Wells Fargo Auto Loan Alternatives

Wells Fargo offers a variety of personal finance products like mortgages, personal loans and even student loans. But you might be surprised to find out you can’t get a Wells Fargo auto loan directly from the lender. Here are alternatives to Wells Fargo when you are seeking a car loan.

Consult these several auto loan alternatives to Wells Fargo you can apply for before hitting the dealer’s lot, all ranked with our proprietary SimpleScore methodology that rates APRs, fees, loan amounts and customer satisfaction.

In this article

    Wells Fargo auto loan alternatives

    Best for Online Application – LightStream

    For people looking for car loan approval faster than the speed of light, LightStream’s online application process can get you funds as quickly as the same day.

    Fixed APR
    2.49% – 11.89% w/AutoPay
    Loan Amount
    N/A
    Term
    24–84 months
    SimpleScore
    4.2 / 5.0
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    SimpleScore LightStream 4.2
    New Car Rates 4
    Loan Size 5
    Used Car Rates 4
    Customer Satisfaction 3
    Fees 5

    BB&T. Its online platform makes it easy to use and it offers auto loans of up to $100,000 so LightStream helps you afford the car of your dreams. Where LightStream really stands out is its Rate Beat program. Committed to being a competitive lender, LightStream will beat any other verified offer from another lender by 0.10% APR. It may not sound like a lot, but over the life of your loan, it can still save you a few bucks.

    LightStream Disclosure

    Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

    Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66

    © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

    Best for Prequalification Process – Capital One

    Getting a Capital One auto loan in your wallet is a two-step process — the prequalification process is easily completed online, but the loan application can only be completed at a qualifying dealer.

    Fixed APR
    Varies
    Loan Amount
    up to $100,000
    Term
    36–72 months
    SimpleScore
    4.6 / 5.0
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    SimpleScore Capital One 4.6
    New Car Rates 4
    Loan Size 5
    Used Car Rates 5
    Customer Satisfaction 4
    Fees 5

    Capital One’s auto loans fall somewhere in the middle of the restrictions of a dealer-only auto loan and one you can get directly from a bank. While you can prequalify yourself for a Capital One auto loan on its website, the application still needs to be completed in person at a qualifying dealership. While this may seem restrictive, there’s an upside: Capital One’s Auto Navigator online system lets you search the inventories of participating dealers. While it doesn’t guarantee any specific vehicle’s availability, it’s a good option to jumpstart your car search and guide you into the car buying process.

    Best for Flexibility – Bank of America

    While you have flexibility to purchase your car where you want with a Bank of America car loan, the online site will try to guide you to a pre-approved dealer.

    Fixed APR
    as low as 2.19%
    Loan Amount
    $7,500–$100,000
    Term
    12–72 months
    SimpleScore
    4.4 / 5.0
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    SimpleScore Bank of America 4.4
    New Car Rates 5
    Loan Size 5
    Used Car Rates 5
    Customer Satisfaction 3
    Fees 4

    Bank of America gives borrowers who plan ahead a lot of flexibility when it comes to car buying. While there are preapproved car dealerships for standard auto loans, if you’re looking to purchase from a private third party, there’s a special loan option just for that. Bank of America does have a minimum loan amount of $7,500. That being said, there aren’t any prepayment fees, so you can pay off all or part of the loan whenever you want. While the rates are already competitive for those with good credit, being a Bank of America Preferred Rewards member can save you even more, shaving 0.25%–0.50% off of your approved APR.

    Best for Shopping Online – Carvana

    If haggling with a dealer is something you’d rather not do, shopping and financing completely online with Carvana can feel more like nirvana.

    Fixed APR
    Varies
    Loan Amount
    Varies by state
    Term
    36–72 months
    SimpleScore
    4 / 5.0
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    SimpleScore Carvana 4
    Rates 3
    Loan Size N/A
    Used Car Rate 4
    Terms 5
    Fees 4

    Carvana is a little bit used-car marketplace and a little bit auto loan provider. You can get prequalified for an auto loan while you shop online for your perfect used vehicle. Carvana’s car loans are one of the best on this list for bad credit. The minimum requirements make it easier than big banks to qualify: you just need to be 18 years old, make $4,000 annually and not have any active bankruptcies. And the best part about a Carvana car? It can be delivered right to your home, making the financing and shopping experience hassle-free from start to finish.

