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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 better financial decisions by offering interactive tools and financial calculators as well as publishing relevant and impartial content. We also allow users to conduct research and compare information for free - so that you can make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies that compensate us. This compensation could affect how and where products appear on the site, such as for instance, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our loans, mortgages, and other home loan products. However, this compensation will have no impact on the content we publish or the reviews that you see on this site. We do not include the vast array of companies or financial deals that could be available to you.




Reviewer's disclosure Reviewers are supervised by staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertiser. The information, including rates and fees provided in the review is accurate at the time when the review first appeared. Look over the information on the right, and the lender's website for the most up-to-date information.








At a glance 3.5 rating: 3.5 stars out of five
Bankrate Score

Available Rating: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of 5
Customer Experience Rating: 4.6 stars out of five
Transparency Rating: 2.5 stars out of 5


Compare auto loan rates


About Bank of America. Loan amount $7,500.+
Min. credit score Unspecified
APR starting at 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 assurance of a nationally-recognized bank. However, it is important to consider all sides prior to taking out a loan.
PROS Long shopping window
Available in all 50 states

ConS Maximum loan amount loan amount
Discount only for members
No prequalification





Bank of America works directly with authorized dealers across the United States to provide financing for more than two million vehicles. The extensive network isn't the only thing it offers and those who qualify preferred rewards members are eligible for a rate discount. Applications are available online and at any of its more than 4,000 brick and mortar locations. The process is quick, with most applicants receiving an approval decision within 60 minutes. Once you've received your decision your rate is set for 30 days following approval -- giving you time to shop around before signing an loan contract.
Pros and cons of Bank of America auto loans Here are a few advantages and disadvantages that come with Bank of America auto loans. Pros: Long shopping window. Bank of America locks in your rate and permits you to shop for 30 days following having met the requirements. It is available in the 50 states. Automobile financing can be arranged for drivers in all 50 states , as well as those in the District of Columbia. Cons: Expensive minimal loan amount. $7,500 is higher side compared to other lender options. Discount only for members. Discounts are only offered for members with at least $20,000 in a deposit or investment account. There is no prequalification is required. You'll need to accept the couple-point hit to your credit score if you are interested in knowing rates for the future. Who are Bank of America best for? A car loan from Bank of America is best for a driver that intends to finance their vehicle via a dealership rather than fully online. Although the rates offered are competitive, to really benefit , you must be an elite rewards memberthat means you have to keep a substantial savings or investment balance. If you're looking to stay clear of the dealer but don't have enough money in the bank to receive the rate discount You may be able to find better deals elsewhere. Types of auto loans offered Bank of America offers loans for used and new vehicle purchases along with refinancing loans. New and used car loans The financing for a new or used car loan through Bank of America has a minimum loan requirement of $7,500 ($8,000 in Minnesota) and can be done on the internet and in person. Loan decisions are made within a minute of application in the event that no further information is needed. Refinance A loan with Bank of America must be at least $7500. The application can be done either by phone, online, or in a Bank of America branch office. It's a fantastic alternative for those who had a loan with Bank of America, or any other lender or for those who can take advantage of member-only discounts.

Interest rates and terms The lowest rates are provided for Bank of America preferred rewards members with outstanding credit. Product for loans
Rate of interest
New car purchase
Beginning at 5.79% APR
Purchase of a used car
Beginning at 5.99 APR of 5%
Refinance
Starting with 6.79% APR
This online loan application allows you to choose between terms of 48 60 or 72 months. How to apply for an auto loan with Bank of America There is no application fee when applying for an auto loan with Bank of America, and you can fill one out online, by calling as well as in-person at one of its branches.
The process is simple and requires only just a few steps. It is not necessary to have your vehicle selected before you submit your application.
Provide details about yourself and the loan. The first step for financing your car through Bank of America is to fill out its online application form with the loan amount and term you want, your personal and income details and whether you're adding an additional co-applicant. Lock in your rate. Bank of America has a 30-day rate lock which will enable you to shop around while having an idea of how much you can afford. Complete the deal. When you locate a car from a dealer that has been approved, you can finalize the loan and leave with new keys without the hassle of waiting in a finance department for hours. Information you will need to include:
Loan amount and term. Contact information, including address. Social Security number and birth date. Employment information and income. U.S. citizenship status. Joint information for applicants If applicable.
Car loan conditions You must be a U.S citizens or permanent residents and at least 18 years old to be able to finance an automobile through Bank of America. Additionally there are certain conditions for the car itself. According to Bank of America's FAQ page, the following vehicles are not eligible for vehicle credit: Vehicles older than 10 calendar year old. Vehicles with 125,000 miles or more. Vehicles valued at under $6,000. Cars that are used for commercial or business reasons. Salvage or brand-title vehicles. Gray market or lemon law vehicles. Customer service If you prefer to communicate in person, the loan from Bank of America can serve you very well. Questions from customers can be addressed on the website through live chat, or by calling. After 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 telephone Monday through Friday, from 8 a.m. to midnight ET and Saturday from 8 a.m. to 8 p.m. ET. What Bankrate rate Bank of America Overall score
3.5
Availability
3.7
Bank of America offers a assortment of auto loans that have the requirement of a minimum.
Affordability
3.2
The starting rates Bank of America offers are moderate, however it does not charge an application fee or the origination fee.
Customer experience
4.6
Bank of America has an easy-to-navigate website and app, and also a 30 day rate locking option.
Customer service support isn't available 24 hours a week.

Transparency
2.5
Bank of America does not provide prequalification, but it does reveal some fees and starting rates.


Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertising company. The information such as rates and charges that are included in the review is correct 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 website to find 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 with the details of using loans to buy an automobile.





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