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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 has a specialization in helping readers with the details of using loans to buy a car.

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 financial calculators and tools that provide objective and original content. This allows you to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements 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 are from companies that pay us. This compensation may impact how and when products are featured on the site, such as, for example, the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity, and other products for home loans. However, this compensation will affect the information we provide, or the reviews that you read on this site. We do not include the vast array of companies or financial deals that could be available to you.

About our reviews Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only the views of the reviewer. They have not been checked or acknowledged by any advertiser. The information that is included, including rates and fees, presented in the review are accurate at the time of the review. Review the data at the top of this page, and the lender’s site for the most up-to-date details.

At a look 3.5 Score: 3.5 stars out of 5

Bankrate Score

Rating of Availability: 3.7 stars out of 5

Affordability Rating: 3.2 stars out of 5

Customer Experience Rating: 4.6 5 stars from five

Transparency Rating: 2.5 stars out of 5

Find out about auto loan rates

About the Bank of America. Loan amount $7,500.+

Min. credit score Not specified

APR as low as 5.79%

Funds available as early as the same day of business

Pros and cons of Bank of America auto loans Bank of America offers the security of a nationally recognized bank, but you must take into consideration all aspects prior to taking out the loan.

PROS Long shopping window

Available in all 50 states

ConS Maximum loan amount loan amount

Discounts for members only

No prequalification

Bank of America works directly with authorized dealers across the nation to offer financing for more than two million available vehicles. A large network isn’t the only advantage it has as well. Qualifying preferred rewards members can receive discounts on rates. Applications are accessible online and at any of its over 4,000 brick-and-mortar locations. The process is fast and most applicants receive an approval decision within 60 minutes. After the decision is made the rate will be locked for 30 days after approval . This gives you the opportunity to compare rates before signing the 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. Benefits: A long shopping window. Bank of America locks in your rate and allows you to shop around for 30 days following being approved. The offer is available to the 50 states. Automobile financing can be arranged to motorists in all 50 states and those in the District of Columbia. Cons: High minimum loan amount. $7,500 is higher level compared to other lender options. Discounts for members only. Discounts are only offered to members who have at minimum $20,000 in a savings or an investment account. No prequalification is required. You’ll be required to take a couple-point hit on your credit score if would like to learn about rates. Who is Bank of America best for? An auto loan from Bank of America is best for a driver that intends to finance their car through a dealership rather than fully online. While the rates are competitive, to really benefit , you must be a preferred rewards member — which requires you to hold a high deposit or investment balance. If you’re looking to stay clear of the dealership but don’t have $20,000 to keep in the bank to receive the discount rate You may be able to find better rates elsewhere. Types of auto loans available Bank of America offers loans to finance new and used car purchase as well as refinancing loans. New and used vehicle loans The financing for a new or used vehicle loan via Bank of America has a minimum loan amount of $7,500 ($8,000 to Minnesota) and is completed online and in person. Loan decisions can be taken within a matter of minutes of submitting the application, if no additional details are required. Refinance A loan through Bank of America must be at least $7500. The application can be completed by phone, online, or in the Bank of America branch office. It’s a fantastic alternative for those who hold a loan from Bank of America, or any other lender or for those who benefit from member rate discounts.

Interest rates and terms The most competitive rates are available to Bank of America preferred rewards members with excellent credit. Loan product

Rate of interest

New car purchase

Beginning with 5.79% APR

Used car purchase

Starting at 5.99 APR of 5%

Refinance

Beginning at 6.79% APR

Online loan application lets you select terms that are either 48, 60 or 72 months. How to apply for an auto loan through Bank of America There is no application fee when applying for an auto loan through Bank of America, and you can fill one out online, by calling and in person any of its branches.

The process is simple and only takes a few steps to complete. You don’t even need to have your vehicle picked out to apply.

Give details about yourself as well as the loan. The first step in financing your car through Bank of America is to submit an online application with your loan amount and term you’d like to take, as well as your personal and income details and whether you’re submitting the co-applicant. Lock your rate. Bank of America has a 30-day rate lock that will enable you to look around and get an idea of what you can afford. Finalize the deal. When you locate a car that is registered with an authorized dealer and you have the option to finalize the loan and walk away with your new keys and without the stress of sitting at a finance counter all day. The information you must give includes:

Amount of loan and duration. Contact details including address. Social Security number and birthdate. Employment information and income. U.S. citizenship status. Joint information for applicants, if applicable.

Auto loan requirements You must be an U.S national or permanent resident and at minimum 18 years of age in order to get financing for an automobile through Bank of America. Along with that there are certain conditions for the car itself. According to Bank of America’s FAQ page, the following vehicles are not eligible for financing: Vehicles more that 10 years of age. Vehicles with 125,000 miles and more. Vehicles worth less than $6,000. Cars that are employed for business or commercial reasons. Branded-title or salvage vehicles. Gray market or lemon law vehicles. Customer service If you prefer to communicate in person or in-person interaction, a loan with Bank of America can serve you effectively. Questions from customers can be addressed on the website through live chat or via phone. After loan approval, you will be matched with a loan specialist who will assist you with your requirements. Wells Fargo customer assistance can be reached via phone Monday to Friday from 8 a.m. until midnight ET and Saturday from 8 a.m. to 8 p.m. ET. What 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 rates that Bank of America offers are average, but the bank does not charge an application or origination fee.

Customer experience

4.6

Bank of America has an user-friendly website and mobile app, and also a 30 day interest lock feature.

But customer service assistance is not available seven days 7 days a week.

Transparency

2.5

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

Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and are not reviewed or acknowledged by any advertiser. The information, including rates and fees provided in the review is accurate as of the date when the review first appeared. Review the information on the right, and the lender’s site for the most current details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of using loans to buy an automobile.

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products andservices or by you clicking on specific links on our website. So, this compensation can impact how, where and in what order items are listed in the event that they are not permitted by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other factors, like our own rules for our website and whether a product is offered in the area you reside in or is within your self-selected credit score range may also influence the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include details about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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