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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 specializes in assisting readers with the ins and outs of securely borrowing money to purchase the car they want.
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, publishing original and objective content. This allows users to conduct research and compare information at no cost and help you make financial decisions with confidence. 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 deals that are advertised on this site are from companies that pay us. This compensation could affect how and when products are featured on the site, such as such things as the order in which they may appear within the listing categories, except where prohibited by law. This applies to our loan products, such as mortgages and home equity and other home lending products. However, this compensation will affect the content we publish or the reviews that you see on this site. We do not contain the vast array of companies or financial offerings that could be accessible to you.
About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed are solely those of the reviewer and have not been evaluated or approved by any advertiser. The information, including rates and fees, presented in the review are accurate up to the date that the review was written. Review the data on the right, and the lender's website to find the most recent information.
A glance 3.5 rating: 3.5 stars out of five
Bankrate Score
Rating of Availability: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of 5
The Customer Service Rating is 4.6 five stars of 5
A rating of Transparency: 2.5 stars out of 5
Compare auto loan rates
About the 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 security of a nationally renowned bank. However, it is important to be sure to consider all the possible options before deciding to take out an loan.
PROS Long shopping window
All 50 states are covered.
ConS Maximum loan amount loan amount
Discount only for members
No prequalification
Bank of America works directly with authorized dealers across the country to offer financing for more than two million vehicles available. Its extensive network isn't even the only thing it offers and those who qualify preferred rewards members can receive discounts on rates. Applications are available online and at any of its over 4,000 bricks-and-mortar locations. The process is quick and most applicants receive a decision on their credit in just 60 minutes. Following the decision your rate is set for 30 days following approval -- giving you time to research prior to signing the loan agreement.
Pros and cons of Bank of America auto loans Here are some of the advantages and disadvantages associated with Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in the rate you pay and allows you to shop for 30 days following being approved. It is available in the 50 states. The auto financing program is accessible to drivers in all 50 states , as well as those in the District of Columbia. Cons: Expensive limit on loan amount. $7,500 is on the high than other lender alternatives. Discounts for members only. 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 be required to take a two-point penalty to your credit if you are interested in knowing rates for the future. Who is Bank of America best for? A car loan through Bank of America is best for a driver that intends to finance their vehicle through an auto dealer rather than completely online. While the rates are competitive, to truly gain you should be an elite rewards memberthat means you have to have a large amount of money in a deposit or an investment. If you're looking to stay clear of the dealer but don't have enough money in the bank to get the rate discount there are better rates elsewhere. Different types of auto loans that are offered Bank of America offers loans for used and new vehicle purchases along with refinancing loans. New and used car loans Financing for a new or used vehicle loan through Bank of America has a minimum loan amount of $7,500 ($8,000 to Minnesota) and is completed online as well as in-person. Decisions on loans can be completed within minutes of the request in the event that no further information is required. Refinance A refinance loan with Bank of America must be a minimum of $7,500 and can be completed via the internet, over the phone or at an Bank of America branch office. It is a great alternative for those who held an existing loan from Bank of America, or any other lender as well as for those who benefit from member rate discounts.
Rates and terms of interest The lowest rates are offered to Bank of America preferred rewards members with excellent credit. Loan product
Interest rate
New car purchase
Beginning from 5.79% APR
Purchase of a used car
Beginning at 5.99 APR - 5.99 %
Refinance
Beginning with 6.79% APR
This online loan application lets you select terms that are either 48, 60 or 72 months. How do I apply for a loan through Bank of America There is no fee for applying to get an auto loan through Bank of America, and you can complete the application on the internet, by phone as well as in-person at one of its branches.
The process is simple and takes only a few steps to complete. It is not necessary to have your vehicle selected to apply.
Provide details about yourself as well as the loan. The first step in financing your vehicle with Bank of America is to fill out its online application form with details about the loan amount and the term you'd like to take, as well as your income and personal information and whether you're adding an additional co-applicant. Lock your rate. Bank of America has a 30-day rate lock which will enable you to compare rates while having an idea of how much you can manage. Finalize the loan. Once you have found a car from a dealer that has been approved and you have the option to finalize the loan and walk away with your new keys and without the stress of sitting in a finance department for hours. 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 applicant information, if applicable.
Auto loan requirements You must be an U.S national or permanent resident, and at minimum 18 years of age in order to finance an automobile through Bank of America. Additionally there are specific requirements for the vehicle itself. According to the FAQ page of Bank of America the following cars are not eligible for vehicle financing: Vehicles more that 10 years of age. Vehicles with 125,000 miles or more. Valued at under $6,000. Cars that are employed for business or commercial purposes. Salvage or branded-title vehicles. Gray market or lemon law vehicles. Support for the customer If you would prefer to communicate in person or in-person interaction, a loan from Bank of America can serve you effectively. Questions from customers can be addressed on the website through live chat or via phone. Following loan approval, you will be matched with an loan specialist who will be able to address your needs. Wells Fargo customer assistance can be reached via telephone Monday through Friday, from 8 a.m. to midnight ET on Saturdays and between 8 a.m. until 8 p.m. ET. How Bankrate charges Bank of America Overall score
3.5
Accessibility
3.7
Bank of America offers a range of auto loans that have a high minimum amount.
Affordability
3.2
The rates that Bank of America offers are middling, but it does not charge an application fee 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 lock option.
But customer service assistance isn't available 24 hours seven days a week.
Transparency
2.5
Bank of America does not offer prequalification however it does provide some fees and starting rates.
Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and are not reviewed or accepted by any advertiser. The information that is included, including rates and fees, presented in the review is accurate up to the date that the review was written. Check the data on the right and the lender's website for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of taking out loans to purchase the car they want.
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or when you click on specific links on our website. Therefore, this compensation may influence the manner, place and in what order items are displayed within the categories of listing, except where prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other elements, like our own website rules and whether the product is offered in your area or at your personal credit score can also impact the manner in which products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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