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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 to navigate the ways and pitfalls of taking out loans to purchase an automobile.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare data for free to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site come from companies who pay us. This compensation may impact how and where products are displayed on the site, such as, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home loan products. This compensation, however, does have no impact on the content we publish or the reviews that appear on this website. We do not include the entire universe of businesses or financial offerings that could be open to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed in them are only the views of the reviewer. They are not reviewed or approved by any advertiser. The information such as rates and charges, presented in the review are accurate up to the date when the review first appeared. Review the data on the right as well as the lender’s site for the most up-to-date information.
A first glance 3.5 Score: 3.5 stars out of 5
Bankrate Score
Availability Rating: 3.7 stars out of 5
Affordability Rating: 3.2 stars out of five
Customers Experience Score: 4.6 five stars of five
Transparency Rating: 2.5 stars out of 5
Check auto loan rates
About the Bank of America loan amount $7,500+
Min. credit score Unspecified
APR from 5.79%
Funds available in As soon 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, but you must consider all sides before deciding to take out a 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 country to provide financing for more than two million available vehicles. The extensive network isn’t the only thing it offers and those who qualify preferred rewards members can receive an interest rate reduction. Applications are accessible online and at any of its over 4,000 bricks-and-mortar locations. The process is also quick, with most applicants receiving an approval decision within 60 minutes. After the decision is made, your rate is locked for 30 days following approval . This gives you time to research before signing a loan agreement.
Pros and cons of Bank of America auto loans Here are some benefits and drawbacks associated with Bank of America auto loans. Pros: Long shopping window. Bank of America locks in your rate and permits you to shop around for 30 days following having met the requirements. The offer is available to the 50 states. Auto financing is available for drivers in all 50 states , as well as those in the District of Columbia. Cons: Expensive minimum loan amount. $7,500 is higher than other lender choices. Discount only for members. Discounts are only offered to members who have at least $20,000 in a deposit or investment account. There is no prequalification. You’ll be required to take a small amount of points to your credit score if you are interested in knowing rates for the future. Who are Bank of America best for? An auto loan with Bank of America is best for drivers who intend to finance their vehicle through a dealership rather than fully online. Although rates are competitive, to truly benefit you would have to be a preferred rewards member -that means you have to have a large amount of money in a deposit or an investment. If you’re looking to skip the dealership and don’t have $20,000 to keep in the bank to get the discount rate there are better deals elsewhere. Types of auto loans offered Bank of America offers loans to finance new and used car purchases as well as refinancing loans. New and used car loans Finance for a brand new or used vehicle loan through Bank of America has a minimum loan requirement of $7,500 ($8,000 to Minnesota) and can be conducted either online and in person. Loan decisions can be taken within a matter of minutes of application in the event that no further information is needed. Refinance A refinance loan with 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 hold a loan from Bank of America, or any other lender as well as for those who get member rates discounts.
Terms and rates of interest lowest rates are offered for Bank of America preferred rewards members with outstanding credit. The loan product
Interest rate
New car purchase
Beginning with 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 choose between terms of 48, 60 or 72 months. How do I apply for a loan with Bank of America There is no cost to apply to get an auto loan with Bank of America, and you can apply online, by calling and in person one of its branch offices.
The process is straightforward and only takes several steps to complete. You don’t even need to have your vehicle fully selected to apply.
Provide details about yourself and the loan. The first step in financing your car through Bank of America is to complete its online application with details about the loan amount and duration you want, your personal and income details and whether you’re adding an additional co-applicant. Lock the rate you’re paying. Bank of America has a 30-day rate lock which allows you to shop around while having an idea of what you can afford. Complete the deal. After you find a vehicle that is registered with an authorized dealer you are able to close the loan and walk away with new keys without the hassle of waiting in a finance office for hours. The information you must provide includes:
Amount of loan and duration. Contact details including address. Social Security number and birth date. Employment information and income. U.S. citizenship status. Joint applicant information, if applicable.
Car loan requirements You must be a U.S national or permanent resident and be at minimum 18 years old in order to get financing for the purchase of a car through Bank of America. In addition, there are some specific requirements for the vehicle itself. According to the FAQ page of Bank of America, the following vehicles aren’t eligible for financing: Vehicles that are more than 10 calendar year old. Vehicles that have 125,000 miles or more. Vehicles valued at under $6,000. vehicles used for commercial or business purposes. Salvage or brand-title vehicles. Gray market or lemon law vehicles. Support for the customer If you like to communicate in person, a loan with Bank of America can serve you very well. Customer questions can also be addressed on the website through live chat or by phone. After loan approval, you will be matched with an 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 and Saturday between 8 a.m. until 8 p.m. ET. What Bankrate charges Bank of America Overall score
3.5
Accessibility
3.7
Bank of America offers a assortment of auto loans however, each one has the requirement of a minimum.
Affordability
3.2
The starting rates Bank of America offers are average, but the bank doesn’t charge an application or the origination fee.
Customer experience
4.6
Bank of America has an user-friendly website and mobile app, along with a 30-day rate lock option.
Customer service support is not available 7 days 7 days a week.
Transparency
2.5
Bank of America does not provide prequalification, but it does reveal the fees and starting rates.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been reviewed or acknowledged by any advertiser. The information such as rates and charges that are included in the review is correct up to the date when the review first appeared. Review the information on the right and the lender’s website to find the most recent information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to purchase a car.
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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 the placement of sponsored products and, services, or for you clicking specific links on our site. Therefore, this compensation may impact how, where and in what order items are listed, except where prohibited by law. We also offer mortgage, home equity and other home loan products. Other elements, like our own website rules and whether or not a product is available in the area you reside in or is within your own personal credit score may also influence the way and place products are listed on this website. Although we try to offer an array of offers, Bankrate does not include specific information on every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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