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Wells Fargo Auto Loans 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. While getting an auto loan from the dealership at the time of purchasing your car certainly is an option, you may want to plan ahead and shop for the best car loan instead. 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.
Wells Fargo auto loan alternatives
[ Read: The Best Bad Credit Car Loans ]
Wells Fargo loans
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, with a 30-year fixed loan starting at 2.745% APR. 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 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. Personal loan APRs are 5.99%–24.49%. 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.
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. Fixed interest rates range from 4.53%–10.72%. 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.
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