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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 in navigating the ways and pitfalls of taking out loans to purchase a car.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information for free and help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website are provided by companies that compensate us. This compensation could affect how and where products appear on this website, for example, for example, the order in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage, home equity, and other home lending products. However, this compensation will not influence the content we publish or the reviews that you read on this site. We do not include the entire universe of businesses or financial offerings that could be available to you.




About our reviews Editorial disclosure Reviewers are supervised by staff. The opinions expressed are solely the opinions of the reviewer and are not reviewed or approved by any advertiser. The information such as rates and charges that are included in the review is correct up to the date that the review was written. Look over the information in the upper right hand corner of the page, and the lender's website to find the most recent details.








A look 3.5 Rating: 3.5 stars out of 5
Bankrate Score

Availability Rating: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of 5
Customer Experience Rating: 4.6 stars out of 5
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 starting at 5.79%
Funds are available as soon as same business day



Pros and pros and 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 prior to taking out a loan.
PROS Long shopping window
All 50 states are covered.

HIGH MINIMUM loan amount
Discount only for members
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 advantage it has and those who qualify preferred rewards members receive discounts on rates. Applications are available online and at any of its over 4,000 brick-and-mortar locations. The process is also quick with the majority of applicants receiving a decision on their credit in just 60 seconds. Once you've received your decision, your rate is locked for 30 days following the approval, giving you time to shop around before signing the loan agreement.
Pros and pros and Bank of America auto loans Here are some of the advantages and disadvantages that come with Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in your rate and allows you to shop for 30 days after qualifying. Available in every state. Auto financing is available to motorists across all 50 states as well as those in the District of Columbia. Cons: High minimum loan amount. $7,500 is on the higher than other lender options. Discounts for members only. Discounts are only offered for members with at minimum $20,000 in a savings or investment account. There is no prequalification. You'll have to take the two-point penalty on your credit score if 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 car through an auto dealer rather than completely online. Although the rates offered are competitive, to really benefit , you must be an elite rewards memberthat means you have to have a large savings or investment balance. If you're looking to skip 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. Different types of auto loans that are offered Bank of America offers loans to finance new and used car purchase as well as refinancing loans. Used and new vehicle loans The financing for a new or used car loan via Bank of America has a minimum loan requirement of $7500 ($8,000 to Minnesota) and can be completed online and in person. Loan decisions are completed within minutes of the request in the event that no further information is needed. Refinance A loan with Bank of America must be at least $7,500. It can be done either by phone, online, or at an Bank of America branch office. It's a fantastic alternative for those who hold the loan from Bank of America, or any other lender as well as for those who can benefit from member rate discounts.

Interest rates and terms The lowest rates are provided for Bank of America preferred rewards members with outstanding credit. The loan product
Interest rate
New car purchase
Beginning with 5.79% APR
Purchase of a used car
Starting at 5.99% APR
Refinance
Beginning at 6.79% APR
The online loan application allows you to choose between terms of 48 60 or 72 months. How do you apply for an auto loan with Bank of America There is no cost to apply to get an auto loan with Bank of America, and you can apply on the internet, by phone or in person at any of its branches.
The process is simple and requires only a few steps to complete. You don't even need to have your car picked out to apply.
Give details about yourself as well as the loan. The first step for financing your vehicle with Bank of America is to fill out its online application. Include details about the loan amount and term you'd like to take, as well as your information about your income and your personal details and whether you're adding an additional co-applicant. Lock the rate you're paying. Bank of America has a 30-day rate lock that will enable you to shop around while having an idea of the amount you are able to afford. Close the deal. Once you have found a car that is registered with an authorized dealer you are able to close the loan and walk away with new keys without the hassle of waiting in a finance office all day. The information you need to give includes:
Amount of loan and duration. Contact details, including address. Social Security number and birth date. Information about employment and income. U.S. citizenship status. Joint information for applicants in the event of a joint application.
The auto loan requirements You must be an U.S citizens or permanent residents and at least 18 years old in order to get financing for an automobile through Bank of America. Additionally there are certain requirements for the vehicle itself. According to the FAQ page of Bank of America the following cars are not eligible for vehicle financing: Vehicles that are more than 10 calendar years old. Vehicles that have 125,000 miles or more. Vehicles worth lower than $6000. Vehicles employed for business or commercial purpose. Branded-title or salvage vehicles. Lemon law or gray market vehicles. Customer service If you like to communicate in person, an loan with Bank of America can serve you very well. Customer questions can also be answered on its website via live chat or via phone. Following loan approval, you'll be connected with a 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 on Saturdays and between 8 a.m. to 8 p.m. ET. What is the score of Bankrate? Bankrate charges Bank of America Overall score
3.5
Accessibility
3.7
Bank of America offers a range of auto loans however, each one has the requirement of a minimum.
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-navigate website and app, along with a 30-day interest lock feature.
Customer service support is not available 7 days 7 days a week.

Transparency
2.5
Bank of America does not offer prequalification but does disclose certain fees and rates.


Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and are not reviewed or accepted by any advertising company. The information, including rates and fees that are included in the review is correct as of the date when the review first appeared. Check the data in the upper right hand corner of the page, and the lender's site for the most up-to-date information.




Written by
Rebecca Betterton
Auto Loans Reporter


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





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