Car Loan Interest Rates

Simple interest loans have payments that are due on a monthly basis. There are no penalties or higher interest rates if you prepay your loan.

Simple Interest is a method of allocating your monthly loan payments between the interest and the principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment. The remainder of your payment is credited to principal and reduces the unpaid principal balance on your loan.

If you would like a lower monthly car payment or access to extra cash, consider refinancing your current auto loan with Wells Fargo Financial. Use the auto loan calculator to estimate your new monthly payment.