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Used Car Loan Rates

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You’re looking for a good used car, you decided on makes and models to search out and you know how much you’re willing to spend. If you’re like most of us, you’ll also need to line up used auto financing.

So how do you find used auto loan credit for your purchase?

Where to find used car credit

There are a few different places to find used car financing for your used car loan.

  • If you’re buying your used vehicle at a dealership, you can work with their finance department to apply for used car credit.
  • Whether you’re buying online, privately or at a dealership, you may contact your bank, credit union or other lender to ask about used auto loans.
  • Apply online for used auto credit with a used car loan lender like Wells Fargo.

How used auto loan credit works

  • Dealer financing
    Similar to new car loans, when you apply for used auto loan credit at a dealership, a network of lenders will approve you for used car credit and provide the dealer the rate offers on your auto loan. The dealer often takes the lowest rate and marks it up. The mark-up is the dealers’ profit on the financing.

    Financing through a dealership does not always get you the best deal.

  • Line up used auto loan credit ahead of time
    Many experts suggest you line up your used car credit ahead of time. When it’s time to negotiate price, you’ll already know how much you can spend, your loan terms, your monthly payment and the interest rate. That makes it easier to focus on finding the right vehicle at the right price.

Since finance departments at auto dealerships also work on commission, they make a lot of their money upselling extras like extended warranties and insurance to their loan customers. When you walk in with your used car credit in hand, it may be harder for them to add extras you don’t want or hidden fees into the total price of the car.

Line up your used auto credit with Wells Fargo before buying
  • Qualification to shop like a cash buyer
  • Fast credit decisions and loan processing
  • Competitive interest rates
  • Additional discounts if you’re a Wells Fargo Bank customer and/or you make automatic payments1
  • Online account management through the Wells Fargo online banking website
  • Secure personal information protection
  • Time to find the right vehicle…loan approval good for 30 days
  • Easy online used auto credit application
  • Personal help to finish your used car purchase at the Wells Fargo store nearest you

Let Wells Fargo help with your used car loan. Complete our easy online application today for an instant used auto credit decision.2

If you’re buying a vehicle from the classifieds, a neighbor or online, we can help qualify you for used auto loan credit. Simply apply for private party used car credit and receive a credit decision immediately.2

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1 In some cases, you will receive a message that your used car loan application requires further analysis by our loan officers. In these cases, we will email you the results of your application.
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With private party auto loans from Wells Fargo, you’ll get:

  • Fast credit decisions and loan processing
  • Competitive rates
  • Secure online account access at Wells Fargo Online®

Helpful Information

  • It may be easier to avoid unwanted extras and hidden fees at the dealer when your used auto credit is in place ahead of time.
  • Lining up your auto credit ahead of time puts you in control of the conversation about extras and may prevent hidden fees from being added to the total price of the car.
  • Used auto financing tips