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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 is a specialist in helping readers to navigate the ways and pitfalls of using loans to buy a car.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct your own research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site are from companies that pay us. This compensation could affect how and where products are displayed on this website, for example for instance, the order in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does affect the content we publish or the reviews that you see on this site. We do not cover the universe of companies or financial offerings that could be accessible to you.
Reviewer’s disclosure Reviewers are supervised by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been checked or approved by any advertising company. The information, including rates and fees that are included in the review are accurate up to the date when the review first appeared. Check the data on the right as well as the lender’s site for the most recent information.
A look 3.5 rating: 3.5 stars out of 5
Bankrate Score
Rating of Availability: 3.7 stars out of 5
Cost of Affordability: 3.2 stars out of five
The Customer Service Rating is 4.6 five stars of 5
Transparency Rating: 2.5 stars out of 5
Compare 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 the same day of business
Pros and cons of Bank of America auto loans Bank of America offers the security of a nationally renowned bank — but be sure to consider all the possible options prior to taking out the loan.
PROS Long shopping window
Available in all 50 states
HIGH MINIMUM loan amount
Discount only for members
No prequalification
Bank of America works directly with authorized dealers across the nation to offer financing for more than two million vehicles. The extensive network isn’t the only advantage it has and those who qualify 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, with most applicants receiving a credit decision in 60 minutes. Once you’ve received your decision the rate will be locked for 30 days following approval . This gives you time to research before signing an loan agreement.
Pros and pros and Bank of America auto loans Here are some benefits and drawbacks of Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in your rate and permits you to shop for 30 days after having met the requirements. Available in the 50 states. Automobile financing can be arranged for drivers in all 50 states , as well as the District of Columbia. Cons: A high limit on loan amount. $7,500 is higher level compared to other lender options. Discount only for members. Discounts are only offered to members who have at least $20,000 in a deposit or an investment account. No prequalification. You’ll need to accept the couple-point hit to your credit if you are interested in knowing rates for the future. Who is Bank of America best for? An auto loan with Bank of America is best for those who plan to finance their vehicle through an auto dealer rather than completely online. Although rates are competitive, to truly gain you should be an elite rewards memberwhich means you must have a large savings or investment balance. If you’re looking to skip the dealership but don’t have enough money in the bank to receive the discount rate, you may find cheaper rates elsewhere. Different types of auto loans offered Bank of America offers loans for used and new vehicle purchases as well as refinancing loans. Used and new vehicle loans Finance for a brand used or new vehicle loan through Bank of America has a minimum loan amount of $7,500 ($8,000 in Minnesota) and can be done either online and in person. Decisions on loans can be made within a minute of application in the event that no further information is required. Refinance A loan with Bank of America must be at least $7500. The application can be completed by phone, online, or in an Bank of America branch office. This is an excellent option for drivers who had an existing loan from Bank of America, or any other lender, and for those who benefit from member rate discounts.
Rates and terms of interest The most competitive rates are available to Bank of America preferred rewards members with outstanding credit. Product for loans
Rate of interest
New car purchase
Beginning with 5.79% APR
Purchase of a used car
Starting at 5.99 APR of 5%
Refinance
Beginning from 6.79% APR
The online loan application allows you to select terms of either 48 (or 60) or 72. How to apply for a loan through Bank of America There is no cost to apply for an auto loan with Bank of America, and you can apply online, by calling or in person at one of its branch offices.
The process is simple and only takes just a few steps. You don’t even need to have your vehicle fully identified when you apply.
Complete the form with information about you and the loan. The first step to financing your car with Bank of America is to submit an online application with the loan amount and term you’d like to take, as well as your personal and income details and whether you’re applying with the co-applicant. Lock the rate you’re paying. Bank of America has a 30 day rate lock that will enable you to look around and get an idea of the amount you can manage. Complete the deal. After you find a vehicle from a dealer that has been approved you are able to close the loan and walk out with new keys without the stress of sitting in a finance department all day. Information you will need to include:
Amount of loan and duration. Contact information including address. Social Security number, birth date and Social Security number. Employment information and income. U.S. citizenship status. Joint applicant information in the event of a joint application.
The auto loan conditions You must be an U.S national or permanent resident, and at minimum 18 years of age to be able to finance the purchase of a car with Bank of America. Along with that, there are some specific requirements for the vehicle itself. According to the FAQ page of Bank of America the following cars aren’t eligible for credit: Vehicles older than 10 calendar year old. Vehicles that have 125,000 miles or more. Valued at under $6,000. Vehicles employed for business or commercial purpose. Salvage or brand-title vehicles. Lemon law or gray market vehicles. Service for customers If you like to communicate in person and interaction, the loan from Bank of America can serve you very well. Customers can have their questions answered on its website via live chat or via phone. Following loan approval, you will be assigned an loan specialist who will be able to address your needs. Wells Fargo customer assistance can be reached by phone from Monday to Friday between 8 a.m. to midnight ET, and on Saturdays from 8 a.m. until 8 p.m. ET. How Bankrate charges Bank of America Overall score
3.5
Availability
3.7
Bank of America offers a range of auto loans however, each one has an extremely high minimum.
Affordability
3.2
The starting rates Bank of America offers are average, but the bank doesn’t 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 rate locking option.
But customer service assistance is not available seven days seven days a week.
Transparency
2.5
Bank of America does not offer prequalification but does disclose some fees and starting rates.
Disclaimer 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 such as rates and charges provided in the review are accurate up to the date of the review. Check the data at the top of this page as well as the lender’s site for the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of using loans to buy a car.
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