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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 is a specialist in helping readers with the details of borrowing money to purchase a car.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare data for free – so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that appear on this site come from companies who pay us. This compensation can affect the way and where products are displayed on the site, such as for instance, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our loans, mortgages, and other home loan products. But this compensation does affect the information we provide, or the reviews that you see on this site. We do not cover the vast array of companies or financial offerings that could be open to you.
About our reviews Editorial disclosure The reviews are written by staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed or acknowledged by any advertising company. The information such as rates and charges, presented in the review are accurate at the time when the review first appeared. Review the data in the upper right hand corner of the page, and the lender’s website for the most current details.
A look 3.5 Rating: 3.5 stars out of 5
Bankrate Score
Available Rating: 3.7 stars out of 5
Cost of Affordability: 3.2 stars out of 5
The Customer Service Rating is 4.6 5 stars from five
A rating of Transparency: 2.5 stars out of 5
Find out about auto loan rates
About the Bank of America loan amount $7,500+
Min. credit score Not specified
APR from 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 taking out a loan.
PROS Long shopping window
Available in all 50 states
ConS Maximum loan amount loan amount
Discount only for members
No prequalification
Bank of America works directly with authorized dealers across the United States to offer financing for more than two million vehicles available. A large network isn’t the only advantage it has, either — qualifying preferred rewards members receive an interest rate reduction. Applications are accessible online and at any one of its more than 4,000 brick and mortar locations. The process is also quick, with most applicants receiving a credit decision in 60 seconds. Once you’ve received your decision, your rate is locked for 30 days after approval . This gives you the opportunity to compare rates prior to signing the loan contract.
Pros and cons of Bank of America auto loans Here are some of the benefits and drawbacks associated with Bank of America auto loans. Advantages: Long window for shopping. Bank of America locks in your rate and permits you to shop around for 30 days following having met the requirements. Available in every state. Auto financing is available to motorists across all 50 states as well as the District of Columbia. Cons: A high limit on loan amount. $7,500 is on the higher side compared to other lender choices. Discounts for members only. Rate discounts are only available for members with at minimum $20,000 in a savings or an investment account. No prequalification is required. You’ll need to accept the couple-point hit to your credit score if you would like to learn about rates. Who are Bank of America best for? A car loan from Bank of America is best for those who plan to finance their vehicle through a dealership rather than fully online. Although rates are competitive, in order to benefit , you must be an elite rewards member- which requires you to keep a substantial savings or investment balance. If you’re planning to avoid the dealership but don’t have $20,000 to keep in the bank to get the discount rate You may be able to find better rates elsewhere. Types of auto loans offered Bank of America offers loans for new and used vehicle purchase as well as refinancing loans. New and used vehicle loans The financing for a new or used car loan via Bank of America has a minimum loan amount of $7,500 ($8,000 in Minnesota) and can be conducted on the internet as well as in-person. Loan decisions can be made within a minute of application in the event that no further information is needed. Refinance Refinance loan through Bank of America must be a minimum of $7,500 and can be completed by phone, online, or in an Bank of America branch office. It is a great option for drivers who held a loan with Bank of America, or any other lender as well as for those who can get member rates discounts.
Rates and terms of interest The most competitive rates are available for Bank of America preferred rewards members with outstanding credit. Product for loans
Interest rate
New car purchase
Beginning from 5.79% APR
Purchase of a used car
Starting at 5.99% APR
Refinance
Beginning from 6.79% APR
Online loan application allows you to select terms that are either 48, 60 or 72 months. How to apply for an auto loan through Bank of America There is no application fee when applying for an auto loan through Bank of America, and you can fill one out on the internet, by phone or in person at any of its branch offices.
The process is straightforward and requires only a few steps to complete. You don’t even need to have your vehicle selected to apply.
Give details about yourself and the loan. The first step in financing your car through Bank of America is to submit an online application. Include your loan amount and term you’re looking for, your information about your income and your personal details and whether you’re applying with an additional co-applicant. Lock your rate. Bank of America has a 30-day rate lock that lets you look around and get an idea of the amount you are able to afford. Close the loan. Once you have found a car that is registered with an authorized dealer and you have the option to finalize the loan and leave with new keys without the hassle of waiting in a finance office all day. The information you need to give includes:
The amount of the loan and the term. Contact information, including address. Social Security number, birth date and Social Security number. Employment information and income. U.S. citizenship status. Joint information for applicants in the event of a joint application.
Car loan requirements You must be a U.S national or permanent resident and at least 18 years old in order to get financing for a vehicle through Bank of America. In addition there are certain requirements for the vehicle itself. According to Bank of America’s FAQ page the following cars aren’t eligible for financing: Vehicles more that 10 years of age. Vehicles that have 125,000 miles or more. Vehicles valued at lower than $6000. Cars that are used for commercial or business purposes. Salvage or brand-title vehicles. Gray market or lemon law vehicles. Customer service If you prefer personal contact, a loan with Bank of America can serve you effectively. Customers can have their questions answered on its website using live chat or by phone. Following 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 through Friday, from 8 a.m. to midnight ET, and on Saturdays from 8 a.m. until 8 p.m. ET. What is the score of Bankrate? Bankrate rate Bank of America Overall score
3.5
Accessibility
3.7
Bank of America offers a variety of auto loans however, each one has a high minimum amount.
Affordability
3.2
The initial rates Bank of America offers are average, but the bank doesn’t charge an application or 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.
However, customer service is not available 7 days a week.
Transparency
2.5
Bank of America does not provide prequalification, but it does reveal certain fees and rates.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and have not been reviewed nor acknowledged by any advertiser. The information, including rates and fees provided in the review are accurate at the time that the review was written. Look over the information 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 ins and outs of securely taking out loans to purchase an automobile.
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