Founded by entrepreneurs Henry Wells and William Fargo, the company has its corporate headquarters in San Francisco, California and operational headquarters in Manhattan. Currently, the firm has offices in over 35 countries while accommodating more than 70 million customers. With more than 8,050 branches all over the United States, this firm has been ranked as the fourth largest bank in the States.
Wells Fargo has been a go-to bank for people looking for a reputable brand established worldwide. While having a wide geographic print, the bank has a wide range of offerings to cater to all the services that you might need.
The bank was prospering and flourishing well until some issues that came to the forefront earlier in 2016. Ever since then, the bank has been working to consolidate the public's trust and re-establish its reputation. The only way for them is to offer better interest rates with distinctive products to ensure customers' convenience. The Better Business Bureau is still assessing Wells Fargo's profile and has not provided a rating yet.
What Does Wells Fargo Offer?
Wells Fargo & Company has been quite popular for providing various beneficial and cooperative assistance in regards to loans and lease for startups. Along with that, it offers online as well as in-person services for wealth management, investment, and lending sectors.
Overall, the company offers a variety of banking products and services to cater to every banking need under its platform. For instance,
There are 2 types of savings accounts that Wells Fargo offers to its customers. Way2Save is the most popular as you can open an account for as little as $25 and make automatic deposits each month through your checking account. The other one is Platinum Savings; the APY of both account structures is similar to 0.01%.
However, if you link your Platinum account to your regular Wells Fargo checking account, then your APY can increase to 0.02%. Moreover, if you have sufficient funds, you can even get the facility to write checks from this account.
The firm offers 4 different types of checking accounts to its customers; each of these requires a minimum deposit of $25. However, the facilities and features vary for each account mentioned below.
This account type offers basic attributes that include a debit card and a checkbook. Each month a service fee of $10 is charged on the account, which can be waived off certain criteria.
- Portfolio by Wells Fargo:
The Portfolio account is an interest-bearing account that provides various benefits if an individual has other Wells Fargo accounts under their name. The benefits include additional bonus interest rates, constant customer support, waived-off ATM fees, and discounts on certain loaned products' interest rates.
- Clear Access Banking:
This account is merely for teenagers who prefer having their own account. Ages between 13 to 17 can apply for this account with an adult co-owner who will have access to the finances.
Certificates Of Deposit:
Well Fargo has limited CD options. The available options are not highly recommended compared to other online banks; they do not offer competitive prices. The major benefit of CDs is that it helps one save for their future goals. Wells Fargo currently has two types of CDs that are
With a minimum deposit of $2,500, Wells Fargo offers a traditional fixed-rate CD account. However, it produces low yields, and there are no longer term plans available online.
- Destination IRA:
This CD plan is accumulated in regards to a retirement plan. They offer interest rates and certain term lengths based on one's retiring age with a deposit of just $1,000 and an existing Wells Fargo account.
Wells Fargo offers a number of credit cards with reasonable introductory APRs for certain purchases and online payments. These cards vary depending on one's requirements. For instance, there is a specific card for travel rewards, cashback credits and balance transfers.
Wells Fargo has helped a lot of businesses through its wide range of offerings. The company provides mortgage loans, personal loans, student loans, auto loans, and private wealth management for the customer's benefit. Further, several investment opportunities, such as self-directed and automated investing along with a financial advisor, are also available.
Wells Fargo provides standard customer support via live chat and phone calls. They assist them with their accounts, general banking queries, online transactions and much more. You can create, block or change your account by visiting any Wells Fargo branch or contacting them online.
Kickstarting a business requires enough investment to cater to the basic needs and requirements. Small businesses with limited investment can take bank loans to help them with their startups. Wells Fargo is one of the reputable names that has assisted many customers for years with their finances and loans.
Who Should Apply For Commercial Truck Financing With Wells Fargo?
Commercial Truck Financing is generally offered to help individuals start their business by buying, leasing, repairing or upgrading trucks. Choosing Wells Fargo for your commercial vehicle needs is a good option as they direct their customers toward the right equipment finance strategy that would sit well with their business. They offer a variety of loan and leasing options that one can pick from as per their requirements.
Wells Fargo is one of the largest banks in the United States that offer a variety of commercial truck loans for new and used trucks. If your brand has been in business for a long time and gets enough cash generated, you meet their eligibility criteria. The bank provides loans for trucks, trailers and specialty vehicles to give your business the push that it needs at fixed or variable interest rates.
