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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 specializes in assisting readers to navigate the ins and outs of securely borrowing money to purchase the car they want.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site come from companies that pay us. This compensation may impact how and when products are featured on this website, for example, for example, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage, home equity and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews you read on this site. We do not contain the vast array of companies or financial offers that may be available to you.

About our reviews . Editorial disclosure Reviewers are supervised by our staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or acknowledged by any advertiser. The information that is included, including rates and fees that are included in the review is correct as of the date of the review. Check the data at the top of this page and the lender’s website to find the most current information.

At a glance 3.5 Score: 3.5 stars out of five

Bankrate Score

Available Rating: 3.7 stars out of 5

Affordability Rating: 3.2 stars out of 5

The Customer Service Rating is 4.6 stars out of 5

A rating of Transparency: 2.5 stars out of 5

Find out about auto loan rates

About Bank of America loan amount $7,500+

Min. credit score Not specified

APR as low as 5.79%

Funds available as early as same business day

Pros and pros and Bank of America auto loans Bank of America offers the security of a nationally renowned bank — but be sure to consider all the possible options before taking out an loan.

PROS Long shopping window

All 50 states are covered.

HIGH MINIMUM loan amount

Discount for members only

No prequalification

Bank of America works directly with authorized dealers across the nation to offer financing for more than two million vehicles. Its extensive network isn’t even the only thing it offers, either — qualifying preferred rewards members are eligible for an interest rate reduction. Applications are available online and at any one of its over 4,000 brick-and-mortar locations. The process is also quick with the majority of applicants receiving a credit decision in 60 seconds. Once you’ve received your decision your rate is set for 30 days after the approval, giving you time to research before signing an loan contract.

Pros and cons of Bank of America auto loans Here are some benefits and drawbacks of Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in the rate you pay and allows you to shop for 30 days after qualifying. The offer is available to every state. The auto financing program is accessible to drivers in all 50 states and those in the District of Columbia. Cons: High minimal loan amount. $7,500 is on the higher level compared to other lender choices. Discounts for members only. Discounts are only offered for preferred members with at minimum $20,000 in a savings or investment account. No prequalification. You’ll be required to take a couple-point hit to your credit if you want to know potential rates. Who are Bank of America best for? An auto loan from Bank of America is best for drivers who intend to finance their car through an auto dealer rather than completely online. While the rates are competitive, to really benefit you would have to be a preferred rewards member -that means you have to hold a high savings or investment balance. If you’re looking to skip the dealership and do not have the $20,000 in the bank to receive the discount rate, you may find better deals elsewhere. Types of auto loans offered Bank of America offers loans for new and used vehicle purchases as well as refinancing loans. Used and new vehicle loans Financing for a new or used car loan via Bank of America has a minimum loan amount of $7,500 ($8,000 to Minnesota) and can be completed either online as well as in-person. Loan decisions can be made within a minute of submitting the application, if no additional details are needed. Refinance Refinance loan from Bank of America must be at least $7,500. It can be completed by phone, online, or in the Bank of America branch office. It’s a fantastic option for drivers who previously held a loan with Bank of America, or any other lender or for those who get member rates discounts.

Terms and rates of interest lowest rates are offered to Bank of America preferred rewards members with outstanding credit. Product for loans

Interest rate

New car purchase

Starting at 5.79% APR

Purchase of a used car

Starting at 5.99 APR of 5%

Refinance

Starting with 6.79% APR

This online loan application lets you select terms of either 48 (or 60) or 72. How do you apply for an auto loan with Bank of America There is no fee for applying for an auto loan with Bank of America, and you can complete the application online, over the phone and in person any of its branches.

The process is easy and requires only a few steps to complete. You don’t even need to have your vehicle fully identified before you submit your application.

Complete the form with information about you and the loan. The first step for financing your car with Bank of America is to fill out its online application with your loan amount and term you’re looking for, your information about your income and your personal details and whether you’re adding the co-applicant. Lock in your rate. Bank of America has a 30-day rate lock which lets you shop around while having an idea of the amount you can manage. Close the loan. After you find a vehicle from a dealer that has been approved, you can finalize the loan and walk away with the keys in your hand and without the hassle of waiting in a finance office for hours. Information you will need to give includes:

Loan amount and term. Contact details including address. Social Security number and birthdate. Information about employment and income. U.S. citizenship status. Joint information for applicants If applicable.

Auto loan conditions You must be an U.S citizen or permanent resident and at minimum 18 years old to be able to finance the purchase of a car with Bank of America. In addition there are certain requirements for the vehicle itself. According to Bank of America’s FAQ page the following cars are not eligible for financing: Vehicles more that 10 years of age. Vehicles that have 125,000 miles or more. Vehicles valued at less than $6,000. Cars that are employed for business or commercial purposes. Branded-title or salvage vehicles. Gray market or lemon law vehicles. Service for customers If you like personal contact, an loan from Bank of America can serve you very well. Questions from customers can be addressed on the website through live chat or by phone. Following loan approval, you will be connected with an loan specialist who will be able to address your requirements. Wells Fargo customer assistance can be reached via telephone Monday through Friday, from 8 a.m. until midnight ET on Saturdays and between 8 a.m. until 8 p.m. ET. What Bankrate rate Bank of America Overall score

3.5

Availability

3.7

Bank of America offers a assortment of auto loans that have the requirement of a minimum.

Affordability

3.2

The initial rates Bank of America offers are middling, but it does not charge an application fee or origination fee.

Customer experience

4.6

Bank of America has an easy-to-navigate website and app, as well as a 30-day interest lock feature.

But customer service assistance is not available seven days seven days a week.

Transparency

2.5

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

Editorial disclosure Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been reviewed or acknowledged 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 on the right as well as the lender’s website for the most up-to-date information.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of borrowing money to purchase the car they want.

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