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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 details of taking out loans to purchase an automobile.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive financial calculators and tools as well as publishing relevant and impartial content. We also allow you to conduct research and compare data for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site are from companies who pay us. This compensation can affect the way and where products appear on this website, for example such things as the order in which they appear within the listing categories in the event that they are not permitted by law. This applies to our loans, mortgages,, and other products for home loans. However, this compensation will have no impact on the information we publish, or the reviews that 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 The reviews are written by our staff. The opinions expressed are solely those of the reviewer and are not checked or acknowledged by any advertiser. The information that is included, including rates and fees provided in the review is accurate at the time of the review. Check the data on the right, and the lender’s site for the most recent information.
At a look 3.5 Rating: 3.5 stars out of 5
Bankrate Score
Available Rating: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of 5
Customers Experience Score: 4.6 5 stars from 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 Unspecified
APR from 5.79%
Funds available in As soon as same business day
Pros and pros and Bank of America auto loans Bank of America offers the security of a nationally recognized bank, but you must be sure to consider all the possible options prior to taking out the loan.
PROS Long shopping window
All 50 states are covered.
CONS High minimum loan amount
Discount for members only
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 thing it offers as well. Qualifying preferred rewards members are eligible for an interest rate reduction. Applications can be made online or at any one of its more than 4,000 brick and mortar locations. The process is also quick, with most applicants receiving a decision on their credit in just 60 seconds. After the decision is made the rate will be locked for 30 days following approval . This gives you time to research prior to signing the loan agreement.
Pros and pros and Bank of America auto loans Here are some benefits and drawbacks associated with Bank of America auto loans. Pros: Long shopping window. Bank of America locks in your rate and allows you to shop around for 30 days after having met the requirements. It is available in all 50 states. Automobile financing can be arranged for drivers across all 50 states as well as in the District of Columbia. Cons: Expensive minimum loan amount. $7,500 is on the higher than other lender options. Discount for members only. Discounts are only offered to members who have at the minimum of $20,000 in their deposit or investment account. There is no prequalification is required. You’ll have to take the couple-point hit to your credit if you would like to learn about rates. Who do you think Bank of America best for? A car loan through Bank of America is best for a driver that intends to finance their vehicle via dealerships rather than online. While the rates are competitive, to really gain you should be an elite rewards memberthat means you have to have a large amount of money in a deposit or an investment. If you’re looking to stay clear of the dealer but do not have the $20,000 in the bank in order to qualify for the rate discount You may be able to find better deals elsewhere. Types of auto loans available Bank of America offers loans for new and used vehicle purchase as well as refinancing loans. New and used vehicle loans Financing for a new or used car loan via Bank of America has a minimum loan amount of $7,500 ($8,000 for Minnesota) and can be conducted either online as well as in-person. Loan decisions can be taken within a matter of minutes of application when no additional information is needed. Refinance A loan from Bank of America must be at least $7,500. It can be completed online, on the phone or at a Bank of America branch office. It is a great alternative for those who hold an existing loan with Bank of America, or any other lender as well as to those who are able to get member rates discounts.
Rates and terms of interest The lowest rates are offered for Bank of America preferred rewards members with outstanding credit. The loan product
Rate of interest
New car purchase
Beginning at 5.79% APR
Purchase of a used car
Beginning at 5.99 APR of 5%
Refinance
Beginning from 6.79% APR
The online loan application allows you to choose between terms of 48 (or 60) or 72. How to apply for an auto loan with 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 as well as in-person at one of its branch offices.
The process is easy and only takes several steps to complete. You don’t even need to have your car picked out before you submit your application.
Complete the form with information about you 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’d like to take, as well as your income and personal information and whether you’re applying with an additional co-applicant. Lock in your rate. Bank of America has a 30 day rate lock that lets you look around and get an idea of what you can afford. Complete the deal. Once you have found a car from a dealer that has been approved you are able to close the loan and leave with new keys without the hassle of waiting at a finance counter all day. The information you need to include:
Amount of loan and duration. Contact information, including address. Social Security number and birthdate. Information about employment and income. U.S. citizenship status. Joint information for applicants in the event of a joint application.
Auto loan requirements You must be a U.S citizen or permanent resident and be at least 18 years old to be able to finance a vehicle through Bank of America. In addition there are certain conditions for the car itself. According to the FAQ page of Bank of America, the following vehicles are not eligible for vehicle credit: Vehicles older than 10 calendar years old. Vehicles with 125,000 miles or more. Vehicles valued at less than $6,000. Vehicles that are used for business or commercial purposes. Branded-title or salvage vehicles. Lemon law or gray market vehicles. Service for customers If you would prefer in-person communication, an loan with Bank of America can serve you very well. Customers can have their questions addressed on the website through live chat, or by calling. Following loan approval, you’ll be matched with an loan specialist who will assist you with your requirements. Wells Fargo customer assistance can be reached by phone from Monday through Friday, from 8 a.m. to midnight ET, and on Saturdays from 8 a.m. until 8 p.m. ET. How Bankrate charges Bank of America Overall score
3.5
The availability
3.7
Bank of America offers a assortment of auto loans however, each one has a high minimum amount.
Affordability
3.2
The rates that 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 and also a 30 day interest lock feature.
However, customer service is not available seven days a week.
Transparency
2.5
Bank of America does not offer prequalification however it does provide some fees and starting rates.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed nor acknowledged by any advertising company. The information, including rates and fees, presented in the review is accurate at the time when the review first appeared. Look over the information in the upper right hand corner of the page as well as 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 specializes in assisting readers in navigating the ways and pitfalls of taking out loans to purchase the car they want.
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products andservices or for you clicking specific links on our site. This compensation could affect the way, location and in what order items appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other elements, like our own proprietary website rules and whether the product is available within your region or within your personal credit score may also influence the manner in which products appear on this website. While we strive to provide a wide range offers, Bankrate does not include details about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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