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Bank Of America
Bank of America: 2023 Auto Loan Review Published 2022-05-24 07:45:00
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to purchase a car.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct your own research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies who pay us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity, and other products for home loans. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that could be available 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 evaluated or acknowledged by any advertising company. The information that is included, including rates and fees that are included in the review is accurate up to the date of the review. Review the data in the upper right hand corner of the page as well as the lender's website for the most up-to-date details.
At a first glance 3.5 Score: 3.5 stars out of 5
Bankrate Score
Rating of Availability: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of five
Customer Experience Rating: 4.6 five stars of 5
A rating of Transparency: 2.5 stars out of 5
Check rates for auto loan rates
About the Bank of America Loan amount $7,500+
Min. credit score Unspecified
APR starting at 5.79%
Funds available in As soon as possible.
Pros and pros and Bank of America auto loans Bank of America offers the assurance of a nationally-recognized bank. However, it is important to take into consideration all aspects before deciding to take out a loan.
PROS Long shopping window
All 50 states are covered.
CONS High minimum loan amount
Discount for members only
No prequalification
Bank of America works directly with authorized dealers across the nation to provide financing for more than two million vehicles. A large network isn't the only advantage it has as well. Qualifying preferred rewards members receive a rate discount. Applications are available online and at any one of its over 4,000 brick-and-mortar locations. The process is quick, with most applicants receiving a credit decision in 60 seconds. Following the decision, your rate is locked for 30 days following approval . This gives you the opportunity to compare rates prior to signing an loan contract.
Pros and cons of Bank of America auto loans Here are a few benefits and drawbacks of Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in the rate you pay and allows you to shop for 30 days after having met the requirements. It is available in every state. Automobile financing can be arranged for drivers in all 50 states , as well as in the District of Columbia. Cons: A high limit on loan amount. $7,500 is higher than other lender alternatives. Discount only for members. Discounts are only offered for members with at least $20,000 in a deposit or investment account. There is no prequalification. You'll need to accept the couple-point hit to your credit if you would like to learn about rates. Who are Bank of America best for? A car loan from Bank of America is best for drivers who intend to finance their car through an auto dealer rather than completely online. Although rates are competitive, to really gain you should be an elite rewards member- which requires you to have a large amount of money in a deposit or an investment. If you're planning to avoid the dealer but do not have the $20,000 in the bank in order to qualify for the rate discount 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. Used and new vehicle loans The financing for a new or used vehicle loan through Bank of America has a minimum loan amount of $7,500 ($8,000 in Minnesota) and is completed online or in person. Decisions on loans can be taken within a matter of minutes of submitting the application, when no additional information is required. Refinance Refinance loan from Bank of America must be at least $7,500. It can be completed via the internet, over the phone or at an Bank of America branch office. It is a great option for drivers who had a loan with Bank of America, or any other lender or for those who get member rates discounts.
Interest rates and terms The most competitive rates are available to Bank of America preferred rewards members with outstanding credit. The loan product
Interest rate
New car purchase
Starting at 5.79% APR
Used car purchase
Beginning at 5.99% APR
Refinance
Starting from 6.79% APR
The online loan application lets you choose between terms of 48 60 or 72 months. How do I apply for a loan through Bank of America There is no application fee when applying to get an auto loan through Bank of America, and you can apply on the internet, by phone as well as in-person at any of its branch offices.
The process is easy and only takes a few steps to complete. You don't even need to have your vehicle picked out before you submit your application.
Give details about yourself and the loan. The first step to financing your car with Bank of America is to submit an online application form with details about the loan amount and term you're looking for, your personal and income details and whether you're applying with the co-applicant. Lock in the rate you're paying. Bank of America has a 30-day rate lock that lets you compare rates while having an idea of how much you are able to afford. Finalize the deal. When you locate a car at an approved dealer you are able to close the loan and walk away with the keys in your hand and without the hassle of waiting at a finance counter all day. Information you will need to give includes:
Amount of loan and duration. Contact information, including address. Social Security number, birth date and Social Security number. Employment information and income. U.S. citizenship status. Joint information for applicants in the event of a joint application.