The bank, Well Fargo, partners with wholesalers, distributors, retailers, and manufacturers to bring you class 6, 7 and 8 vehicles. Currently, they are aiding owners, highway fleets, leasing companies and commercial vehicle dealers. Under the section of commercial truck financing, they are providing the following services.
- Leasing or providing loans for new or used equipment
- Long term loans from 12 to 84 months
- Competitive interest rates
- Cyclical payment structures
- Operating leases
- TRAC leases
- Relevant agreement documents
- Finance programs for dealer retail
Many individuals do not prefer bank loans due to inflated interest rates and extensive application processes. Even though that's fairly true, we cannot deny the fact that bank loans offer relief such as minimal down payments and certain leases instead of loans. Wells Fargo is one brand you can consider to save yourself from the hassle.
As compared to other auto loan providers, Wells Fargo does not allow you to sign up directly through them. Rather, they partner with around 11,000 dealerships that finance new and used commercial vehicles to the customers.
These dealerships are responsible for handling and forwarding your application process and contract. Even though you cannot apply for auto loans through Wells Fargo, account holders can still use their online banking program to make the payment via their website or mobile application.
"If your brand has been in business for a long time and gets enough cash generated, you meet their eligibility criteria"
How Do You Qualify For Wells Fargo Commercial Truck Financing?
Wells Fargo's eligibility criteria to apply for commercial truck financing are minimum and basic. Therefore, a lot of businesses are qualified to apply for these loans. However, the loan granted to you and your business depends on various factors such as your company's history, finances, and equipment value that you wish to finance.
Since the equipment collateralized the loan, lenders' main point of focus is the worth of your equipment and if your business' revenue can support your loan plan. For this reason, it is an optimal option for new as well as old businesses facing a hard time.
If you are listed under bad creditors, then with your risky financial plans, the down payment for your commercial truck can vary to 20%. However, if you have maintained a good status with your finances and credits, it can be as low as 0%.
Here's what a good or a bad credit score means at Wells Fargo:
- 760 and above – You will be offered the best rates in the market, based on DTI (debt-to-income) ratio and collateral value
- 700-759 – You will receive good credit based on DTI and collateral value, but the rates might not be the best out there
- 621-699 – You might be required to pay higher rates and face difficulties with getting credit
- 620 or below – You might not be eligible for unsecured credit
Generally referred to as FICO scores, the above mentioned credit scores are a reflection of your credit maintenance and repayment history of about 10 years. These scores may vary based on the reporting agencies.
Moving further, the minimum requirements that you need to check if you are eligible to apply for commercial truck financing through Wells Fargo are as follows:
- Business period: Wells Fargo helps established businesses in the industry. If you have been in the market for over 12 years, you have a higher chance of getting your commercial truck financing approved.
- Credit score: Each bank has certain criteria when it comes to the credit scores that pass the application check. As per Wells Fargo terms and conditions, your annual credit score should be more than 600 for you to be eligible for the loan or a lease.
- Annual revenue: Banks always look into business revenues to ensure that the customer is able to pay for the loan that they are applying for, even on the bad days. In order to pass their procedure, your company should generate annual revenue of $100,000.
- Down payment: Wells Fargo is flexible when it comes to commercial truck financing. If your business credit score is below average, they can provide you the leverage to pay a large sum of down payment and get through the process.
Moreover, in addition to this:
- You may be required to hand in the paperwork at one of the Wells Fargo branches.
- As the value of the leased vehicle can depreciate, you must be aware that you might have a piece of outdated equipment as your asset by the end of your term.
- Lenders prefer business owners with a source of capital that they can seize if the owner fails to repay a loan or loses the job.
Also, here are some conditions that lenders may consider before extending your credit:
- Your method of the procession from loan
- Impact on market and economy with your loan amount and interest rates
- If you are financially responsible for a loan or not
Wells Fargo offers loans and leases on commercial trucks to cater to its customer needs. Each of the two has its benefits. In the case of loans, you make regular payments for a certain period and then by the end of the term, you have the truck under your name.
However, with a lease, you make minimum payments compared to loans, but you do not possess the truck by the end of your leasing frame. No matter what plan you pick for yourself, you must ensure that the vehicle you invest in does not get outlasted by the loan or lease.
Wells Fargo Loan Application Process
Wells Fargo has a simple yet lengthy loan application process. It is recommended that you thoroughly prepare yourself with the relevant documents beforehand to save yourself from inconvenience along the way and to experience smooth leasing.
While you are working on your application, you must remember that the lending approval will depend on your business potential, past finances, and the cost of your commercial truck.
