![]() ![]() The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. If Wells Fargo's history bothers you, you may want to consider other lenders.Įlias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City. Additionally, it misapplied payments to those loans for many customers. The bank illegally charged fees and interest penalties on auto and mortgage loans. Most recently, the Consumer Financial Protection Bureau in December 2022 ordered Wells Fargo to return $2 billion to customers and pay a $1.7 billion penalty for legal violations involving auto loans, mortgages, and deposit accounts.In 2021, The Office of the Comptroller of Currency (OCC) issued a cease and desist order against the company based on the bank's failure to establish an effective home lending loss mitigation program. The bank is still paying billions in settlements for its employees creating fake bank accounts to meet sales goals, which became public knowledge in 2016.Wells Fargo has been involved in a few recent controversies. The BBB measures companies by evaluating businesses' responses to consumer complaints, honesty in advertising, and transparency about business practices. The BBB, a non-profit organization focused on consumer protection and trust, gave this rating because of a failure to respond to 12 complaints against the business and government actions against the bank. Wells Fargo has an F rating from the Better Business Bureau. Make sure you make a plan to fit auto loan payments into your budget. Depending on the interest rate you receive, the amount of money you borrowed, and your term length, you could pay several hundred dollars per month. You'll submit your loan application at the dealership, where the dealer will access your credit report to get a full view of your credit history.ģ. Submit a formal application and wait for an approval decision. You'll also need to find a dealer within Wells Fargo's partner network.ģ. This includes your address, employment, and income details. How to Apply for a Wells Fargo Auto Loanġ. ![]() This makes it hard to easily compare rates with those from other lenders. You'll have to find them out when you apply through its network of partner dealerships. The biggest downside of Wells Fargo's auto loans is that its terms aren't disclosed. Additionally, if your credit score isn't in the best shape, you'll be able to enlist a cosigner with Wells Fargo. Wells Fargo is best for borrowers who want to utilize in-person support, as Wells Fargo has many physical branches you can visit to get hands-on customer support and advice. If you're looking to refinance a loan or buy out a lease, you'll need to go with a different lender. Only new and used vehicle financing available.However, Wells Fargo works with a network of nearly 11,000 dealerships nationwide, so you will have options to do so. You aren't able to get a loan directly from Wells Fargo, and must use its network of partner dealerships. Loans only available through a partner dealership.You can find lenders that are more transparent about what they offer. Wells Fargo doesn't disclose its rates or most of its other loan terms, which makes it tough to compare with other lenders. Not all auto lenders allow cosigners on their loans. If you find it difficult to qualify for a loan on your own or simply want a better rate, you can apply with a cosigner. Branches aren't available in: Ohio, Michigan, Kentucky, West Virginia, Missouri, Oklahoma, Louisiana, Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, and Hawaii. While Wells Fargo offers auto loans in all 50 states, it doesn't have branches in 13 states. Borrowers in most states have options to visit branches in person. While its partner dealerships may charge fees on your loan, the bank itself won't tack on any additional fees, which will keep down the cost of your loan overall. Pros and Cons of Wells Fargo Auto Loans Pros This means Wells Fargo also doesn't disclose its rates. However, you can't borrow directly from the bank as it works with a network of partner dealerships. The bottom line: Wells Fargo can be a good lender for borrowers who want a large branch presence for in-person support. You aren't able to apply directly through Wells Fargo.Wells Fargo works with a network of nearly 11,000 dealerships nationwide.Repayment terms generally range from 36 months to 72 months. ![]()
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