Auto loan requirements You must be a U.S national or permanent resident and at minimum 18 years of age in order to get financing for an automobile through Bank of America. In addition, there are some specific conditions for the car itself. According to the FAQ page of Bank of America The following types of vehicles aren't eligible for financing: Vehicles that are more that 10 years of age. Vehicles that have 125,000 miles or more. Valued at lower than $6000. Vehicles that are used for business or commercial purpose. Salvage or brand-title vehicles. Gray market or lemon law vehicles. Support for the customer 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'll be connected with a loan specialist to directly assist your requirements. Wells Fargo customer assistance can be reached by phone from Monday to Friday from 8 a.m. until midnight ET, and on Saturdays from 8 a.m. until 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 assortment of auto loans, but each has the requirement of a minimum.
Affordability
3.2
The initial rates Bank of America offers are average, but the bank doesn't charge an application or the 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 certain fees and rates.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed nor accepted by any advertiser. The information, including rates and fees provided in the review is accurate up to the date when the review first appeared. Check the data in the upper right hand corner of the page and the lender's website for the most current details.
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 details of using loans to buy the car they want.
About
Help
Legal Cookie settings Do not 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 or services, or by you clicking on specific links on our website. So, this compensation can influence the manner, place and when products are displayed within the categories of listing and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other home loan products. Other elements, like our own rules for our website and whether the product is available in your region or within your personal credit score may also influence how and where products appear on this site. We strive to offer the most diverse selection of products, 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 beloved this article and also you would like to acquire more info with regards to same day payday loans online no credit check (financekseg.site) nicely visit the page.
refinancing your current loan Finding the best lender Additional Resources
Looking for a financial advisor? Do our 3-minute quiz and connect to an adviser today.
Main Menu Banking
Compare Accounts , Use Calculators Get assistance from Bank reviews
Looking for a financial advisor? Take our 3 minute quiz and then match up to an adviser today.
Main Menu Credit cards
Compare with other categories Compare by credit needed Compare by issuer Get advice
You're looking for the ideal credit card? You can narrow your search using 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 be offered loans, with no impact to your score on credit.
Main Menu for Investing
Best of Brokerages and robo-advisors Learn the basics Additional information
Looking for a financial advisor? Try our three minute test and then match up the advisor you want 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 match with an advisor today.
Main Menu Real estate
Selling a home Buying an investment property Locating the right agent sources
Looking for a financial advisor? Try our three minute test and connect with an advisor today.
Main Menu Insurance
Car Insurance Homeowners insurance Other Insurance Reviews of the Company
Looking for a financial advisor? Do our 3-minute quiz and match to an adviser today.
Main Menu Retirement
Retirement plans & accounts Get the basics of retirement calculators Other Resources
Looking for a financial advisor? Try our three minute test and match the advisor you want 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
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to purchase a car.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct your own research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies who pay us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity, and other products for home loans. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that could be available 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 evaluated or acknowledged by any advertising company. The information that is included, including rates and fees that are included in the review is accurate up to the date of the review. Review the data in the upper right hand corner of the page as well as the lender's website for the most up-to-date details.
At a first glance 3.5 Score: 3.5 stars out of 5
Bankrate Score
Rating of Availability: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of five
Customer Experience Rating: 4.6 five stars of 5
A rating of Transparency: 2.5 stars out of 5
Check rates for auto loan rates
About the Bank of America Loan amount $7,500+
Min. credit score Unspecified
APR starting at 5.79%
Funds available in As soon as possible.
Pros and pros and Bank of America auto loans Bank of America offers the assurance of a nationally-recognized bank. However, it is important to take into consideration all aspects before deciding to take out a loan.
PROS Long shopping window
All 50 states are covered.
CONS High minimum loan amount
Discount for members only
No prequalification
Bank of America works directly with authorized dealers across the nation to provide financing for more than two million vehicles. A large network isn't the only advantage it has as well. Qualifying preferred rewards members receive a rate discount. Applications are available online and at any one of its over 4,000 brick-and-mortar locations. The process is quick, with most applicants receiving a credit decision in 60 seconds. Following the decision, your rate is locked for 30 days following approval . This gives you the opportunity to compare rates prior to signing an loan contract.
