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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 with the ins and outs of securely taking out loans to purchase the car they want.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare information at no cost – 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 Money The deals that are advertised on this site come from companies who pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage, home equity, and other home loan products. This compensation, however, does affect the content we publish or the reviews that you read on this site. We do not cover the universe of companies or financial offers that may be accessible to you.
About our reviews Editorial disclosure Reviewers are supervised by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been checked or acknowledged by any advertiser. The information such as rates and charges provided in the review are accurate as of the date of the review. Look over the information at the top of this page, and the lender’s website for the most recent details.
A first glance 3.5 Score: 3.5 stars out of 5
Bankrate Score
Rating of Availability: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of 5
Customer Experience Rating: 4.6 stars out of five
A rating of Transparency: 2.5 stars out of 5
Check rates for auto loan rates
About the Bank of America loan amount $7,500+
Min. credit score Unspecified
APR as low as 5.79%
Funds are available as soon as the same day of business
Pros and pros and Bank of America auto loans Bank of America offers the security of a nationally renowned bank. However, it is important to consider all sides 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 vehicles available. The extensive network isn’t the only benefit it boasts, either — qualifying preferred rewards members are eligible for an interest rate reduction. Applications are accessible online and at any one of its over 4,000 bricks-and-mortar locations. The process is also quick, with most applicants receiving a decision on their credit in just 60 seconds. Following the decision your rate is set for 30 days following approval . This gives you time to research prior to signing an loan agreement.
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 the rate you pay and allows you to shop around for 30 days following having met the requirements. The offer is available to every state. Automobile financing can be arranged to drivers across all 50 states as well as the District of Columbia. Cons: High minimum loan amount. $7,500 is on the higher side compared to other lender alternatives. Discounts for members only. Rate discounts are only available for members with at minimum $20,000 in a savings or investment account. There is no prequalification is required. You’ll be required to take a two-point penalty 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 drivers who intend to finance their car through an auto dealer rather than completely 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 dealer but do not have the $20,000 in the bank to get the discount rate You may be able to find cheaper rates elsewhere. Types of auto loans available Bank of America offers loans for used and new vehicle purchases along with refinancing loans. Used and new vehicle loans The financing for a new or used vehicle loan through Bank of America has a minimum loan requirement of $7500 ($8,000 to Minnesota) and is completed either online and in person. Loan decisions can be made within a minute of application when no additional information is required. Refinance A refinance loan with Bank of America must be at least $7,500. It is available by phone, online, or at an Bank of America branch office. It’s a fantastic option for drivers who had a loan from Bank of America, or any other lender, and for those who can get member rates discounts.
Rates and terms of interest The most competitive rates are available for Bank of America preferred rewards members with good credit. The loan product
Rate of interest
New car purchase
Starting from 5.79% APR
Used car purchase
Starting at 5.99 APR of 5%
Refinance
Starting with 6.79% APR
The online loan application lets you choose between terms of 48, 60 or 72 months. How do you apply for an auto loan through Bank of America There is no fee for applying to get an auto loan with Bank of America, and you can apply on the internet, by phone or in person at one of its branch offices.
The process is easy and takes only a few steps to complete. It is not necessary to have your vehicle picked out when you apply.
Complete the form with information about you and the loan. The first step to financing your car through 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 information about your income and your personal details and whether you’re submitting a co-applicant. Lock in the rate you’re paying. Bank of America has a 30-day rate lock that allows you to shop around while having an idea of what you are able to afford. Complete the loan. After you find a vehicle that is registered with an authorized dealer you are able to close the loan and leave with the keys in your hand and without the stress of sitting in a finance department all day. The information you need to include:
The amount of the loan and the 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 If applicable.
Auto loan conditions You must be an U.S citizen or permanent resident and at minimum 18 years of age in order to finance a vehicle through Bank of America. Along with that there are certain conditions for the car itself. According to the FAQ page of Bank of America the following cars aren’t eligible for financing: Vehicles more that 10 years of age. Vehicles with 125,000 miles and more. Valued at under $6,000. Vehicles used for commercial or business purpose. Salvage or brand-title vehicles. Lemon law or gray market vehicles. Service for customers If you like personal contact and interaction, an loan from Bank of America can serve you very well. Customers can have their questions answered on its website via live chat or by phone. Following loan approval, you will be assigned an loan specialist who will be able to address your requirements. Wells Fargo customer assistance can be reached via phone Monday to Friday between 8 a.m. to midnight ET, and on Saturdays between 8 a.m. until 8 p.m. ET. What is the score of Bankrate? Bankrate rates Bank of America Overall score
3.5
Availability
3.7
Bank of America offers a assortment of auto loans, but each has a high minimum amount.
Affordability
3.2
The rates that Bank of America offers are average, but the bank does not charge an application or charge an origination fee.
Customer experience
4.6
Bank of America has an easy-to-use website and app as well as a 30-day rate locking option.
However, customer service is not available 7 days seven days a week.
Transparency
2.5
Bank of America does not provide prequalification, but it does reveal some fees and starting rates.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed nor acknowledged by any advertiser. The information that is included, including rates and fees provided in the review are accurate up to the date when the review first appeared. Look over the information on the right 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 has a specialization in helping readers in navigating the details of taking out loans to purchase a car.
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