payoffs can be mailed to the address below and please include your auto loan account number:

Wells Fargo
Attn: S3916-01M/Payoffs
301 W Warner Rd Suite 124
Tempe, AZ 85284

After I have paid off my loan, when will I get my title?

The time it takes to receive your title or its equivalent varies. Generally, we release our lien on the vehicle in 3-10 calendar days.  If you paid your balance with guaranteed funds, such as a bank issued Cashier’s Check, it could be released in as little as three calendar days.

Your state’s processing requirements also affect the timeline, as some states process titles electronically, while others do not. Contact your local titling or registration authority to determine its title transfer process.

For more detailed information on your Wells Fargo auto loan, call customer service at 1-800-559-3557, Monday – Friday, 8 am to 6 pm, Local time.

We offer a variety of convenient payment options

Online Banking

Payments can be made quickly and easily through Online Banking at no charge. Pay from your checking or savings account held at Wells Fargo or at any other financial institution. Not enrolled in online banking? Enroll today.

  • For an auto loan with the dealership: eServices Login
  • For an auto loan with Wells Fargo: Sign On

Automatic Loan Payment

Why write a check and pay postage? Make your payment, at no cost from Wells Fargo, automatically with Wells Fargo Automatic Payments. Sign on to Online Banking and select Automatic Payments from the Account Services tab. Or call customer service for assistance at 1-800-559-3557, Monday – Friday, 8 am – 6 pm Local time.

Mail

Mail your payments using the payment remittance coupon attached to your monthly statement. Or use the following address and please be sure to include your auto loan account number with payment. 

Wells Fargo
PO Box 51168
Los Angeles, CA 90051-5468

If you need to overnight a payment, you can mail the check to:

Wells Fargo Auto Finance
301 W. Warner Rd., Suite 124
Tempe, AZ 85284-2963

Pay by Phone

We are available to take your payment 24 hours a day, 7 days a week. Call our automated phone system at 1-800-559-3557. The charge for an automated telephone payment is $6 and fee for a customer service-assisted payment is $10.

Wells Fargo stores

Your payments are accepted, at no cost at any Wells Fargo Bank store.

Find a store near you

MoneyGram

You will need the following information to process your payment:

  • Your Wells Fargo auto loan account number
  • Receive Code: 2459
  • Company name: Wells Fargo Auto

Third-party fees may apply. 

Western Union

You will need the following information to process your payment:

  • Your Wells Fargo auto loan account number, 
  • Western Union City Code: WF Auto Finance 
  • State Code: PA

Third-party fees may apply.