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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 details of taking out loans to purchase an automobile.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this website are provided by companies who pay us. This compensation may impact how and where products appear on the site, such as, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our loans, mortgages, and other home lending products. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offers that may be open to you.
Reviewer's disclosure: All reviews are prepared by staff. The opinions expressed in them are only those of the reviewer and have not been evaluated or accepted by any advertiser. The information that is included, including rates and fees provided in the review are accurate up to the date that the review was written. Review the data in the upper right hand corner of the page, and the lender's site for the most up-to-date details.
At a first glance 3.5 Rating: 3.5 stars out of five
Bankrate Score
Availability Rating: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of five
The Customer Service Rating is 4.6 5 stars from 5
A rating of Transparency: 2.5 stars out of 5
Check 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 possible.
Pros and pros and Bank of America auto loans Bank of America offers the security of a nationally recognized bank, but you must consider all sides before deciding to take out a 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 nation to provide financing for over two million vehicles. A large network isn't the only advantage it has and those who qualify preferred rewards members are eligible for an interest rate reduction. Applications can be made online or at any of its over 4,000 brick-and-mortar locations. The process is also quick with the majority of applicants receiving an approval decision within 60 minutes. After the decision is made your rate is set for 30 days after the approval, giving you time to shop around before signing a loan contract.
Pros and cons of Bank of America auto loans Here are a few benefits and drawbacks associated with Bank of America auto loans. Pros: Long shopping window. Bank of America locks in your rate and permits customers to shop for 30 days following qualifying. Available in all 50 states. Auto financing is available for drivers across all 50 states as well as the District of Columbia. Cons: Expensive limit on loan amount. $7,500 is on the high level compared to other lender alternatives. Discount only for members. Rate discounts are only available for preferred members with at least $20,000 in a deposit or investment account. No prequalification is required. You'll have to take the two-point penalty on your credit score if want to know potential rates. Who are Bank of America best for? An auto loan through Bank of America is best for those who plan to finance their vehicle via dealerships rather than online. Although the rates offered are competitive, in order to benefit , you must be a preferred rewards memberwhich means you must hold a high amount of money in a deposit or an investment. If you're looking to stay clear of the dealership but don't have $20,000 to keep in the bank to receive the rate discount You may be able to find better rates elsewhere. Different types of auto loans available 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 for Minnesota) and can be conducted either online or in person. Loan decisions can be completed within minutes of submitting the application, if no additional details are needed. Refinance A refinance loan from Bank of America must be at least $7500. The application can be done either online, on the phone or in an Bank of America branch office. It's a fantastic option for drivers who previously hold the loan with Bank of America, or any other lender, and for those who can get member rates discounts.
Rates and terms of interest The lowest rates are provided by Bank of America preferred rewards members with excellent credit. Loan product
Interest rate
New car purchase
Starting with 5.79% APR
Used car purchase
Starting at 5.99% APR
Refinance
Starting from 6.79% APR
The online loan application allows you to select terms that are either 48 60 or 72 months. How do you apply for an auto loan with Bank of America There is no application fee when applying to get an auto loan with Bank of America, and you can complete the application online, over the phone or in person at any of its branches.
The process is straightforward and requires only a few steps to complete. It is not necessary to have your car selected before you submit your application.
Provide details about yourself as well as the loan. The first step for financing your vehicle with Bank of America is to submit an online application with your loan amount and the term you'd like to take, as well as your personal and income details and whether you're submitting the co-applicant. Lock your rate. Bank of America has a 30-day rate lock which lets you look around and get an idea of the amount you can afford. Complete the deal. When you locate a car that is registered with an authorized dealer and you have the option to finalize the loan and walk away with the keys in your hand and without the hassle of waiting at a finance counter all day. The information you need to give includes:
The amount of the loan and the term. Contact details, including address. Social Security number and birth date. Employment information and income. U.S. citizenship status. Joint applicant information, if applicable.
The auto loan requirements You must be an U.S citizens or permanent residents and be at minimum 18 years of age in order to finance a vehicle 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 credit: Vehicles older that 10 years of age. Vehicles with 125,000 miles or more. Vehicles worth under $6,000. vehicles that are used for business or commercial purposes. Salvage or branded-title vehicles. Lemon law or gray market vehicles. Support for the customer If you like to communicate in person and interaction, the loan with Bank of America can serve you very well. Customer questions can also be answered on its website using live chat or by phone. Once you have received loan approval, you'll be matched with an loan specialist who will assist you with you with your questions. Wells Fargo customer assistance can be reached via telephone Monday to Friday from 8 a.m. to midnight ET, and on Saturdays between 8 a.m. until 8 p.m. ET. What Bankrate rates Bank of America Overall score
3.5
The availability
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 or origination fee.
Customer experience
4.6
Bank of America has an user-friendly website and mobile app, as well as a 30-day interest lock feature.
Customer service support is not available seven days seven days a week.
Transparency
2.5
Bank of America does not offer prequalification but does disclose the fees and starting rates.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed nor approved by any advertiser. The information that is included, including rates and fees provided in the review are accurate as of the date when the review first appeared. Review the information on the right, and the lender's website to find 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 with the ins and outs of securely taking out loans to purchase an automobile.
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or by you clicking on specific links on our site. This compensation could impact how, where and when products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage, home equity and other home loan products. Other factors, like our own website rules and whether a product is available within the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this site. While we strive to provide the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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