My Profile
What Could $255 Payday Loans Online Same Day Do To Make You Swap?
Open navigation Main Menu Mortgages
Financing a home purchase Refinancing an existing loan Finding the perfect lender Additional Resources
Looking for a financial advisor? Do our 3-minute quiz and match the advisor you want today.
Main Menu Banking
Calculators to compare accounts Use the calculators and get assistance from Bank reviews
Looking for a financial advisor? Try our three minute test and match to an adviser today.
Main Menu Credit cards
Compare by category Compare using credit Compare by issuer Get advice
You're looking for the perfect credit card? Narrow your search with CardMatch(tm)
Main Menu Loans
Personal Loans Student Loans Auto Loans Calculators for loans
Find an individual loan in just 2 minutes or less Answer some questions to be offered loans, with no impact on your credit score.
Main Menu Investing
The Best Brokerages as well as robo-advisors . Learn the basics Additional information
Looking for a financial advisor? Try our three minute test and then match up to an adviser today.
Main Menu Home equity
Find the most competitive rates Lender reviews. Use calculators. Knowledge base
Looking for a financial advisor? Try our three minute test and match to an adviser today.
Main Menu Real estate
Home selling or buying a home Locating the right agent sources
Looking for a financial advisor? Take our 3 minute quiz and then match up to an adviser today.
Main Menu Insurance
Car Insurance Homeowners insurance Other Insurance Reviews of the Company
Looking for a financial advisor? Do our 3-minute quiz and connect the advisor you want today.
Main Menu Retirement
Retirement plans & accounts Find out the basics about retirement calculators Other resources
Looking for a financial advisor? Do our 3-minute quiz and match to an adviser today.
Search open Close search
Submit
Bank Of America
Bank of America: 2023 Auto Loan Review Published 2022-05-24 07:45:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely borrowing money to purchase 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 offering interactive financial calculators and tools as well as publishing relevant and impartial content, by enabling users to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site are from companies who pay us. This compensation can affect the way and where products are displayed on the site, such as, for example, the sequence in which they appear in the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial offers that may be open to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees provided in the review is accurate at the time that the review was written. Review the data on the right as well as the lender's website to find the most up-to-date details.
At a glance 3.5 rating: 3.5 stars out of 5
Bankrate Score
Rating of Availability: 3.7 stars out of 5
Affordability Rating: 3.2 stars out of 5
The Customer Service Rating is 4.6 five stars of 5
The Transparency Score: 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 available in 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 you must take into consideration all aspects before taking out an 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 United States to provide financing for over two million available vehicles. A large network isn't the only advantage it has and those who qualify preferred rewards members receive an interest rate reduction. Applications are accessible online and at any of its over 4,000 brick-and-mortar locations. The process is fast with the majority of applicants receiving an approval decision within 60 seconds. After the decision is made the rate will be locked for 30 days after approval -- giving you time to research before signing a loan agreement.
Pros and cons of Bank of America auto loans Here are some of the benefits and drawbacks that come 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 qualifying. Available in all 50 states. The auto financing program is accessible to motorists across all 50 states as well as the District of Columbia. Cons: Expensive limit on loan amount. $7,500 is on the high than other lender options. Discount for members only. Rate discounts are only available for preferred members with at the minimum of $20,000 in their deposit or investment account. No prequalification. You'll be required to take a couple-point hit to your credit if you want to know potential rates. Who do you think Bank of America best for? A car loan through Bank of America is best for drivers who intend to finance their vehicle via an auto dealer rather than completely online. Although the rates offered are competitive, in order to gain you should be a preferred rewards member -- which requires you to hold a high savings or investment balance. If you're looking to skip the dealer but don't have $20,000 to keep in the bank in order to qualify for the rate discount there are cheaper rates elsewhere. 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 Financing for a used or new vehicle loan through Bank of America has a minimum loan amount of $7,500 ($8,000 in Minnesota) and can be conducted online as well as in-person. Loan decisions are completed within minutes of submitting the application, when no additional information is required. Refinance A refinance loan with Bank of America must be a minimum of $7,500 and can be done either online, on the phone or at a Bank of America branch office. It's a fantastic option for drivers who held an existing loan from Bank of America, or any other lender or for those who take advantage of member-only discounts.
Terms and rates of interest lowest rates are offered for Bank of America preferred rewards members with excellent credit. Product for loans
Rate of interest
New car purchase
Starting from 5.79% APR
Cars used for purchase
Beginning at 5.99 APR of 5%
Refinance
Beginning at 6.79% APR
The online loan application allows you to choose between terms of 48 60 or 72 months. How to apply for an auto loan through Bank of America There is no cost to apply for an auto loan with Bank of America, and you can complete the application online, over the phone or in person at one of its branch offices.
The process is straightforward and requires only several steps to complete. You don't have to have your car identified before you submit your application.
Complete the form with information about you and the loan. The first step to financing your car through Bank of America is to fill out its online application. Include the 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 in the rate you're paying. Bank of America has a 30 day rate lock that allows you to shop around while having an idea of what you can afford. Complete the deal. Once you have found a car that is registered with an authorized dealer you are able to close the loan and leave with new keys without the stress of sitting in a finance department for hours. The information you must include:
Amount of loan and duration. Contact details, including address. Social Security number and birthdate. Information about employment and income. U.S. citizenship status. Joint information for applicants, if applicable.
Auto loan conditions You must be an U.S national or permanent resident and be at minimum 18 years old in order to finance the purchase of a car through Bank of America. Additionally there are specific requirements for the vehicle. According to Bank of America's FAQ page, the following vehicles aren't eligible for financing: Vehicles more than 10 calendar years old. Vehicles with 125,000 miles and more. Valued at lower than $6000. vehicles employed for business or commercial purpose. Salvage or branded-title vehicles. Gray market or lemon law vehicles. Support for the customer If you would prefer to communicate in person, a loan with Bank of America can serve you very well. Customers can have their questions answered on its website using live chat or via phone. After loan approval, you'll be connected with an loan specialist who will be able to address your requirements. Wells Fargo customer assistance can be reached by phone from Monday to Friday between 8 a.m. until midnight ET and Saturday between 8 a.m. until 8 p.m. ET. How Bankrate rate Bank of America Overall score
3.5
Accessibility
3.7
Bank of America offers a variety of auto loans that have an extremely high minimum.
Affordability
3.2
The rates that Bank of America offers are moderate, however it does not charge an application fee or charge an origination fee.
Customer experience
4.6
Bank of America has an easy-to-navigate website and app, along with a 30-day rate lock option.
Customer service support is not available seven days 7 days a week.
Transparency
2.5
Bank of America does not offer prequalification however it does provide some fees and starting rates.
Disclaimer Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date that the review was written. Look over the information at the top of this page, and the lender's website to find the most up-to-date information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of using loans to buy an automobile.
About
Help
Legal Cookie settings Do not share my information with anyone else.
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or by you clicking on specific links on our website. Therefore, this compensation may affect the way, location and in what order products are displayed within the categories of listing and categories, unless it is prohibited by law for our mortgage, home equity and other home lending products. Other elements, like our own proprietary website rules and whether a product is available in your area or at your personal credit score can also impact how and where products appear on this site. We strive to offer a wide range offers, Bankrate does not include information about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|
(c) 2023 Bankrate, LLC. A Red Ventures company. All Rights Reserved.
If you have any issues about in which and how to use payday loan online same day no credit check, you can call us at our own web site.