Open navigation Main Menu Mortgages
Financing a home purchase Refinancing an existing loan Finding the perfect lender Additional Resources
Looking for a financial advisor? Try our three minute test and match the advisor you want today.
Main Menu Banking
Calculators to compare accounts Use the calculators and get advice Bank reviews
Looking for a financial advisor? Take our 3 minute quiz and match the advisor you want today.
Main Menu Credit cards
Compare according to category Compare by credit needed Compare with the issuer
You’re looking for the ideal credit card? Find it with CardMatch(tm)
Main Menu Loans
Personal Loans Student Loans Auto Loans Calculators for loans
Find a personal loan in just 2 minutes or less. You can also answer a few questions to receive offers with no impact to the credit rating.
Main Menu Investing
Best of Brokerages and robo-advisors Learn the basics Additional resources
Looking for a financial advisor? Do our 3-minute quiz and connect with an advisor today.
Main Menu Home equity
Get the best rates Lender reviews. Use calculators. Knowledge base
Looking for a financial advisor? Do our 3-minute quiz and connect to an adviser today.
Main Menu Real estate
Selling a home Buying a home Finding the right agent resources
Looking for a financial advisor? Do our 3-minute quiz and connect to an adviser today.
Main Menu Insurance
Car Insurance Homeowners insurance Other Insurance Reviews of the Company
Looking for a financial advisor? Try our three minute test and then match up to an adviser today.
Main Menu Retirement
Retirement plans & accounts Find out the basics about retirement calculators Additional Resources
Looking for a financial advisor? Try our three minute test and connect the advisor you want today.
Open search Close search
Submit
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 in navigating the ins and outs of securely borrowing money to purchase the car they want.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing relevant and impartial content, by enabling you to conduct your own research and compare information at no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that pay us. This compensation may impact how and where products are displayed on this site, including for instance, the order in which they may appear within the listing categories, except where prohibited by law. Our loan products, such as mortgages and home equity and other products for home loans. However, this compensation will have no impact on the content we publish or the reviews that you read on this site. We do not contain the entire universe of businesses or financial offers that may be accessible to you.
About our reviews Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only the opinions of the reviewer and are not checked or approved by any advertiser. The information that is included, including rates and fees, presented in the review is accurate as of the date of the review. Review the data on the right and the lender’s site for the most up-to-date information.
A look 3.5 rating: 3.5 stars out of five
Bankrate Score
Availability Rating: 3.7 stars out of 5
Affordability Rating: 3.2 stars out of 5
Customers Experience Score: 4.6 5 stars from five
Transparency Rating: 2.5 stars out of 5
Find out about auto loan rates
About the Bank of America. Loan amount $7,500.+
Min. credit score Unspecified
APR from 5.79%
Funds are available as soon as same business day
Pros and pros and Bank of America auto loans Bank of America offers the security of a nationally recognized bank. However, it is important to consider all sides prior to taking out an loan.
PROS Long shopping window
All 50 states are covered.
CONS High minimum loan amount
Discount only for members
No prequalification
Bank of America works directly with authorized dealers across the United States to provide financing for over two million vehicles available. A large network isn’t the only thing it offers as well. Qualifying preferred rewards members can receive an interest rate reduction. Applications are accessible online and at any of its over 4,000 brick-and-mortar locations. The process is quick 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 following approval . This gives you time to shop around before signing an loan agreement.
