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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 ways and pitfalls of using loans to buy a car.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare information at no cost to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and where products are displayed on this website, for example such things as the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity, and other home lending products. However, this compensation will affect the information we publish, or the reviews that you read on this site. We do not contain the universe of companies or financial offers that may be open to you.
About our reviews . Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely the views of the reviewer. They are not checked or accepted by any advertising company. The information that is included, including rates and fees that are included in the review are accurate up to the date of the review. Check the data on the right and the lender’s site for the most recent information.
At a first glance 3.5 Score: 3.5 stars out of five
Bankrate Score
Available Rating: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of five
Customers Experience Score: 4.6 stars out of 5
The Transparency Score: 2.5 stars out of 5
Compare 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 same business day
Pros and cons of 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 deciding to take out an 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 country to provide financing for over two million vehicles. The extensive network isn’t the only advantage it has, either — qualifying preferred rewards members receive an interest rate reduction. Applications can be made online or at any one of its over 4,000 bricks-and-mortar locations. The process is quick and most applicants receive a decision on their credit in just 60 seconds. Once you’ve received your decision, your rate is locked for 30 days after approval . This gives you time to research prior to signing the loan agreement.
Pros and pros and Bank of America auto loans Here are some advantages and disadvantages of Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in your rate and allows customers to shop for 30 days following being approved. Available in all 50 states. Automobile financing can be arranged to motorists in all 50 states and in the District of Columbia. Cons: High minimum loan amount. $7,500 is on the high level compared to other lender alternatives. Discount only for members. Rate discounts are only available for members with at least $20,000 in a deposit or investment account. There is no prequalification. You’ll have to take the two-point penalty on your credit score if are interested in knowing rates for the future. Who do you think Bank of America best for? A car loan from Bank of America is best for those who plan to finance their vehicle via dealerships rather than online. While the rates are competitive, to truly benefit , you must be an elite rewards memberwhich means you must hold a high amount of money in a deposit or an investment. If you’re planning to avoid the dealer but don’t have enough money in the bank in order to qualify for the discount rate You may be able to find better rates elsewhere. Different types of auto loans that are offered Bank of America offers loans for used and new vehicle purchases along with refinancing loans. New and used vehicle loans Financing for a used or new vehicle loan via Bank of America has a minimum loan amount of $7,500 ($8,000 to Minnesota) and can be done on the internet as well as in-person. Decisions on loans can be completed within minutes of the request when no additional information is required. Refinance A loan through Bank of America must be at least $7,500. It can be completed online, on the phone or at an Bank of America branch office. This is an excellent option for drivers who previously hold an existing loan with Bank of America, or any other lender or for those who take advantage of member-only discounts.
Interest rates and terms The most competitive rates are available for Bank of America preferred rewards members with excellent credit. Product for loans
Interest rate
New car purchase
Starting with 5.79% APR
Cars used for purchase
Beginning at 5.99 APR – 5.99 %
Refinance
Beginning with 6.79% APR
This online loan application allows you to select terms of either 48, 60 or 72 months. How to apply for a loan through Bank of America There is no cost to apply to get an auto loan with Bank of America, and you can apply on the internet, by phone as well as in-person at one of its branch offices.
The process is straightforward and only takes just a few steps. You don’t even need to have your vehicle selected before you submit your application.
Give details about yourself and the loan. The first step for financing your car with Bank of America is to complete its online application with your loan amount and term you’d like to take, as well as your personal and income details and whether you’re submitting an additional co-applicant. Lock in your rate. Bank of America has a 30-day rate lock that lets you compare rates while having an idea of the amount you are able to afford. Complete the deal. After you find a vehicle that is registered with an authorized dealer and you have the option to finalize the loan and walk out with the keys in your hand and without the stress of sitting at a finance counter all day. Information you will need to include:
The amount of the loan and the term. Contact information including address. Social Security number and birthdate. Employment information and income. U.S. citizenship status. Joint applicant information in the event of a joint application.
Auto loan requirements You must be an U.S citizens or permanent residents and at minimum 18 years of age to be able to finance the purchase of a car with Bank of America. In addition there are specific conditions for the car itself. According to Bank of America’s FAQ page The following types of vehicles aren’t eligible for credit: Vehicles older than 10 calendar years old. Vehicles that have 125,000 miles or more. Vehicles worth lower than $6000. Vehicles that are used for business or commercial purposes. Branded-title or salvage vehicles. Gray market or lemon law vehicles. Support for the customer If you would prefer personal contact and interaction, an loan from Bank of America can serve you effectively. Customers can have their questions addressed on the website through live chat or via phone. After loan approval, you will be matched with a loan specialist who will be able to address your needs. Wells Fargo customer assistance can be reached via telephone Monday through Friday, from 8 a.m. until midnight ET on Saturdays and between 8 a.m. to 8 p.m. ET. What is the score of Bankrate? Bankrate rate Bank of America Overall score
3.5
Availability
3.7
Bank of America offers a assortment of auto loans that have the requirement of a minimum.
Affordability
3.2
The starting rates 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, and also a 30 day rate lock 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.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or accepted by any advertiser. The information such as rates and charges, presented in the review is accurate up to the date of the review. Review the information in the upper right hand corner of the page and the lender’s website to find the most up-to-date details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of taking out loans to purchase a car.
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