Let's dig into the steps you need to follow in order to apply for Wells Fargo commercial truck finance,
- Apply online: Wells Fargo's existing customers with an active account for over a year are eligible to submit their application online for an Equipment Express Loan. The application would have basic questions based on your current business and your purchase truck. Documents stating the ownership of a 25% or more shareholder with their annual income are required to be submitted with the basic documents.
- Consult with Wells Fargo Finance Adviser: Once you have submitted your application online, you have to wait for it to get approved; if approved, a consultant would directly reach out to you and request you to provide him with specific details to put your case into further processing and get you your loan. You will be required to send in extensive documentation that is requested at this step. The consultant will further guide you with the document submission and invoice necessary for the vehicle loan.
Submit the documentation: While applying for a loan through Wells Fargo, you will need to make sure that you are prepared with all the personal and business-related documents on hand. The primary documents that you should have ready are:
- Wells Fargo account number
- Business details including name, address and contact
- SSN of the browser
- Tax ID of your business
- Ownership details
- Gross annual revenues of your business with profit and loss
- Driver's license
- Tax returns
- Purchase order or relevant invoice
- Receive Funds: Once the bank has all the required documents and is satisfied with your business, they will process your application. After it gets through, you will see your funds in your current Wells Fargo account. Generally, it only takes one business day for the funds to arrive in your account.
It can take a few days for one to clear the entire procedure, even if you are well-prepared. However, if you still have to look for the truck or need time to arrange documents, it is suggested that you send in your application to get approved and proceed to the final stages gradually.
Your loan application process can be smoother than ever and result in 100% financing at minimal interest rates with good credit. However, if you are a bad credit holder, then you might face some hurdles with the process, which can work out with a little guidance from a good source.
"If you have maintained a good status with your finances and credits, down payment can be as low as 0%"
Wells Fargo Commercial Truck Financing Interest Rates
Wells Fargo offers financial loans to various different sectors in order to provide a sustainable lifestyle or business plan. The company can accommodate with $10,000 to $100 000 loans with a 2-year or 6-year term plan depending on the vehicle condition that one desires to purchase. The interest rates of these loans start at 7% and can go up to 30%.
Financial aid is available for up to 100% of the vehicle. During the term plan, a company or an individual can use the proceeds to upgrade their current commercial trucks. With over 6,000 branches spread across the United States, Wells Fargo has been accommodating and assisting multiple business owners with their loans.
The interest rates matter a lot when it comes to purchasing a commercial vehicle through a traditional bank. However, that's not the only thing you must consider when choosing or investing in a product. Before making a decision on the truck, make sure to look into your business budget and ensure that you evaluate the one-time as well as ongoing costs of the particular vehicle.
For instance, the down payment, monthly payment, dealer fees, taxes, insurance, annual registration, maintenance and fuel. Applying for commercial truck financing through Wells Fargo means that there are no additional origination fees, prepayment penalties or application fees.
Commercial refinancing helps reduce interest rates monthly payments and helps you meet and maintain your business needs. It is recommended that you apply for the refinance loan when your business credit has improved, or you have paid the majority of your loan balance.
Wells Fargo offers its customers commercial refinancing, but the same mileage and restriction can make it a little challenging to get approval. However, Wells Fargo offers a seven to fifteen days grace period on your loans, along with a one-time opportunity to set your due dates.
The Final Word
As each business differs from another, there are loads of key points that you must ponder over regarding your business and decide if financing is the best option. We strongly believe that business investments can help you grow faster. Therefore, leasing or loaning commercial trucks to stabilize your business profile is a good idea.
Wells Fargo has been running successfully for over 150 years. It continues to offer full banking service one can need to date under its platform with financing, leasing and refinancing opportunities.
The company has a specific sector that looks into commercial truck financing, which is in partnership with multiple dealerships to bring customers with everything. With financial advisers helping customers with each step and guiding them to the right path, Wells Fargo is a great option for first-time truck buyers.
You may contact a loan specialist in order to avail of commercial truck loans. With the right guidance and assistance, you can loan commercial trucks at low rates for long terms of 12-84 months. They'll provide a seasonal payment structure with fixed or floating rates to align with your business plan.
Whether you pick Wells Fargo for your commercial truck financing or not, it is a well reputed investment opportunity, even if you pursue it through a different source, as it is an affordable method to possess a piece of expensive equipment.
Even with good services and offers, Wells Fargo has had mixed customer reviews. Therefore, it comes down to your research and assessment of their services. If you wish to opt for a different service provider, you also have a lot of other commercial truck financing options in the market with comparable rates, credible application processes, and established public reputation.