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Bank Of America
Bank of America: 2023 Auto Loan Review Published 2022-05-24 07:45:00
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of using loans to buy 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 as well as publishing relevant and impartial content. We also allow you to conduct research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home loan products. This compensation, however, does not influence the information we publish, or the reviews you see on this site. We do not contain the vast array of companies or financial deals that could be open to you.
About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed are solely those of the reviewer and have not been evaluated or approved by any advertising company. The information such as rates and charges that are included in the review are accurate at the time of the review. Review the data on the right, and the lender’s website for the most recent details.
A first glance 3.5 rating: 3.5 stars out of 5
Bankrate Score
Available Rating: 3.7 stars out of 5
Cost of Affordability: 3.2 stars out of five
Customer Experience Rating: 4.6 five stars of 5
A rating of Transparency: 2.5 stars out of 5
Compare 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 cons of Bank of America auto loans Bank of America offers the assurance of a nationally-recognized bank. However, it is important to be sure to consider all the possible options before deciding to take 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 available vehicles. A large network isn’t the only benefit it boasts, either — qualifying preferred rewards members receive a rate discount. Applications are accessible online and at any one of its more than 4,000 brick and mortar locations. The process is quick, with most applicants receiving a credit decision in 60 seconds. Following the decision your rate is set for 30 days following approval . This gives you time to shop around before signing a loan contract.
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 your rate and allows you to shop for 30 days after being approved. It is available in all 50 states. The auto financing program is accessible to motorists in all 50 states , as well as in the District of Columbia. Cons: Expensive minimum loan amount. $7,500 is on the higher level compared to other lender options. Discount for members only. Rate discounts are only available for members with at least $20,000 in a deposit or investment account. There is no prequalification. You’ll have to take the two-point penalty to your credit score if you want to know potential rates. Who are Bank of America best for? An auto loan with Bank of America is best for those who plan to finance their car through dealerships rather than online. Although the rates offered are competitive, in order to benefit , you must be an elite rewards member- which requires you to have a large savings or investment balance. If you’re looking to skip the dealership and don’t have $20,000 to keep in the bank in order to qualify for the rate discount You may be able to find better rates elsewhere. The types of auto loans offered Bank of America offers loans for new and used vehicle purchases along with refinancing loans. Used and new vehicle loans Finance for a brand used or new vehicle loan via Bank of America has a minimum loan amount of $7,500 ($8,000 to Minnesota) and is conducted either online as well as in-person. Loan decisions are completed within minutes of application if no additional details are required. Refinance Refinance loan from Bank of America must be at least $7,500. It can be done either online, on the phone or at the Bank of America branch office. This is an excellent alternative for those who held the loan from Bank of America, or any other lender as well as for those who take advantage of member-only discounts.
Rates and terms of interest The lowest rates are provided to Bank of America preferred rewards members with excellent credit. The loan product
Interest rate
New car purchase
Beginning at 5.79% APR
Cars used for purchase
Starting at 5.99% APR
Refinance
Starting at 6.79% APR
The online loan application allows you to select terms of either 48 (or 60) or 72. How do you apply for a loan through Bank of America There is no fee for applying for an auto loan through Bank of America, and you can complete the application online, by calling or in person at one of its branches.
The process is simple and requires only just a few steps. You don’t have to have your vehicle picked out before you submit your application.
Give details about yourself and the loan. The first step for financing your vehicle with Bank of America is to fill out its online application with your loan amount and the term you’re looking for, your information about your income and your personal details and whether you’re submitting the co-applicant. Lock the rate you’re paying. Bank of America has a 30 day rate lock that lets you compare rates while having an idea of what you are able to afford. Complete the loan. When you locate a car at an approved dealer you are able to close the loan and walk out with new keys without the stress of sitting in a finance department all day. The information you need to give includes:
Amount of loan and duration. Contact details including address. Social Security number, birth date and Social Security number. Employment information and income. U.S. citizenship status. Joint information for applicants, if applicable.
Car loan requirements You must be a U.S national or permanent resident and at least 18 years old in order to get financing for a vehicle with Bank of America. Additionally there are certain conditions for the car itself. According to the FAQ page of Bank of America The following types of vehicles are not eligible for vehicle credit: Vehicles older that 10 years of age. Vehicles that have 125,000 miles or more. Vehicles worth under $6,000. vehicles employed for business or commercial purpose. Branded-title or salvage vehicles. Gray market or lemon law vehicles. Customer service If you prefer personal contact or in-person interaction, an loan with Bank of America can serve you very well. Questions from customers can be answered on its website using live chat or via phone. After loan approval, you will be connected with an loan specialist to directly assist your needs. Wells Fargo customer assistance can be reached by phone from Monday to Friday from 8 a.m. until midnight ET, and on Saturdays from 8 a.m. to 8 p.m. ET. What is the score of Bankrate? Bankrate rates Bank of America Overall score
3.5
Accessibility
3.7
Bank of America offers a variety of auto loans that have an extremely high minimum.
Affordability
3.2
The rates that Bank of America offers are middling, but it doesn’t charge an application or origination fee.
Customer experience
4.6
Bank of America has an easy-to-use website and app and also a 30 day interest lock feature.
However, customer service is not available 7 days 7 days a week.
Transparency
2.5
Bank of America does not offer prequalification however it does provide the fees and starting rates.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed nor approved by any advertiser. The information, including rates and fees, presented in the review are accurate as of the date of the review. Review the information in the upper right hand corner of the page as well as the lender’s site 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 ins and outs of securely using loans to buy an automobile.
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