Pros and cons of Bank of America auto loans Here are a few benefits and drawbacks of Bank of America auto loans. Benefits: A long shopping window. Bank of America locks in the rate you pay and allows you to shop for 30 days after having met the requirements. It is available in every state. Automobile financing can be arranged for drivers in all 50 states , as well as in the District of Columbia. Cons: A high limit on loan amount. $7,500 is higher than other lender alternatives. Discount only for members. Discounts are only offered for members with at least $20,000 in a deposit or investment account. There is no prequalification. You'll need to accept the couple-point hit to your credit if you would like to learn about rates. Who are Bank of America best for? A car loan from Bank of America is best for drivers who intend to finance their car through an auto dealer rather than completely online. Although rates are competitive, to really gain you should be an elite rewards member- which requires you to have a large amount of money in a deposit or an investment. If you're planning to avoid the dealer but do not have the $20,000 in the bank in order to qualify for the rate discount 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. Used and new vehicle loans The financing for a new or used vehicle loan through Bank of America has a minimum loan amount of $7,500 ($8,000 in Minnesota) and is completed online or in person. Decisions on loans can be taken within a matter of minutes of submitting the application, when no additional information is required. Refinance Refinance loan from Bank of America must be at least $7,500. It can be completed via the internet, over the phone or at an Bank of America branch office. It is a great option for drivers who had a loan with Bank of America, or any other lender or for those who get member rates discounts.
Interest rates and terms The most competitive rates are available to Bank of America preferred rewards members with outstanding credit. The loan product
Interest rate
New car purchase
Starting at 5.79% APR
Used car purchase
Beginning at 5.99% APR
Refinance
Starting from 6.79% APR
The online loan application lets you choose between terms of 48 60 or 72 months. How do I apply for a loan through Bank of America There is no application fee when applying to get an auto loan through Bank of America, and you can apply on the internet, by phone as well as in-person at any of its branch offices.
The process is easy and only takes a few steps to complete. You don't even need to have your vehicle picked out before you submit your application.
Give details about yourself and the loan. The first step to financing your car with Bank of America is to submit an online application form with details about the loan amount and term you're looking for, your personal and income details and whether you're applying with the co-applicant. Lock in the rate you're paying. Bank of America has a 30-day rate lock that lets you compare rates while having an idea of how much you are able to afford. Finalize the deal. When you locate a car at an approved dealer you are able to close the loan and walk away with the keys in your hand and without the hassle of waiting at a finance counter all day. Information you will need to give includes:
Amount of loan and duration. Contact information, including address. Social Security number, birth date and Social Security number. Employment information and income. U.S. citizenship status. Joint information for applicants in the event of a joint application.
Auto loan requirements You must be a U.S national or permanent resident and at minimum 18 years of age in order to get financing for an automobile through Bank of America. In addition, there are some specific conditions for the car itself. According to the FAQ page of Bank of America The following types of vehicles aren't eligible for financing: Vehicles that are more that 10 years of age. Vehicles that have 125,000 miles or more. Valued at lower than $6000. Vehicles that are used for business or commercial purpose. Salvage or brand-title vehicles. Gray market or lemon law vehicles. Support for the customer 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'll be connected with a loan specialist to directly assist your requirements. Wells Fargo customer assistance can be reached by phone from Monday to Friday from 8 a.m. until midnight ET, and on Saturdays from 8 a.m. until 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 assortment of auto loans, but each has the requirement of a minimum.
Affordability
3.2
The initial rates Bank of America offers are average, but the bank doesn't charge an application or the 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 certain fees and rates.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed nor accepted by any advertiser. The information, including rates and fees provided in the review is accurate up to the date when the review first appeared. Check the data in the upper right hand corner of the page and the lender's website for the most current details.
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 details of using loans to buy the car they want.
About
Help
Legal Cookie settings Do not 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 or services, or by you clicking on specific links on our website. So, this compensation can influence the manner, place and when products are displayed within the categories of listing and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other home loan products. Other elements, like our own rules for our website and whether the product is available in your region or within your personal credit score may also influence how and where products appear on this site. We strive to offer the most diverse selection of products, 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 beloved this article and also you would like to acquire more info with regards to same day payday loans online no credit check (financekseg.site) nicely visit the page.