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Bank Of America
Bank of America: 2023 Auto Loan Review Published 2022-05-24 07:45:00
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of borrowing money to purchase a car.









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, publishing original and objective content, by enabling you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site are from companies who pay us. This compensation may impact how and when products are featured on the site, such as, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will not influence the information we publish, or the reviews that appear on this website. We do not include the universe of companies or financial offers that may be open to you.




Reviewer's disclosure Reviewers are supervised by staff. Opinions expressed therein are solely the views of the reviewer. They have not been evaluated or accepted by any advertiser. The information, including rates and fees, presented in the review is accurate at the time that the review was written. Check the data in the upper right hand corner of the page, and the lender's website for the most up-to-date information.








A look 3.5 rating: 3.5 stars out of five
Bankrate Score

Rating of Availability: 3.7 stars out of 5
Affordability Rating: 3.2 stars out of five
The Customer Service Rating is 4.6 stars out of 5
The Transparency Score: 2.5 stars out of 5


Compare rates for auto loan rates


About the Bank of America Loan amount $7,500+
Min. credit score not specified
APR starting at 5.79%
Funds available in As soon as possible.



Pros and cons of 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 an loan.
PROS Long shopping window
All 50 states are covered.

CONS High minimum loan amount
Discounts for members only
No prequalification





Bank of America works directly with authorized dealers across the country to provide financing for more than two million available vehicles. The extensive network isn't the only benefit it boasts as well. Qualifying preferred rewards members are eligible for discounts on rates. Applications are available online and at any one of its over 4,000 bricks-and-mortar locations. The process is quick and most applicants receive a credit decision in 60 minutes. After the decision is made, your rate is locked for 30 days following approval . This gives you time to research prior to signing an loan contract.
Pros and cons of Bank of America auto loans Here are some benefits and drawbacks associated with Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in the rate you pay and allows customers to shop 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 , as well as those in the District of Columbia. Cons: Expensive minimal loan amount. $7,500 is on the high level compared to other lender alternatives. Discount for members only. Rate discounts are only available for members with at least $20,000 in a deposit or investment account. No prequalification. You'll be required to take a two-point penalty on your credit score if want to know potential rates. Who are Bank of America best for? An auto loan from Bank of America is best for drivers who intend to finance their vehicle via a dealership rather than fully online. Although the rates offered are competitive, to truly benefit , you must be an elite rewards memberwhich means you must hold a high savings or investment balance. If you're planning to avoid the dealership but don't have enough money in the bank in order to qualify for the discount rate You may be able to find cheaper rates elsewhere. Different types of auto loans offered Bank of America offers loans for new and used vehicle purchases as well as refinancing loans. New and used car loans Financing for a new or used vehicle loan through Bank of America has a minimum loan requirement of $7,500 ($8,000 in Minnesota) and is completed on the internet or in person. Loan decisions are made within a minute of application in the event that no further information is required. Refinance A refinance loan through Bank of America must be at least $7500. The application is available via the internet, over the phone or in the Bank of America branch office. This is an excellent alternative for those who hold a loan with Bank of America, or any other lender or for those who can take advantage of member-only discounts.

Rates and terms of interest The lowest rates are offered for Bank of America preferred rewards members with good credit. The loan product
Rate of interest
New car purchase
Starting from 5.79% APR
Purchase of a used car
Beginning at 5.99 APR - 5.99 %
Refinance
Beginning from 6.79% APR
The online loan application allows you to select terms that are either 48 60 or 72 months. How do I apply for an auto loan with Bank of America There is no fee for applying to get an auto loan through Bank of America, and you can fill one out on the internet, by phone or in person at one of its branch offices.
The process is straightforward and only takes a few steps to complete. It is not necessary to have your car picked out when you apply.
Complete the form with information about you and the loan. The first step for financing your car with Bank of America is to fill out its online application form with details about the loan amount and duration you're looking for, your income and personal information and whether you're submitting the co-applicant. Lock the rate you're paying. Bank of America has a 30-day rate lock which allows you to shop around while having an idea of how much you can manage. Complete the loan. When you locate a car that is registered with an authorized dealer you are able to close the loan and walk out with your new keys and without the hassle of waiting in a finance office all day. Information you will need to include:
Amount of loan and duration. Contact details, including address. Social Security number and birth date. Employment information and income. U.S. citizenship status. Joint applicant information in the event of a joint application.
Auto loan requirements You must be an U.S national or permanent resident and be at least 18 years old in order to finance 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 types of vehicles are not eligible for 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 reasons. Salvage or branded-title vehicles. Gray market or lemon law vehicles. Service for customers If you like to communicate in person, an loan with Bank of America can serve you effectively. Questions from customers can be addressed on the website through live chat, or by calling. After loan approval, you'll be connected with an loan specialist who will be able to address you with your questions. Wells Fargo customer assistance can be reached via phone Monday to Friday from 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 rate Bank of America Overall score
3.5
Accessibility
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 doesn't 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 rate lock option.
However, customer service is not available seven days 7 days a week.

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


Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer and are not reviewed or acknowledged by any advertising company. The information such as rates and charges provided in the review is correct at the time of the review. Review the information on the right, and the lender's website for the most current details.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to purchase an automobile.





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