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Bank Of America

Bank of America: 2023 Auto Loan Review Published 2022-05-24 07:45:00

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of taking out loans to purchase a car.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and compare information at no cost — so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation may impact how and when products are featured on this website, for example for instance, the sequence in which they appear within the listing categories, except where prohibited by law for our mortgage, home equity, and other home lending products. This compensation, however, does not influence the information we provide, or the reviews you see on this site. We do not contain the universe of companies or financial offerings that could be accessible to you.

About our reviews Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and are not checked or acknowledged by any advertiser. The information such as rates and charges, presented in the review is correct at the time when the review first appeared. Review the data on the right, and the lender’s website for the most current details.

A first glance 3.5 Score: 3.5 stars out of five

Bankrate Score

Availability Rating: 3.7 stars out of 5

The Affordability Score: 3.2 stars out of five

Customer Experience Rating: 4.6 stars out of five

Transparency Rating: 2.5 stars out of 5

Check rates for auto loan rates

About Bank of America Loan amount $7,500+

Min. credit score Not specified

APR as low as 5.79%

Funds available in As soon as the same day of business

Pros and pros and Bank of America auto loans Bank of America offers the assurance of a nationally-recognized bank. However, it is important to take into consideration all aspects prior to taking out the loan.

PROS Long shopping window

All 50 states are covered.

ConS Maximum loan amount loan amount

Discount only for members

No prequalification

Bank of America works directly with authorized dealers across the nation to provide financing for over two million vehicles available. Its extensive network isn’t even the only advantage it has, either — qualifying preferred rewards members receive discounts on rates. Applications are available online and at any one of its over 4,000 bricks-and-mortar locations. The process is quick, with most applicants receiving a credit decision in 60 minutes. After the decision is made, your rate is locked for 30 days after approval — giving you the opportunity to compare rates before signing a loan agreement.

Pros and cons of Bank of America auto loans Here are some of the benefits and drawbacks associated with Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in your rate and permits you to shop around for 30 days following having met the requirements. The offer is available to all 50 states. Auto financing is available to drivers in all 50 states and those in the District of Columbia. Cons: High minimal loan amount. $7,500 is on the high level compared to other lender options. Discount only for members. Rate discounts are only available for members with at the minimum of $20,000 in their deposit or an investment account. There is no prequalification is required. You’ll be required to take a small amount of points on your credit score if are interested in knowing rates for the future. Who are Bank of America best for? An auto loan from Bank of America is best for drivers who intend to finance their vehicle via an auto dealer rather than completely online. Although rates are competitive, in order to benefit you would have to be a preferred rewards memberwhich means you must hold a high amount of money in a deposit or an investment. If you’re looking to skip the dealership and don’t have enough money in the bank to get the rate discount You may be able to find better rates elsewhere. Types of auto loans offered Bank of America offers loans to finance new and used car purchase as well as refinancing loans. New and used car loans Finance for a brand new or used vehicle loan through Bank of America has a minimum loan requirement of $7500 ($8,000 in Minnesota) and can be conducted on the internet as well as in-person. Decisions on loans can be taken within a matter of minutes of the request if no additional details are needed. Refinance A refinance loan with Bank of America must be at least $7500. The application can be done either by phone, online, or at a Bank of America branch office. It’s a fantastic option for drivers who held the loan with Bank of America, or any other lender or for those who can benefit from member rate discounts.

Rates and terms of interest The most competitive rates are available to Bank of America preferred rewards members with excellent credit. Product for loans

Interest rate

New car purchase

Beginning with 5.79% APR

Purchase of a used car

Starting at 5.99 APR of 5%

Refinance

Beginning from 6.79% APR

The 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 application fee when applying for an auto loan through Bank of America, and you can apply online, by calling and in person any of its branch offices.

The process is straightforward and takes only several steps to complete. It is not necessary to have your vehicle identified to apply.

Provide details about yourself and the loan. The first step in financing your vehicle with Bank of America is to fill out its online application. Include details about the loan amount and the term you want, your information about your income and your personal details and whether you’re applying with a co-applicant. Lock in your rate. Bank of America has a 30 day rate lock that lets you shop around while having an idea of what you can afford. Finalize the deal. Once you have found a car at an approved dealer, you can finalize the loan and walk out with the keys in your hand and without the hassle of waiting in a finance department all day. The information you need to provide includes:

Loan amount and term. Contact information, including address. Social Security number, birth date and Social Security number. Income and employment information. U.S. citizenship status. Joint information for applicants in the event of a joint application.

Car loan requirements You must be a U.S national or permanent resident and be at minimum 18 years of age in order to get financing for the purchase of a car with Bank of America. In addition, there are some specific conditions for the car itself. According to the FAQ page of Bank of America The following types of vehicles are not eligible for financing: Vehicles that are more than 10 calendar years old. Vehicles with 125,000 miles or more. Valued at under $6,000. vehicles used for commercial or business purposes. Salvage or branded-title vehicles. Lemon law or gray market vehicles. Support for the customer If you like personal contact, an loan from Bank of America can serve you very well. Questions from customers can be answered on its website via live chat, or by calling. Once you have received loan approval, you’ll be connected with a loan specialist who will assist you with your requirements. Wells Fargo customer assistance can be reached via telephone Monday to Friday between 8 a.m. to midnight ET and Saturday from 8 a.m. until 8 p.m. ET. What Bankrate rates Bank of America Overall score

3.5

Availability

3.7

Bank of America offers a variety of auto loans, but each has a high minimum amount.

Affordability

3.2

The initial rates Bank of America offers are middling, but it doesn’t charge an application or the origination fee.

Customer experience

4.6

Bank of America has an user-friendly website and mobile app, along with a 30-day interest lock feature.

However, customer service isn’t available 24 hours a week.

Transparency

2.5

Bank of America does not offer prequalification however it does provide the fees and starting rates.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or accepted by any advertising company. The information such as rates and charges provided in the review are accurate as of the date of the review. Check the data at the top of this page as well as the lender’s website for the most recent information.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of using loans to buy an automobile.

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