Wells Fargo offers a variety of personal finance products such as mortgages, personal loans, and even student loans. But you might be surprised to find out that you cannot get a Wells Fargo car loan direct from the lender. Here are alternatives to Wells Fargo if you are looking for a car loan.
Consult these various Wells Fargo auto loan alternatives that you can apply for In front The merchant’s offering has been assessed using our proprietary SimpleScore method, which assesses APRs, fees, loan amounts and customer satisfaction.
Wells Fargo Car Loan Alternatives
Best for online application – LightStream
For those looking for auto loan approval faster than the speed of light, LightStream’s online application process allows you to get money as fast as the same day using LightStream’s online application process.
BB&T online platform makes it easy to use and offers car loans of up to $ 100,000, so LightStream can help you afford the car of your dreams. Where LightStream really stands out is the Rate Beat program. LightStream strives to be a competitive lender and outperforms any other verified offer from another lender by 0.10% APR. It may not sound like much, but you can still save a few dollars over the life of your loan.
Disclaimer: Your loan terms, including the annual percentage rate, may vary depending on the purpose of the loan, amount, term and your credit profile. Excellent credit is required to qualify for the lowest prizes. The price is quoted with an AutoPay discount. AutoPay discount is only available prior to loan financing. Prices without AutoPay can be higher. Subject to credit approval. Conditions and restrictions apply. The prices and conditions shown are subject to change without notice.
Payment example: Monthly payments on 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 property of their respective owners. Lending by the Truist Bank.
Best for the prequalification process – Capital One
Getting a Capital One car loan in your wallet is a two-step process. The prequalification process can easily be completed online. However, the loan application can only be submitted to a qualified dealer.
Capital One’s auto loans are somewhere in the middle of the restrictions of a dealer-only auto loan and one that you can get direct from a bank. While you can pre-qualify for a Capital One car loan on the website, the application still needs to be completed in person with a qualified dealer. While this may seem restrictive, it has one benefit: Capital One’s Auto Navigator online system lets you browse the inventory of participating dealers. While it doesn’t guarantee the availability of a specific vehicle, it is a great option to speed up your car search and guide you into the car buying process.
Best for flexibility – Bank of America
While a Bank of America car loan gives you the flexibility to buy your car where you want, the online site will attempt to direct you to a pre-approved dealer.
Bank of America offers borrowers who plan in advance a lot of flexibility in their car purchases. While there are pre-approved car dealerships for standard auto loans, if you want to buy from a private third party, there is a dedicated loan option for that. Bank of America has a minimum loan amount of $ 7,500. That being said, there are no prepayment fees, so you can pay off all or part of the loan whenever you want. While prices are already competitive for those with good credit, as a member of Bank of America Preferred Rewards you can save even more and save 0.25% -0.50% on your approved APR.
Best for online shopping – Carvana
If you’d rather not haggle with a dealer, it can feel more like shopping and funding online with Carvana Nirvana.
Carvana is a bit of a used car market and a bit of a car loan company. You can pre-qualify for a car loan while searching online for your perfect used vehicle. Carvanas auto loans are among the best on this bad credit list. The minimum requirements make it easier for major banks to qualify: you only need to be 18, make $ 4,000 annually, and have no active bankruptcies. And the best thing about a Carvana car? It can be delivered straight 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
Wells Fargo Reviews note that it offers mortgages with terms ranging 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 are looking for a longer term loan. Wells Fargo mortgages offer fair interest rates. As a potential borrower, you have the option of applying for a loan online or in person from a mortgage specialist.
[ Read: Best Auto Loan Rates ]
Wells Fargo personal loans can be used for a variety of expenses, including debt consolidation, home renovations, unexpected bills, and even large purchases. With loans between $ 3,000 and $ 100,000, this is a good option for large ticket costs, but not ideal for anyone who needs access to quick cash for a small purchase. For debts that need to be settled quickly, quick one business day of funding after Wells Fargo approval can be a huge relief for borrowers.
Paying for higher education can be a challenge. Wells Fargo student loans can be used for undergraduate or graduate degrees, career and community colleges, and for parents who want to help their children pay for college. Borrowers with existing Wells Fargo relationships can also receive a discount. If you already have a Wells Fargo checking account or previous student loan, you can save 0.25% on your APR. By signing up for automatic payments, you can save an additional 0.25%.
[ Related: Why You Should Get Preapproved for a Car Loan ]
Wells Fargo on the news
- The Wall Street Journal recently reported an apology from the Wells Fargo CEO for his comments on a lack of diverse talent. The September 23 apology follows comments earlier this summer that there wasn’t enough black talent to defend the lender’s lack of diversity.
- In February 2020, after a fake account scandal dating back to 2002, Wells Fargo voted to reach a $ 3 billion deal on illegally used private customer information, ”the Fox Business report said.
- Wells Fargo began shedding jobs in response to its “first quarterly loss in over a decade,” with the goal of improving efficiency, according to Bloomberg.
Too long, not read?
Although many Wells Fargo loans are available through the bank itself, Wells Fargo auto loans can only be applied for at a dealership. While this is a great option for some, those who prefer to shop around and plan ahead can look to alternative car loan providers for a car financing solution.
Last updated December 2020 – Updated editorial review of the brand.
We appreciate your feedback on this article and we’d love to hear about your experience with the car loans we recommend. Contact us at [email protected] with comments or questions.