Pros and cons of Bank of America auto loans Here are some advantages and disadvantages that come with Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in your rate and allows you to shop for 30 days following qualifying. The offer is available to the 50 states. The auto financing program is accessible for drivers in all 50 states and in the District of Columbia. Cons: Expensive minimum loan amount. $7,500 is on the high level compared to other lender alternatives. Discount for members only. Discounts are only offered to members who have at minimum $20,000 in a savings or investment account. No prequalification is required. You’ll have to take the couple-point hit to your credit score if you would like to learn about rates. Who are Bank of America best for? An auto loan with 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 benefit , you must be an elite rewards memberthat means you have to hold a high amount of money in a deposit or an investment. If you’re looking to skip the dealership and don’t have enough money in the bank to get the discount rate there are better deals elsewhere. The types of auto loans that are offered Bank of America offers loans for new and used vehicle purchase as well as refinancing loans. New and used car loans Financing for a new or used car loan via Bank of America has a minimum loan requirement of $7500 ($8,000 in Minnesota) and is done online as well as in-person. Decisions on loans can be taken within a matter of minutes of submitting the application, if no additional details are needed. Refinance A loan with Bank of America must be a minimum of $7,500 and can be completed by phone, online, or at the Bank of America branch office. It’s a fantastic option for drivers who held an existing loan with Bank of America, or any other lender as well as to those who are able to get member rates discounts.
Rates and terms of interest The lowest rates are offered to Bank of America preferred rewards members with good credit. Loan product
Rate of interest
New car purchase
Starting at 5.79% APR
Cars used for purchase
Beginning at 5.99 APR – 5.99 %
Refinance
Starting at 6.79% APR
Online loan application lets you choose between terms of 48 60 or 72 months. How do you apply for an auto loan through Bank of America There is no fee for applying to get an auto loan with Bank of America, and you can complete the application on the internet, by phone as well as in-person at one of its branches.
The process is simple and takes only a few steps to complete. It is not necessary to have your car picked out before you submit your application.
Give details about yourself and the loan. The first step in financing your car through Bank of America is to fill out its online application form with the loan amount and term you want, your income and personal information and whether you’re adding the co-applicant. Lock in the rate you’re paying. Bank of America has a 30-day rate lock that will enable you to shop around while having an idea of the amount you can manage. Complete the deal. Once you have found a car that is registered with an authorized dealer, you can finalize the loan and walk away with new keys without the hassle of waiting at a finance counter for hours. The information you need to provide includes:
The amount of the loan and the term. Contact details including address. Social Security number and birth date. Income and employment information. U.S. citizenship status. Joint applicant information, if applicable.
Car loan conditions You must be an U.S citizen or permanent resident and be at least 18 years old in order to get financing for the purchase of a car with Bank of America. Additionally there are specific requirements for the vehicle. According to the FAQ page of Bank of America the following cars are not eligible for credit: Vehicles older that 10 years of age. Vehicles that have 125,000 miles or more. Vehicles worth less than $6,000. vehicles used for commercial or business purpose. Branded-title or salvage vehicles. Lemon law or gray market vehicles. Customer service If you prefer personal contact or in-person interaction, the loan from Bank of America can serve you very well. Questions from customers can be addressed on the website through live chat or by phone. Once you have received loan approval, you will be connected with a loan specialist who will be able to address you with your questions. Wells Fargo customer assistance can be reached via telephone Monday to Friday from 8 a.m. until midnight ET on Saturdays and from 8 a.m. until 8 p.m. ET. How 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 a high minimum amount.
Affordability
3.2
The starting rates Bank of America offers are middling, but it does not charge an application fee or charge an origination fee.
Customer experience
4.6
Bank of America has an easy-to-use website and app and also a 30 day interest lock feature.
However, customer service is not available 7 days a week.
Transparency
2.5
Bank of America does not provide prequalification, but it does reveal some fees and starting rates.
Editorial disclosure The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or approved by any advertising company. The information, including rates and fees that are included in the review is accurate up to the date that the review was written. Check the data at the top of this page and the lender’s website for the most recent information.
Written by
Rebecca Betterton
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 borrowing money to purchase the car they want.
About
Help
Legal Cookie settings Don’t sell my info
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or by you clicking on certain hyperlinks on our site. Therefore, this compensation may impact how, where and when products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage, home equity and other home loan products. Other elements, like our own rules for our website and whether a product is available in the area you reside in or is within your personal credit score may also influence the way and place products are listed on this site. Although we try to offer a wide range 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 |
|
(c) 2023 Bankrate, LLC. A Red Ventures company. All Rights Reserved.
Should you loved this informative article and you want to receive details with regards to $255 payday loans online same day deposit (paymeoq.site) kindly visit the web site.