Let us look how to get the best auto loan in the US. Borrowers considering the lowest APR can go in for Wells Fargo Auto Loan. You can finance the purchase of your vehicle using an auto loan services. Most importantly, run a thorough research on available option and make the right decision.
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About Wells Fargo
Wells Fargo is a financial conglomerate which was instituted on 18th March, 1852 by Henry Wells and William G. Fargo. Their central office is situated the centre of San Francisco, California. Also, has its functional head office in Manhattan. Wells Fargo auto loan is of the aim that borrowers can purchase both new and old vehicle. They provide this service with almost 11,000 dealerships across US.
Wells Fargo Auto Loan Eligibility
- A good credit score of at least 650 to 850.
- Must be employed.
- Minimum age of 18 years
- Permanent resident or green card holders are also eligible
- Recent pay stubs which was attached to your paycheck
- Income information
- A Driver’s license
- Proof of citizenship or residence permit
Wells Fargo Auto Loan Details
- APR (Fixed APR) 3.88% – 19.51%
- Loan Term Up to 72 months
- Min. Loan Amount: $5,000
- Max. Loan Amount: $300,000
- Application fee: free
Will there be fees on my loan account?
The lender spells out everything based on late fees, finance charges and other fees on your loan account.
How to calculate interest on a Wells Fargo auto loan
You should know that when it comes to Wells Fargo auto loans, the interest is totalled to the account balance daily. But take note that constant payment of the principal balance reduces the daily interest.
In calculating your daily interest charge as spelt out in the loan contract, you will first have to convert the percentage interest rate to decimal. We do this by dividing the interest rate by 100.
The next activity is to multiply that decimal number by your principal balance (auto loan amount), and then divide by the number of days in a year (365 or 366 for a leap year). This will give the final results to your daily interest charge.
The interest rate on an auto loan is 8% and the principal amount is $20,000. In getting the final outcome, we will convert the interest rate into a decimal: 8 / 100 = 0.08, and calculate the daily interest charge: 0.08 x $20,000 / 365 = $4.38 daily interest.
How do I make payment on my auto loan?
- You can set up an automatic payment system either through your savings or checking account.
- Pay online
- Make payment using your phone. You can call them on 1-800-289-8004.
- Pay by mail (pay your check or money order payment in the name of Wells Fargo Auto. Fill in all portions of the money order. Borrowers are not expected to send cash. Also, put in your account number on your check or money order before mailing your payment to: Wells Fargo Auto, P. O. Box 17900, Denver, CO 80217-0900
- Pay in person at any Wells Fargo banking offices near you with no additional charges.
- You can also pay through
- MoneyGram (include your 10-digit Wells Fargo auto account number and receive code 1815).
- Western Union ((add your 10-digit Wells Fargo auto account number, city code (CATX) and state code (TX). Charges may apply for both.
The outcome of making late payment or missing a payment
When this happens to a borrower, he or she will have to pay a late fee. All these are spell out in the loan contract. This will therefore bring about paying more interest charge on the loan. However, the more a borrower misses or make late payment, the more the interest charge increases.
This a rough calculation on what you are likely to pay as a late fee, you will have to multiple your interest charge of $4.38 by the number of days missed (30 days). Here, $4.38 x 30 days = $131.4.
Wells Fargo auto loans have alternatives borrowers can go in for. There are many auto loan lenders borrowers can look into. They include;
- U.S Bank
- JP Morgan Chase & Company
- Bank of America
- Union Bank
- Ally Bank
- Northern Trust
- Capital One
- T D Bank
- American Express
- M & T Bank
- BMO Harris
- First Republic
- HSBC Bank USA
- Citizen Bank
- PNC Bank
- T D Bank
- Regions Bank
- Fifth Third Bancorp
- Bank of NY Mellon