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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 in navigating the ways and pitfalls of taking out loans 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 offering interactive tools and financial calculators that provide objective and original content, by enabling users to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies who pay us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they may appear within the listing categories, except where prohibited by law. Our mortgage, home equity, and other home lending products. This compensation, however, does not influence the information we publish, or the reviews appear on this website. We do not cover the universe of companies or financial deals that could be accessible to you.
About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed are solely those of the reviewer and are not checked or accepted by any advertising company. The information that is included, including rates and fees, presented in the review are accurate at the time of the review. Check the data on the right and the lender's website for the most up-to-date details.
At a first glance 3.5 Score: 3.5 stars out of five
Bankrate Score
Rating of Availability: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of five
The Customer Service Rating is 4.6 five stars of five
Transparency Rating: 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 from 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 security of a nationally recognized bank -- but be sure to consider all the possible options prior to taking out a loan.
PROS Long shopping window
All 50 states are covered.
CONS High minimum loan amount
Discounts for members only
No prequalification
Bank of America works directly with authorized dealers across the United States to offer financing for more than two million vehicles. Its extensive network isn't even the only benefit it boasts, either -- qualifying preferred rewards members can receive a rate discount. Applications can be made online or at any of its more than 4,000 brick and mortar locations. The process is fast, with most applicants receiving an approval decision within 60 seconds. Once you've received your decision your rate is set for 30 days following approval . This gives you time to shop around before signing the loan agreement.
Pros and cons of Bank of America auto loans Here are a few advantages and disadvantages of Bank of America auto loans. Pros: Long shopping window. Bank of America locks in your rate and permits customers to shop for 30 days following being approved. Available in every state. Automobile financing can be arranged to motorists in all 50 states , as well as in the District of Columbia. Cons: High minimum loan amount. $7,500 is on the higher side compared to other lender choices. Discount only for members. Rate discounts are only available for preferred members with at minimum $20,000 in a savings or investment account. No prequalification. You'll be required to take a small amount of points to your credit if you want to know potential rates. Who is Bank of America best for? An auto loan through Bank of America is best for those who plan to finance their car through an auto dealer rather than completely online. While the rates are competitive, to truly gain you should be a preferred rewards member -which means you must keep a substantial savings or investment balance. If you're looking to stay clear of the dealership and don't have enough money in the bank to get the discount rate You may be able to find better deals elsewhere. Different types of auto loans available Bank of America offers loans for new and used vehicle purchases as well as refinancing loans. Used and new vehicle loans The financing for a new or used car loan through Bank of America has a minimum loan amount of $7,500 ($8,000 to Minnesota) and is conducted on the internet as well as in-person. Decisions on loans can be taken within a matter of minutes of submitting the application, when no additional information is required. Refinance A loan from Bank of America must be at least $7,500. It is available via the internet, over the phone or at an Bank of America branch office. It is a great alternative for those who had a loan with Bank of America, or any other lender as well as to those who are able to take advantage of member-only discounts.
Rates and terms of interest The most competitive rates are available by Bank of America preferred rewards members with good credit. The loan product
Interest rate
New car purchase
Beginning at 5.79% APR
Cars used for purchase
Beginning at 5.99 APR of 5%
Refinance
Beginning with 6.79% APR
This online loan application allows you to select terms of either 48, 60 or 72 months. How do I apply for an auto loan with Bank of America There is no cost to apply for an auto loan with Bank of America, and you can fill one out on the internet, by phone as well as in-person at any of its branch offices.
The process is simple and only takes several steps to complete. You don't even need 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 submit an online application form with details about the loan amount and duration you want, your information about your income and your personal details and whether you're submitting a co-applicant. Lock in your rate. Bank of America has a 30-day rate lock that will enable you to look around and get an idea of how much you can manage. Close the loan. When you locate a car that is registered with an authorized dealer and you have the option to finalize the loan and walk away with the keys in your hand and without the hassle of waiting in a finance office all day. The information you must provide includes:
Amount of loan and duration. Contact details, including address. Social Security number and birthdate. Income and employment information. U.S. citizenship status. Joint applicant information, if applicable.
