Open navigation Main Menu Mortgages
Financing a home purchase refinancing your present loan Finding the best lender Additional Information
Looking for a financial advisor? Do our 3-minute quiz 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 connect with an advisor today.
Main Menu Credit cards
Compare according to category Compare by credit needed Compare with issuers Get advice
Are you looking for the perfect credit card? You can narrow your search using CardMatch(tm)
Main Menu Loans
Personal Auto Loans, Student Loans, Loans Loan calculators
Find a personal loan in just 2 minutes or less. Answer a few questions to receive offers with no impact on the credit rating.
Main Menu for Investing
Top of the Brokerages, and Rob-Advisors. Learn the basics Additional information
Looking for a financial advisor? Do our 3-minute quiz and then match up to an adviser today.
Main Menu Home equity
Find the most competitive rates Lender reviews. Calculators. base
Looking for a financial advisor? Try our three minute test and then match up the advisor you want today.
Main Menu Real estate
Selling a house Buying a home Finding the right agent Additional resources
Looking for a financial advisor? Take our 3 minute quiz and match with an advisor today.
Main Menu Food Insurance
Car Insurance Homeowners insurance Other Insurance Reviews of the Company
Looking for a financial advisor? Try our three minute test and connect with an advisor today.
Main Menu Retirement
Retirement accounts and retirement plans Find out the basics about retirement calculators Additional sources
Looking for a financial advisor? Do our 3-minute quiz and then match up with an advisor today.
The search is open and closed.
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 specializes in assisting readers to navigate the ins and outs of securely using loans to buy the car they want.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and compare data for free and 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 Earn Profit The offers that appear on this site come from companies who pay us. This compensation may impact how and where products appear on the site, such as such things as the order in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews appear on this website. We do not cover the entire universe of businesses or financial offerings that could be available to you.
About our reviews . Editorial disclosure The reviews are written by staff. The opinions expressed in them are only the views of the reviewer. They have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review is correct at the time when the review first appeared. Review the data on the right, and the lender’s website to find the most recent details.
A glance 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 five
Customer Experience Rating: 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 starting at 5.79%
Funds available as early as the same day of business
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 take into consideration all aspects before taking out the loan.
PROS Long shopping window
All 50 states are covered.
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 over two million vehicles. A large network isn’t the only thing it offers, either — qualifying preferred rewards members 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 quick, with most applicants receiving an approval decision within 60 minutes. Once you’ve received your decision the rate will be locked for 30 days after the approval, giving you time to shop around prior to signing an loan agreement.
Pros and pros and Bank of America auto loans Here are some benefits and drawbacks associated with Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in your rate and permits you to shop for 30 days following being approved. Available in the 50 states. Auto financing is available to drivers in all 50 states , as well as in the District of Columbia. Cons: High minimal loan amount. $7,500 is higher side compared to other lender options. Discounts for members only. Discounts are only offered for preferred members with at least $20,000 in a deposit or investment account. No prequalification is required. You’ll have to take the couple-point hit to your credit score if you are interested in knowing rates for the future. Who do you think Bank of America best for? An auto loan with Bank of America is best for those who plan to finance their vehicle via an auto dealer rather than completely online. Although the rates offered are competitive, to really gain you should be an elite rewards memberwhich means you must keep a substantial amount of money in a deposit or an investment. If you’re looking to stay clear of the dealership but don’t have $20,000 to keep in the bank to receive the discount rate You may be able to find better rates elsewhere. Types of auto loans that are offered Bank of America offers loans for new and used vehicle purchase as well as refinancing loans. Used and new vehicle loans Financing for a new or used car loan via Bank of America has a minimum loan amount of $7,500 ($8,000 for Minnesota) and is completed either online or in person. Decisions on loans can be taken within a matter of minutes of submitting the application, when no additional information is needed. Refinance A loan with Bank of America must be at least $7500. The application is available online, on the phone or at a Bank of America branch office. This is an excellent option for drivers who previously held a loan from Bank of America, or any other lender or to those who are able to get member rates discounts.
Rates and terms of interest The lowest rates are provided by Bank of America preferred rewards members with outstanding credit. The loan product
Rate of interest
New car purchase
Starting at 5.79% APR
Cars used for purchase
Starting at 5.99 APR of 5%
Refinance
Beginning at 6.79% APR
This online loan application allows you to choose between terms of 48 (or 60) or 72. How do you apply for a loan with Bank of America There is no application fee when applying to get an auto loan through Bank of America, and you can complete the application on the internet, by phone and in person one of its branches.
The process is straightforward and only takes a few steps to complete. You don’t have to have your vehicle picked out to apply.
Complete the form with information about you and the loan. The first step to financing your car through Bank of America is to complete its online application. Include details about the loan amount and duration you’d like to take, as well as your income and personal information and whether you’re applying with 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 how much you can manage. Complete the loan. When you locate a car at an approved dealer you are able to close the loan and walk out with new keys without the stress of sitting in a finance office for hours. The information you must give includes:
Amount of loan and duration. Contact information including address. Social Security number and birthdate. Employment information and income. U.S. citizenship status. Joint applicant information, if applicable.
Car loan conditions You must be an U.S citizen or permanent resident and at least 18 years old in order to finance the purchase of a car with Bank of America. Along with that, there are some specific conditions for the car itself. According to the FAQ page of Bank of America The following types of vehicles are not eligible for credit: Vehicles older than 10 calendar years old. Vehicles with 125,000 miles or more. Valued at lower than $6000. vehicles that are used for business or commercial purpose. Salvage or brand-title vehicles. Lemon law or gray market vehicles. Customer service If you prefer to communicate in person, a loan from Bank of America can serve you effectively. Questions from customers can be answered on its website via live chat, or by calling. Following loan approval, you will be assigned a loan specialist to directly assist you with your questions. Wells Fargo customer assistance can be reached via phone Monday to Friday between 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 rates Bank of America Overall score
3.5
The availability
3.7
Bank of America offers a range of auto loans that have the requirement of a minimum.
Affordability
3.2
The rates that Bank of America offers are middling, but it does not charge an application fee or the origination fee.
Customer experience
4.6
Bank of America has an easy-to-navigate website and app, along with a 30-day rate locking option.
But customer service assistance isn’t available 24 hours a week.
Transparency
2.5
Bank of America does not offer prequalification but does disclose the fees and starting rates.
Disclosure of author Reviewers are supervised 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 that is included, including rates and fees, presented in the review is correct up to the date of the review. Review the information in the upper right hand corner of the page, and the lender’s site for the most up-to-date details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to purchase an automobile.
About
Help
Legal Cookie settings Don’t sell my personal information
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products or services, or by you clicking on specific links on our site. Therefore, this compensation may affect the way, location and in what order products are displayed within the categories of listing and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own website rules and whether a product is offered 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 site. We strive to offer a wide range offers, Bankrate does not include specific information on each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|
(c) 2023 Bankrate, LLC. It is a Red Ventures company. All Rights reserved.
If you loved this post and you would like to get much more information relating to payday loans online same day pick up (blogfina.site) kindly visit our own page.