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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 has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy an automobile.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing relevant and impartial content. This allows you to conduct your own research and compare information at no cost and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation could affect how and where products appear on the site, such as such things as the order in which they appear in the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other products for home loans. But this compensation does have no impact on the content we publish or the reviews that you read on this site. We do not include the entire universe of businesses or financial offers that may be available to you.




Reviewer's disclosure: All reviews are prepared by staff. The opinions expressed are solely those of the reviewer and are not reviewed or approved by any advertising company. The information that is included, including rates and fees provided in the review is correct as of the date that the review was written. Look over the information at the top of this page as well as the lender's website to find the most recent details.








A first glance 3.5 Score: 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 5 stars from five
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 as low as 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 security of a nationally renowned bank -- but take into consideration all aspects prior to taking out the loan.
PROS Long shopping window
All 50 states are covered.

ConS Maximum loan amount 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 vehicles. The extensive network isn't the only thing it offers and those who qualify preferred rewards members receive discounts on rates. Applications are accessible online and at any of its more than 4,000 brick and mortar locations. The process is 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 approval . This gives you time to shop around before signing an loan agreement.
Pros and cons of Bank of America auto loans Here are some of the advantages and disadvantages of Bank of America auto loans. Pros: Long shopping window. Bank of America locks in the rate you pay and allows you to shop for 30 days after having met the requirements. Available in every state. Auto financing is available to drivers in all 50 states , as well as in the District of Columbia. Cons: High limit on loan amount. $7,500 is on the higher side compared to other lender alternatives. Discount for members only. Rate discounts are only available for members with at the minimum of $20,000 in their deposit or an investment account. There is no prequalification is required. You'll have to take the small amount of points on your credit score if are interested in knowing rates for the future. Who is Bank of America best for? An auto loan through Bank of America is best for a driver that intends to finance their car through dealerships rather than online. Although the rates offered are competitive, in order to gain you should be an elite rewards memberwhich means you must have a large deposit or investment balance. If you're planning to avoid the dealership but don't have $20,000 to keep in the bank in order to qualify for the discount rate, you may find better deals elsewhere. The types of auto loans that are offered 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 used or new vehicle loan via Bank of America has a minimum loan requirement of $7500 ($8,000 for Minnesota) and can be conducted on the internet as well as in-person. Loan decisions can be taken within a matter of minutes of the request when no additional information is needed. Refinance A loan with Bank of America must be a minimum of $7,500 and can be completed by phone, online, or at an Bank of America branch office. It is a great alternative for those who had the loan from Bank of America, or any other lender, and for those who can get member rates discounts.

Interest rates and terms The lowest rates are provided by Bank of America preferred rewards members with outstanding credit. Loan product
Interest rate
New car purchase
Starting at 5.79% APR
Cars used for purchase
Starting at 5.99% APR
Refinance
Beginning with 6.79% APR
Online loan application lets you select terms of either 48, 60 or 72 months. How do you apply for an auto loan through Bank of America There is no application fee when applying to get an auto loan with Bank of America, and you can fill one out on the internet, by phone as well as in-person at one of its branches.
The process is easy and requires only a few steps to complete. It is not necessary to have your vehicle selected to apply.
Give details about yourself as well as the loan. The first step to financing your car with Bank of America is to complete its online application with details about the loan amount and duration you're looking for, your personal and income details and whether you're applying with a co-applicant. Lock your rate. Bank of America has a 30-day rate lock that allows you to look around and get an idea of what you can 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 out with the keys in your hand and without the stress of sitting in a finance office all day. Information you will need to include:
The amount of the loan and the term. Contact information, including address. Social Security number and birth date. Information about employment and income. U.S. citizenship status. Joint information for applicants If applicable.
The auto loan conditions You must be a U.S citizen or permanent resident and at minimum 18 years old to be able to finance the purchase of a car 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 types of vehicles aren't eligible for credit: Vehicles older than 10 calendar years old. Vehicles with 125,000 miles or more. Vehicles worth less than $6,000. vehicles that are used for business or commercial purposes. Branded-title or salvage vehicles. Lemon law or gray market vehicles. Customer service If you would prefer personal contact, an loan with Bank of America can serve you effectively. Customers can have their questions answered on its website via live chat or via phone. After loan approval, you'll be matched with a loan specialist to directly assist your needs. Wells Fargo customer assistance can be reached via phone Monday to Friday between 8 a.m. until midnight ET and Saturday from 8 a.m. until 8 p.m. ET. What is the score of Bankrate? Bankrate charges Bank of America Overall score
3.5
The availability
3.7
Bank of America offers a assortment of auto loans that have the requirement of a minimum.
Affordability
3.2
The initial rates Bank of America offers are moderate, however it doesn't charge an application or the origination fee.
Customer experience
4.6
Bank of America has an user-friendly website and mobile app, and also a 30 day rate locking option.
However, customer service isn't available 24 hours a week.

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


Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertising company. The information, including rates and fees, presented in the review are accurate 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 for the most recent 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 borrowing money to purchase a car.





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