Car loan requirements You must be a U.S citizen or permanent resident and be at minimum 18 years of age in order to finance an automobile with Bank of America. Along with that there are specific requirements for the vehicle. According to the FAQ page of Bank of America the following cars are not eligible for vehicle financing: Vehicles more than 10 calendar year old. Vehicles that have 125,000 miles or more. Vehicles worth under $6,000. vehicles employed for business or commercial purposes. Branded-title or salvage vehicles. Lemon law or gray market vehicles. Customer service If you prefer personal contact or in-person interaction, a loan from Bank of America can serve you effectively. Questions from customers can be answered on its website using live chat or by phone. Once you have received loan approval, you'll be assigned an loan specialist who will assist you with your requirements. Wells Fargo customer assistance can be reached via phone Monday to Friday from 8 a.m. until midnight ET, and on Saturdays between 8 a.m. to 8 p.m. ET. What Bankrate rates Bank of America Overall score
3.5
Accessibility
3.7
Bank of America offers a assortment of auto loans however, each one has a high minimum amount.
Affordability
3.2
The starting rates Bank of America offers are moderate, however it doesn't charge an application or 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 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. 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, presented in the review is accurate at the time that the review was written. Look over the information on the right as well as 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 specializes in assisting readers to navigate the ways and pitfalls of taking out loans to purchase the car they want.
About
Help
Legal Cookie settings Don't share my information with anyone else.
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 by you clicking on certain hyperlinks on our site. So, this compensation can affect the way, location and in what order items appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage or home equity products, as well as other home lending products. Other factors, like our own rules for our website and whether the product is available within your area or at your self-selected credit score range could also affect the way and place products are listed on this site. 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 |
|
(c) 2023 Bankrate, LLC. A Red Ventures company. All Rights Reserved.
Should you loved this informative article and you would like to receive details with regards to payday loans online no credit check same day (payday-qw.ru) assure visit our own page.
Financing a home purchase refinancing your current loan Finding the best lender Additional Resources
Looking for a financial advisor? Do our 3-minute quiz and then match up with an advisor today.
Main Menu Banking
Compare Accounts , Use Calculators Get assistance from Bank reviews
Looking for a financial advisor? Take our 3 minute quiz and match with an advisor today.
Main Menu Credit cards
Compare according to category Compare using credit Compare with the issuer
Are you looking for the ideal credit card? Narrow your search with CardMatch(tm)
Main Menu Loans
Personal Loans Student Loans Auto Loans Calculators for loans
Find a personal loan in 2 minutes or less. Answer a few questions to get offers--with no impact on your credit score.
Main Menu Investing
Best of Brokerages and Rob-Advisors. Learn the basics Additional sources
Looking for a financial advisor? Take our 3 minute quiz and connect the advisor you want today.
Main Menu Home equity
Get the best rates Lender reviews. Use calculators. Knowledge base
Looking for a financial advisor? Try our three minute test and connect to an adviser today.
Main Menu Real estate
Selling a home Buying an investment property Locating the right agent resources
Looking for a financial advisor? Take our 3 minute quiz and match to an adviser today.
Main Menu Food Insurance
Car Insurance Homeowners insurance Other Insurance Company reviews
Looking for a financial advisor? Take our 3 minute quiz and match with an advisor today.
Main Menu Retirement
Accounts and retirement plans. Get the basics of retirement calculators Additional Resources
Looking for a financial advisor? Do our 3-minute quiz and match with an advisor 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 has a specialization in helping readers in navigating the ways and pitfalls of taking out loans 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 offering interactive tools and financial calculators that provide objective and original content, by enabling users to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies who pay us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they may appear within the listing categories, except where prohibited by law. Our mortgage, home equity, and other home lending products. This compensation, however, does not influence the information we publish, or the reviews appear on this website. We do not cover the universe of companies or financial deals that could be accessible to you.
About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed are solely those of the reviewer and are not checked or accepted by any advertising company. The information that is included, including rates and fees, presented in the review are accurate at the time of the review. Check the data on the right and the lender's website for the most up-to-date details.
At a first glance 3.5 Score: 3.5 stars out of five
Bankrate Score
Rating of Availability: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of five
The Customer Service Rating is 4.6 five stars of five
Transparency Rating: 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 from 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 security of a nationally recognized bank -- but be sure to consider all the possible options prior to taking out a loan.
PROS Long shopping window
All 50 states are covered.
CONS High minimum loan amount
Discounts for members only
No prequalification
Bank of America works directly with authorized dealers across the United States to offer financing for more than two million vehicles. Its extensive network isn't even the only benefit it boasts, either -- qualifying preferred rewards members can receive a rate discount. Applications can be made online or at any of its more than 4,000 brick and mortar locations. The process is fast, with most applicants receiving an approval decision within 60 seconds. Once you've received your decision your rate is set for 30 days following approval . This gives you time to shop around before signing the loan agreement.
