Bank of America Auto Loan: Bank of America provides the security of a well-known national bank, but think carefully before taking out a loan. Over two million vehicles are now on the market, and Bank of America works directly with approved dealers across the nation to arrange financing.
Not only does it have a vast network, but it also offers qualifying preferred rewards members the opportunity to obtain a rate discount. Applications are accessible both online and at any of its more than 4,000 physical locations. The procedure is also speedy; for the majority of applicants, a credit decision is made in under a minute. Your rate is fixed for 30 days after approval, giving you time to compare offers before signing a loan agreement.
Who benefits most from Bank of America?
The greatest option for a driver who wants to finance their car through a dealership rather than entirely online is an auto loan from Bank of America. Although the rates are reasonable, in order to actually benefit you must be a member of the preferred rewards program, which necessitates holding a significant deposit or investment sum.
You might be able to discover better bargains elsewhere if you want to avoid the dealership and don’t have $20,000 to maintain in the bank to qualify for the rate reduction.
Bank of America Types of auto loans
Along with refinancing loans, Bank of America provides loans for both new and used car purchases.
Loans for both new and secondhand cars
The minimum loan amount for a new or used automobile loan with Bank of America is $7,500 ($8,000 in Minnesota), and applications can be submitted online or in person. If no extra information is required, loan decisions can be completed within a minute of the application.
Online, over the phone, or in person at a Bank of America branch office, a refinance loan with Bank of America must be at least $7,500. It is a fantastic choice for motorists who have had a loan with Bank of America or any other lender in the past, as well as for individuals who can benefit from member rate discounts.
Interest rates and terms
Members of Bank of America’s preferred rewards program who have excellent credit are given the lowest rates.
|Loan product||Interest rate|
|New car purchase||Starting at 4.79% APR|
|Used car purchase||Starting at 4.89% APR|
|Refinance||Starting at 5.89% APR|
You have the option of selecting periods of 48, 60, or 72 months when you apply for a loan online.
How to apply for Auto loan with Bank of America
You can apply for an auto loan with Bank of America online, over the phone, or in person at one of its branch offices; there is no application charge.
The procedure is straightforward and only needs a few steps to be finished.
Even better, you don’t even need to have your ideal car selected when you apply.
- Give specifics about the loan and yourself: Filling out Bank of America’s online application with the loan amount and term you desire, your personal and income information, and if you’re adding a co-applicant are the initial steps in getting financing for your car from them.
- Set a fixed rate: You can compare rates while having a 30-day rate lock from Bank of America, allowing you to an idea of how much you can afford.
- Certify the agreement: You won’t have to deal with the trouble of spending the entire day waiting in a finance office once you’ve found a car at an authorized dealer, finalizing the loan, and leaving with your new keys.
You will need to give the following information:
- Amount and length of the loan.
- contact details, including a physical address.
- Birthday and Social Security number.
- Employment information and income.
- U.S. citizenship status.
- Information regarding joint applicants, if any.
Bank of America Auto Loan Requirements
You must be a U.S citizen or permanent resident and be at least 18 years old in order to finance a vehicle with Bank of America.
There are also other requirements related to the vehicle itself.
The following cars are not eligible for auto financing, according to Bank of America’s FAQ page:
- vehicles that are older than ten calendar years.
- vehicles having at least 125,000 kilometers.
- vehicles with a value under $6,000.
- vehicles used for business or commercial activities.
- automobiles with salvage or branded titles.
- Gray market or lemon law vehicles.
See Also: Bank of America Sign Up and Login Portal
Bank of America Consumer Service/Assistance
A loan from Bank of America can be beneficial for you if you value face-to-face communication. On its website, live chat and phone support are also available to address customer inquiries.
After a loan is approved, you will be matched with a loan specialist to directly assist your needs.