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Bank Of America
Bank of America: 2023 Auto Loan Review Published 2022-05-24 07:45:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy an automobile.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that appear on this site come from companies that pay us. This compensation can affect the way and when products are featured on this website, for example, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our loans, mortgages, and other home loan products. But this compensation does have no impact on the information we provide, or the reviews you read on this site. We do not cover the universe of companies or financial offerings that could be available to you.
About our reviews . Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely the views of the reviewer. They are not reviewed or accepted by any advertising company. The information such as rates and charges, presented in the review is accurate as of the date that the review was written. Check the data at the top of this page and the lender’s website to find the most recent information.
At a look 3.5 Score: 3.5 stars out of 5
Availability Rating: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of 5
Customers Experience Score: 4.6 stars out of 5
The Transparency Score: 2.5 stars out of 5
Compare rates for auto loan rates
About the Bank of America Loan amount $7,500+
Min. credit score not specified
APR from 5.79%
Funds available in As soon as same business day
Pros and cons of Bank of America auto loans Bank of America offers the security of a nationally renowned bank. However, it is important to be sure to consider all the possible options before taking out the loan.
PROS Long shopping window
All 50 states are covered.
ConS Maximum loan amount loan amount
Discount only for members
Bank of America works directly with authorized dealers across the country to provide financing for more than two million vehicles available. A large network isn’t the only benefit it boasts and those who qualify preferred rewards members receive a rate discount. Applications are available online and at any one of its over 4,000 brick-and-mortar locations. The process is fast and most applicants receive a credit decision in 60 seconds. Once you’ve received your decision, your rate is locked for 30 days after the approval, giving you time to shop around before signing a loan agreement.
Pros and cons of Bank of America auto loans Here are a few advantages and disadvantages associated with Bank of America auto loans. Pros: Long shopping window. Bank of America locks in the rate you pay and allows customers to shop for 30 days after having met the requirements. The offer is available to all 50 states. Automobile financing can be arranged to drivers in all 50 states and in the District of Columbia. Cons: Expensive limit on loan amount. $7,500 is on the higher level compared to other lender options. Discount only for members. Discounts are only offered to members who have at the minimum of $20,000 in their deposit or an investment account. There is no prequalification. You’ll be required to take a couple-point hit on your credit score if would like to learn about rates. Who is Bank of America best for? An auto loan through Bank of America is best for those who plan to finance their vehicle via a dealership rather than fully online. Although the rates offered are competitive, to truly gain you should be an elite rewards memberwhich means you must have a large amount of money in a deposit or an investment. If you’re looking to skip the dealership and don’t have $20,000 to keep in the bank to receive the rate discount there are better rates elsewhere. The types of auto loans that are offered Bank of America offers loans for used and new vehicle purchases as well as refinancing loans. New and used car loans Finance for a brand new or used vehicle loan via Bank of America has a minimum loan requirement of $7,500 ($8,000 to Minnesota) and is done either online or in person. Loan decisions are made within a minute of the request in the event that no further information is needed. Refinance A refinance loan with Bank of America must be a minimum of $7,500 and is available online, on the phone or at the Bank of America branch office. It is a great option for drivers who previously had a loan with Bank of America, or any other lender as well as to those who are able to get member rates discounts.
Interest rates and terms The lowest rates are offered for Bank of America preferred rewards members with outstanding credit. Product for loans
Rate of interest
New car purchase
Starting at 5.79% APR
Used car purchase
Beginning at 5.99 APR of 5%
Beginning at 6.79% APR
This online loan application allows you to select terms that are either 48 (or 60) or 72. How to apply for a loan with Bank of America There is no fee for applying to get an auto loan with Bank of America, and you can fill one out online, by calling as well as in-person at any of its branch offices.
The process is simple and only takes several steps to complete. You don’t even need to have your vehicle picked out to apply.
Complete the form with information about you and the loan. The first step to financing your vehicle with Bank of America is to fill out its online application. Include the loan amount and the term you want, your personal and income details and whether you’re submitting an additional co-applicant. Lock your rate. Bank of America has a 30-day rate lock that allows you to shop around while having an idea of the amount you can manage. Complete the deal. When you locate a car that is registered with an authorized dealer you are able to close the loan and walk away with the keys in your hand and without the stress of sitting in a finance office for hours. The information you need to provide includes:
Loan amount and term. Contact information including address. Social Security number, birth date and Social Security number. Employment information and income. U.S. citizenship status. Joint information for applicants in the event of a joint application.
Car loan conditions You must be an U.S citizen or permanent resident, and at minimum 18 years of age in order to finance an automobile through Bank of America. In addition there are specific requirements for the vehicle itself. According to Bank of America’s FAQ page the following cars are not eligible for financing: Vehicles more than 10 calendar year old. Vehicles with 125,000 miles or more. Vehicles valued at lower than $6000. vehicles that are used for business or commercial reasons. Salvage or branded-title vehicles. Gray market or lemon law vehicles. Customer service If you like personal contact or in-person interaction, a loan from Bank of America can serve you very well. Questions from customers can be addressed on the website through live chat or via phone. After loan approval, you will be assigned a loan specialist who will assist you with your needs. Wells Fargo customer assistance can be reached via telephone Monday to Friday from 8 a.m. until midnight ET on Saturdays and from 8 a.m. to 8 p.m. ET. What Bankrate rate Bank of America Overall score
Bank of America offers a assortment of auto loans that have an extremely high minimum.
The initial rates Bank of America offers are average, but the bank does not charge an application fee or charge an origination fee.
Bank of America has an easy-to-navigate website and app, as well as a 30-day rate lock option.
However, customer service isn’t available 24 hours seven days a week.
Bank of America does not offer prequalification but does disclose some fees and starting rates.
Disclaimer: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or approved by any advertiser. The information such as rates and charges that are included in the review is correct at the time that the review was written. Review the information at the top of this page and the lender’s website to find the most recent information.
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely using loans to buy a car.
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