Pros and cons of Bank of America auto loans Here are a few advantages and disadvantages of Bank of America auto loans. Pros: Long shopping window. Bank of America locks in your rate and permits customers to shop for 30 days following being approved. Available in every state. Automobile financing can be arranged to motorists in all 50 states , as well as in the District of Columbia. Cons: High minimum loan amount. $7,500 is on the higher side compared to other lender choices. Discount only for members. Rate discounts are only available for preferred members with at minimum $20,000 in a savings or investment account. No prequalification. You'll be required to take a small amount of points to your credit if you want to know potential rates. Who is Bank of America best for? An auto loan through Bank of America is best for those who plan to finance their car through an auto dealer rather than completely online. While the rates are competitive, to truly gain you should be a preferred rewards member -which means you must keep a substantial savings or investment balance. If you're looking to stay clear of the dealership and don't have enough money in the bank to get the discount rate You may be able to find better deals elsewhere. Different types of auto loans available Bank of America offers loans for new and used vehicle purchases as well as refinancing loans. Used and new vehicle loans The financing for a new or used car loan through Bank of America has a minimum loan amount of $7,500 ($8,000 to Minnesota) and is conducted on the internet as well as in-person. Decisions on loans can be taken within a matter of minutes of submitting the application, when no additional information is required. Refinance A loan from Bank of America must be at least $7,500. It is available via the internet, over the phone or at an Bank of America branch office. It is a great alternative for those who had a loan with Bank of America, or any other lender as well as to those who are able to take advantage of member-only discounts.
Rates and terms of interest The most competitive rates are available by Bank of America preferred rewards members with good credit. The loan product
Interest rate
New car purchase
Beginning at 5.79% APR
Cars used for purchase
Beginning at 5.99 APR of 5%
Refinance
Beginning with 6.79% APR
This online loan application allows you to select terms of either 48, 60 or 72 months. How do I apply for an auto loan with Bank of America There is no cost to apply for an auto loan with Bank of America, and you can fill one out on the internet, by phone as well as in-person at any of its branch offices.
The process is simple and only takes several steps to complete. You don't even need 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 submit an online application form with details about the loan amount and duration you want, your information about your income and your personal details and whether you're submitting a co-applicant. Lock in your rate. Bank of America has a 30-day rate lock that will enable you to look around and get an idea of how much you can manage. Close the loan. When you locate a car that is registered with an authorized dealer and you have the option to finalize the loan and walk away with the keys in your hand and without the hassle of waiting in a finance office all day. The information you must provide includes:
Amount of loan and duration. Contact details, including address. Social Security number and birthdate. Income and employment information. U.S. citizenship status. Joint applicant information, if applicable.
Car loan requirements You must be a U.S citizen or permanent resident and be at minimum 18 years of age in order to finance an automobile with Bank of America. Along with that there are specific requirements for the vehicle. According to the FAQ page of Bank of America the following cars are not eligible for vehicle financing: Vehicles more than 10 calendar year old. Vehicles that have 125,000 miles or more. Vehicles worth under $6,000. vehicles employed for business or commercial purposes. Branded-title or salvage vehicles. Lemon law or gray market vehicles. Customer service If you prefer personal contact or in-person interaction, a loan from Bank of America can serve you effectively. Questions from customers can be answered on its website using live chat or by phone. Once you have received loan approval, you'll be assigned an loan specialist who will assist you with your requirements. Wells Fargo customer assistance can be reached via phone Monday to Friday from 8 a.m. until midnight ET, and on Saturdays between 8 a.m. to 8 p.m. ET. What Bankrate rates Bank of America Overall score
3.5
Accessibility
3.7
Bank of America offers a assortment of auto loans however, each one has a high minimum amount.
Affordability
3.2
The starting rates Bank of America offers are moderate, however it doesn't charge an application or 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 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. 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, presented in the review is accurate at the time that the review was written. Look over the information on the right as well as 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 specializes in assisting readers to navigate the ways and pitfalls of taking out loans to purchase the car they want.
About
Help
Legal Cookie settings Don't share my information with anyone else.
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 by you clicking on certain hyperlinks on our site. So, this compensation can affect the way, location and in what order items appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage or home equity products, as well as other home lending products. Other factors, like our own rules for our website and whether the product is available within your area or at your self-selected credit score range could also affect the way and place products are listed on this site. 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 |
|
(c) 2023 Bankrate, LLC. A Red Ventures company. All Rights Reserved.
Should you loved this informative article and you would like to receive details with regards to payday loans online no credit check same day (payday-qw.ru) assure visit our own page.
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