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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 is a specialist in helping readers to navigate the ins and outs of securely using loans to buy the car they want.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive tools and financial calculators that provide objective and original content, by enabling users to conduct research and compare information for free – so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this site come from companies that pay us. This compensation may impact how and where products appear on this site, including for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. Our mortgage, home equity and other products for home loans. But this compensation does not influence the information we publish, or the reviews you see on this site. We do not cover the universe of companies or financial offers that may be available to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information such as rates and charges, presented in the review are accurate as of the date that the review was written. Check the data in the upper right hand corner of the page and the lender’s website for the most current details.
A glance 3.5 rating: 3.5 stars out of 5
Bankrate Score
Availability Rating: 3.7 stars out of 5
Cost of Affordability: 3.2 stars out of 5
Customers Experience Score: 4.6 five stars of five
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 in As soon as possible.
Pros and pros and Bank of America auto loans Bank of America offers the security of a nationally renowned bank, but you must take into consideration all aspects prior to taking out an loan.
PROS Long shopping window
All 50 states are covered.
ConS Maximum loan amount loan amount
Discount for members only
No prequalification
Bank of America works directly with authorized dealers across the country to provide financing for over two million vehicles available. Its extensive network isn’t even the only benefit it boasts and those who qualify preferred rewards members receive an interest rate reduction. Applications are accessible online and at any one of its over 4,000 bricks-and-mortar locations. The process is quick with the majority of applicants receiving a credit decision in 60 minutes. Following the decision your rate is set for 30 days following approval — giving you time to shop around prior to signing an loan contract.
Pros and pros and Bank of America auto loans Here are a few advantages and disadvantages that come with Bank of America auto loans. Pros: Long shopping window. Bank of America locks in your rate and permits you to shop around for 30 days after being approved. The offer is available to every state. The auto financing program is accessible to motorists in all 50 states and in the District of Columbia. Cons: High minimum loan amount. $7,500 is on the high level compared to other lender alternatives. Discounts for members only. Rate discounts are only available to members who have at least $20,000 in a deposit or an investment account. No prequalification is required. You’ll have to take the couple-point hit on your credit score if would like to learn about rates. Who is Bank of America best for? An auto loan with Bank of America is best for drivers who intend to finance their vehicle through an auto dealer rather than completely online. While the rates are competitive, in order to benefit , you must be a preferred rewards member — which requires you to keep a substantial deposit or investment balance. If you’re looking to stay clear of the dealer but don’t have enough money in the bank to get the discount rate there are cheaper rates elsewhere. Different 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 vehicle loans Finance for a brand new or used vehicle loan through Bank of America has a minimum loan requirement of $7,500 ($8,000 to Minnesota) and can be completed either online and in person. Decisions on loans can be taken within a matter of minutes of the request if no additional details are required. Refinance A loan with Bank of America must be at least $7500. The application can be completed online, on the phone or in the Bank of America branch office. This is an excellent option for drivers who held a loan with Bank of America, or any other lender, and for those who get member rates discounts.
Terms and rates of interest most competitive rates are available for Bank of America preferred rewards members with outstanding credit. Loan product
Interest rate
New car purchase
Beginning with 5.79% APR
Cars used for purchase
Starting at 5.99 APR of 5%
Refinance
Starting from 6.79% APR
This online loan application lets you select terms that are either 48 60 or 72 months. How do I apply for an auto loan through Bank of America There is no cost to apply to get an auto loan through Bank of America, and you can apply online, over the phone or in person at one of its branch offices.
The process is easy and requires only just a few steps. You don’t even need to have your car selected to apply.
Give details about yourself as well as the loan. The first step for financing your car through Bank of America is to submit an online application form with details about the loan amount and the term you’d like to take, as well as your information about your income and your personal details and whether you’re applying with a co-applicant. Lock the rate you’re paying. Bank of America has a 30-day rate lock which allows you to shop around while having an idea of what you are able to afford. Complete the loan. After you find a vehicle from a dealer that has been approved you are able to close the loan and walk away with new keys without the hassle of waiting in a finance office all day. Information you will need to give includes:
Loan amount and term. Contact details including address. Social Security number, birth date and Social Security number. Information about employment and income. U.S. citizenship status. Joint applicant information, if applicable.
The auto loan conditions You must be a U.S national or permanent resident, and at least 18 years old in order to get financing for an automobile through Bank of America. Additionally there are specific conditions for the car itself. According to Bank of America’s FAQ page The following types of vehicles aren’t eligible for credit: Vehicles older that 10 years of age. Vehicles with 125,000 miles and more. Valued at lower than $6000. vehicles that are used for business or commercial purposes. Salvage or brand-title vehicles. Gray market or lemon law vehicles. Support for the customer If you prefer personal contact or in-person interaction, a loan with Bank of America can serve you very well. Customer questions can also be addressed on the website through live chat, or by calling. Following loan approval, you’ll be connected with an loan specialist who will assist you with your requirements. Wells Fargo customer assistance can be reached via phone Monday through Friday, from 8 a.m. until midnight ET and Saturday from 8 a.m. until 8 p.m. ET. How Bankrate rate Bank of America Overall score
3.5
Accessibility
3.7
Bank of America offers a assortment of auto loans however, each one has an extremely high minimum.
Affordability
3.2
The initial rates Bank of America offers are middling, but it does not charge an application or the origination fee.
Customer experience
4.6
Bank of America has an easy-to-use website and app along with a 30-day interest lock feature.
Customer service support is not available 7 days a week.
Transparency
2.5
Bank of America does not provide prequalification, but it does reveal the fees and starting rates.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed nor approved by any advertiser. The information that is included, including rates and fees provided in the review is correct as of the date that the review was written. Look over the information at the top of this page, and the lender’s website for the most current 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 taking out loans to purchase the car they want.
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