New or used, there are several factors one should consider while buying a car. Most of us will apply for an auto loan before making the big purchase. Wells Fargo auto loans, offered by Wells Fargo Bank, are a prominent name among those who prefer an in-person experience. Here is everything you need to know to apply for an auto loan with Wells Fargo.
Wells Fargo Bank was founded in 1852. Wells Fargo Bank, headquartered in San Francisco, California, provides Wells Fargo Auto Loans. A customer opting for an auto loan with the bank is in for an experience that has a history of 170 years.
What are the factors that determine interest rates?
Before applying for an auto loan, you should learn about the factors determining car loan interest rates. In addition to the credit score, the loan term, make, model of the car and down payment are crucial in determining the interest rates.
For example, the money you need to borrow will be reduced if you have enough cash to utilize as a down payment. You can also use the money you receive in exchange for your car as a down payment. You will pay less interest throughout the loan if you borrow less.
What are the types of loans offered by Wells Fargo Bank?
Wells Fargo Bank offers home loans and auto loans. The in-person handling of the finances and established 4,000 banking branches across the country. In addition, customers are exempted from paying application fees or pre-payment penalties.
How can I get an auto loan with Wells Fargo?
If you have done your research and finalized Wells Fargo as your banker for your auto loan, you can get an auto loan with Wells Fargo by following these steps.
Apply through dealerships
Since Wells Fargo has collaborated with 11,000 dealerships around the country, it allows you to apply for financing directly through the dealership.
Check the rates directly
Since getting the best rates are important, you can check them directly with Wells Fargo. Consequently, this can be used to compare the rates with what your dealer has suggested. In other words, there are chances for the dealer to charge you higher rates for filing documents.
Discuss the interest rates and terms
The terms can be expected to be between 12 and 72 months even though Wells Fargo does not disclose the terms prior. However, you can expect good terms if you have a credit score of 740 or higher.
Submit the necessary documents
Documents required to get an auto loan with Wells Fargo
- Proof of income
- Proof of insurance
- Permanent residency or proof of U.S. citizenship
- Information on the vehicle, including the model and make and the Vehicle Identification Number.
- Trade-in information
How can I make my loan payments with Wells Fargo?
Wells Fargo offers the option of loan payments online, by mail, in person, or through automatic loan payments.
Online Loan Payment
- Enroll in Wells Cargo Online.
- Sign in and go to account summary.
- Select your auto loan.
- Make the payment or schedule it up to 30 days in advance.
Automatic Loan Payments
- Sign in to your Wells Fargo user account.
- Go to account summary.
- Select Enroll in Autopay.
One can also contact 1-800-289-8004 or download the automatic loan payments authorization (PDF) and fill it out to enable automatic loan payments.
Payments via Mail
- Money orders must be payable to Wells Fargo Auto.
- Fill in all the details along with your account number.
- Mail it to the Wells Fargo address mentioned below.
Wells Fargo Auto
PO Box 17900
Denver, CO 80217-0900
In addition, you can also pay in person and also through Money Gram and Western Union.
What should be done if the credit score is low?
Wells Fargo Auto Loans may be available to those with credit scores between 650 and 850. However, if you are to apply for a loan with Wells Fargo with a low credit score, you are required to sign the application with a co-applicant. In other words, the co-applicant will hold partial ownership of the vehicle under that loan.
Does Wells Fargo refinance auto loans?
You can always think of refinancing your auto loan if your credit score has improved or if the interest rates have dropped. Meanwhile, refinancing the auto loan is a good option if you owe less than your car’s worth. However, Wells Fargo does not refinance auto loans.
How can you connect with Wells Fargo for an auto loan?
Wells Fargo features fine customer support. In addition to online and app access, they also have in-person appointments. The Wells Fargo phone number is 800-289-8004, and it can be contacted for account management and queries. The hours of operation are 7 a.m. to 10 p.m. from Monday through Thursday, 7 a.m. to 9 p.m., and 7 a.m. to 5:30 p.m. on Friday and Saturday, respectively.
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