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Wells Fargo-Financing

Discussion in 'Trucker Taxes and Truck Financing' started by biggi1996, Jun 4, 2021.

  1. Jun 4, 2021 #1
    biggi1996

    biggi1996 Light Load Member

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    Has anyone had any experience financing through them?
     
    biggi1996, Jun 4, 2021
    biggi1996, Jun 4, 2021
    #1
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  3. Jun 4, 2021 #2
    Scooter Jones

    Scooter Jones Road Train Member

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    Good friend of mine has financed 2 trucks & trailers through them in the last 7 or 8 years. He has stellar credit, equity in his home and property as well as a solid track record of freight hauling on the books when he obtained his first loan through them. He seemed pretty satisfied overall when discussing his experience with me.
     
    Scooter Jones, Jun 4, 2021
    Scooter Jones, Jun 4, 2021
    #2
  4. Jun 4, 2021 #3
    REO6205

    REO6205 Trucker Forum STAFF Staff Member

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    California.
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    Wells Fargo was our primary bank for many years. As our situation changed and got better we did very little actual financing and mainly used them for a line of credit in case we needed it.
    They never screwed anything up, not even one time. We ran our payroll accounts through them and there was never any problem.
    That being said, our local WF is just that...local. We all know each other, live in the same town, belong to the same clubs, and some of our people are relatives of some of the WF people. It really helps when you can call the bank and everybody is on a first name basis.
     
    REO6205, Jun 4, 2021
    REO6205, Jun 4, 2021
    #3
  5. Jun 4, 2021 #4
    biggi1996

    biggi1996 Light Load Member

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    Dec 10, 2014
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    Thanks for the feedback
     
    biggi1996, Jun 4, 2021
    biggi1996, Jun 4, 2021
    #4
    REO6205 Thanks this.
  7. Jun 4, 2021 #5
    bzinger

    bzinger Road Train Member

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    omaha , ne
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    I've financed my last 2 vehicles with wells fargo and been very happy with them .
     
    bzinger, Jun 4, 2021
    bzinger, Jun 4, 2021
    #5
  8. Jun 4, 2021 #6
    nikmirbre

    nikmirbre Road Train Member

    5,048
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    Jul 27, 2011
    High Point NC
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    I was told not too long ago(this was when covid was a lot worse) that they weren't financing any new commercial vehicles(private sales)
     
    nikmirbre, Jun 4, 2021
    nikmirbre, Jun 4, 2021
    #6
  9. Jun 8, 2021 #7
    Accidental Trucker

    Accidental Trucker Road Train Member

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    Be alert to cross-collaterization and call provisions in their products. That goes for almost all banks, but is especially relevant if you bank where you have your assets financed.
     
    Accidental Trucker, Jun 8, 2021
    Accidental Trucker, Jun 8, 2021
    #7
  10. Sep 9, 2021 #8
    Hollywoodsaint

    Hollywoodsaint Light Load Member

    232
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    Jun 20, 2020
    Hollywood California
    0
    I have 3 accounts with wells fargo and these guys won't even give me a secured credit card but my main bank (Bank of America) gave me 2 credit cards.
    I'm hoping B of A can do a loan for a truck..
     
    Hollywoodsaint, Sep 9, 2021
    Hollywoodsaint, Sep 9, 2021
    #8
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