    [ Read: The Best Bad Credit Car Loans ]

    Wells Fargo loans

    Mortgages

    Wells Fargo reviews note that it offers mortgages with terms from 15 to 30 years. With fixed, adjustable, VA and jumbo loans, Wells Fargo can help you find a suitable option as long as you’re looking for a longer term loan. Wells Fargo mortgages boast fair rates. As a potential borrower, you have the option to apply for a loan online or in-person with a mortgage specialist.

    [ Read: Best Auto Loan Rates ]

    Personal loans

    Personal loans from Wells Fargo can be used for a variety of expenses including debt consolidation, home renovations, unexpected bills and even large purchases. With loans ranging from $3,000 to $100,000, it’s a good option for big-ticket expenses, but not ideal for anyone who needs access to quick cash for a small purchase. For debts that need to be taken care of quickly, Wells Fargo’s fast funding of one business day from approval can be a major relief to borrowers.

    Student loans

    Paying for higher education can be challenging. Wells Fargo student loans can be used for undergraduate or graduate studies, career and community colleges and parents who want to help their children pay for college. Borrowers with existing Wells Fargo relationships can snag a discount, too. If you already have a Wells Fargo checking account or prior student loan, you can save 0.25% on your APR. Enrolling in automatic payments can save you another 0.25%.

    [ Related: Why You Should Get Preapproved for a Car Loan ]

    Wells Fargo in the news

    • The Wall Street Journal recently reported on an apology issued by Wells Fargo’s CEO for his comments about a lack of diverse talent. The September 23 apology follows comments from earlier in the summer that there wasn’t enough black talent to hire from in defense of the lender’s lack of diversity.
    • In February 2020, Wells Fargo agreed to a $3 billion settlement following a fake account scandal that dates back all the way to 2002. The bank admitted that it “wrongly collected millions of dollars in fees and interest, harmed the credit ratings of some customers and illegally used customers’ private information” according to the report from Fox Business.
    • Wells Fargo began cutting jobs in response to its “first quarterly loss in more than a decade,” with the goal of improving efficiencies according to Bloomberg.

    Last updated December 2020 — Updated editorial review of the brand.

    We welcome your feedback on this article and would love to hear about your experience with the auto loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

    Methodology

    SimpleScore

    We’ve created the SimpleScore™ to help you objectively compare products and services here at The Simple Dollar.

    Our editorial team:

    • Identifies five factors to compare across each brand
    • Determines the rating criteria for each factor
    • Calculate an average of those five factor scores to get one SimpleScore™

    We break down each of these five factors and their rating criteria for our review of the best auto loan companies of 2020.

    Why do some brands have different SimpleScores™ on different pages?

    Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores™ because they offer more than one financial solution — like auto loans, home loans, personal loans and banking.

    For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our SimpleScore™ to each financial solution, we’re able to give you a more accurate view of their services and how they compare to competitors’ services.

    Minimum new car rate

    Companies that look out for new car buyers with lower rates receive higher scores from us.

    Minimum used car rate

    We also give higher ratings to companies that look out for used car buyers by offering lower rates.

    Maximum loan size

    Having enough money to cover your auto loan is important –– that’s why companies with higher maximum loan amount receive better scores from us.

    Customer satisfaction

    We use the J.D. Power 2019 Consumer Lending Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)

    Fees

    Fees can add up very fast –– that’s why we give a higher score to companies who have fewer fees.

    Mandie Kelleher

    Contributing Writer

    Mandie is a freelance content writer from Boston, MA. Her writing has been featured in Reviews.com, Bankrate and Insurify. She holds a B.A. in Linguistics and French from Boston University.

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Loans Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.