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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 in navigating the details of borrowing money to purchase an automobile.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this site are from companies that pay us. This compensation can affect the way and where products appear on this site, including, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity and other products for home loans. However, this compensation will not influence the information we provide, or the reviews appear on this website. We do not contain the entire universe of businesses or financial deals that could be available to you.
Reviewer's disclosure: All reviews are prepared by our staff. The opinions expressed in them are only those of the reviewer and are not evaluated or approved by any advertising company. The information such as rates and charges provided 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 site for the most up-to-date information.
A glance 3.5 rating: 3.5 stars out of five
Bankrate Score
Available Rating: 3.7 stars out of 5
Cost of Affordability: 3.2 stars out of five
The Customer Service Rating is 4.6 stars out of 5
The Transparency Score: 2.5 stars out of 5
Find out about auto loan rates
About Bank of America loan amount $7,500+
Min. credit score not specified
APR as low as 5.79%
Funds available as early as the same day of business
Pros and cons of Bank of America auto loans Bank of America offers the assurance of a nationally-recognized bank. However, it is important to be sure to consider all the possible options prior to taking out an loan.
PROS Long shopping window
Available in all 50 states
HIGH MINIMUM loan amount
Discount for members only
No prequalification
Bank of America works directly with authorized dealers across the United States to provide financing for over two million vehicles. Its extensive network isn't even the only advantage it has, either -- qualifying preferred rewards members are eligible for a rate discount. Applications can be made online or at any one of its more than 4,000 brick and mortar locations. The process is fast with the majority of applicants receiving a credit decision in 60 minutes. Once you've received your decision, your rate is locked for 30 days after approval . This gives you the opportunity to compare rates before signing a 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. Pros: Long shopping window. Bank of America locks in the rate you pay and allows customers to shop for 30 days after being approved. The offer is available to the 50 states. Auto financing is available to motorists in all 50 states and those in the District of Columbia. Cons: High minimal loan amount. $7,500 is higher level compared to other lender alternatives. Discounts for members only. Rate discounts are only available for preferred members with at the minimum of $20,000 in their deposit or an investment account. There is no prequalification. You'll be required to take a two-point penalty to your credit score if you would like to learn about rates. Who do you think Bank of America best for? An auto loan through Bank of America is best for drivers who intend to finance their car through a dealership rather than fully online. Although rates are competitive, in order to benefit you would have to be an elite rewards memberthat means you have to have a large deposit or investment balance. If you're looking to skip the dealer but don't have $20,000 to keep in the bank to receive the rate discount You may be able to find better deals elsewhere. Types of auto loans that are offered Bank of America offers loans to finance new and used car purchases as well as refinancing loans. New and used car loans The financing for a used or new vehicle loan through Bank of America has a minimum loan amount of $7,500 ($8,000 to Minnesota) and can be completed either online and in person. Decisions on loans can be taken within a matter of minutes of the request if no additional details are required. Refinance A refinance loan from Bank of America must be at least $7500. The application is available by phone, online, or at the Bank of America branch office. It's a fantastic alternative for those who held an existing loan with Bank of America, or any other lender as well as to those who are able to benefit from member rate discounts.
Rates and terms of interest The most competitive rates are available by Bank of America preferred rewards members with excellent credit. Loan product
Rate of interest
New car purchase
Beginning with 5.79% APR
Used car purchase
Beginning at 5.99% APR
Refinance
Beginning at 6.79% APR
This online loan application allows you to select terms of either 48 (or 60) or 72. How do you apply for a loan through Bank of America There is no fee for applying for an auto loan with Bank of America, and you can apply online, over the phone and in person one of its branch offices.
The process is easy and takes only several steps to complete. You don't have to have your vehicle fully identified when you apply.
Complete the form with information about you and the loan. The first step in financing your vehicle with Bank of America is to complete its online application with your loan amount and term you want, your income and personal information and whether you're applying with the 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. 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 new keys without the stress of sitting in a finance office for hours. Information you will need to provide includes:
Loan amount and term. Contact information, 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 national or permanent resident and be at minimum 18 years old to be able to finance the purchase of a car with Bank of America. In addition, there are some specific conditions for the car itself. According to the FAQ page of Bank of America the following cars are not eligible for financing: Vehicles that are more than 10 calendar year old. Vehicles that have 125,000 miles or more. Vehicles worth less than $6,000. Vehicles employed for business or commercial reasons. Salvage or brand-title vehicles. Lemon law or gray market vehicles. Support for the customer If you prefer in-person communication and interaction, the loan with Bank of America can serve you well. Customer questions can also be addressed on the website through live chat or by phone. Following loan approval, you'll be matched with a loan specialist to directly assist your requirements. Wells Fargo customer assistance can be reached via phone Monday through Friday, from 8 a.m. to midnight ET on Saturdays and between 8 a.m. to 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 range of auto loans however, each one has the requirement of a minimum.
Affordability
3.2
The rates that Bank of America offers are average, but the bank does not charge an application or origination fee.
Customer experience
4.6
Bank of America has an easy-to-use website and app as well as a 30-day rate locking option.
Customer service support isn't available 24 hours a week.
Transparency
2.5
Bank of America does not offer prequalification however it does provide the fees and starting rates.
Disclaimer The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those 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 correct at the time 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 up-to-date 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 ins and outs of securely using loans to buy the car they want.
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or for you clicking certain hyperlinks on our site. This compensation could affect the way, location and in what order products are displayed within the categories of listing in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other home lending products. Other elements, like our own website rules and whether or not a product is available within the area you reside in or is within your personal credit score can also impact the way and place products are listed on this website. We strive to offer a wide range offers, Bankrate does not include information about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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