When shopping for used auto financing, not all borrowers qualify for the same used car loan rates. That’s because the biggest influence on a used car loan interest rates is the borrower’s credit rating.
In general the better the credit score, the lower the used car loan rate. The age of the vehicle and the loan term also help determine the used car loan rate. For example, new cars usually have lower auto loan rates than used cars and shorter loan terms generally carry lower rates than longer terms.
Whether you buy your used car from a dealership or from an individual, you’ll get one-to-one help from us to finalize your purchase when you close your used car loan at the Wells Fargo store nearest you.
Example Loan Terms
A representative example of payment terms are as follows: a loan amount of $20,000 with an APR of 7.50% and a term of 70 months would have a monthly payment of $353.63 with no down payment required. Advertised rates are subject to change without notice.