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Bank Of America
Bank of America: 2023 Auto Loan Review Published 2022-05-24 07:45:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to purchase an automobile.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing relevant and impartial content, by enabling users to conduct research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this site come from companies who pay us. This compensation can affect the way and where products appear on this website, for example such things as the order in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will have no impact on the content we publish or the reviews appear on this website. We do not cover the universe of companies or financial deals that could be available to you.
About our reviews . Editorial disclosure Reviewers are supervised by our staff. Opinions expressed therein are solely those of the reviewer and are not checked or acknowledged by any advertising company. The information, including rates and fees provided in the review are accurate as of the date that the review was written. Look over the information on the right, and the lender's site for the most current information.
At a look 3.5 Rating: 3.5 stars out of five
Bankrate Score
Availability Rating: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of 5
Customers Experience Score: 4.6 5 stars from five
The Transparency Score: 2.5 stars out of 5
Compare 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 as early as possible.
Pros and cons of Bank of America auto loans Bank of America offers the assurance of a nationally-recognized bank, but you must be sure to consider all the possible options prior to taking out a loan.
PROS Long shopping window
All 50 states are covered.
HIGH MINIMUM loan amount
Discount only for members
No prequalification
Bank of America works directly with authorized dealers across the nation to provide financing for over two million vehicles. A large network isn't the only advantage it has and those who qualify 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 quick and most applicants receive an approval decision within 60 seconds. Once you've received your decision, your rate is locked for 30 days following approval . This gives you the opportunity to compare rates before signing an loan agreement.
Pros and cons of Bank of America auto loans Here are some advantages and disadvantages associated with Bank of America auto loans. Pros: Long shopping window. Bank of America locks in your rate and allows you to shop around for 30 days after qualifying. The offer is available to every state. The auto financing program is accessible for drivers in all 50 states , as well as those in the District of Columbia. Cons: Expensive minimal loan amount. $7,500 is higher side compared to other lender alternatives. Discounts for members only. Discounts are only offered to members who have at least $20,000 in a deposit or investment account. There is no prequalification. You'll be required to take a small amount of points on your credit score if are interested in knowing rates for the future. Who do you think Bank of America best for? A car loan through Bank of America is best for those who plan to finance their vehicle via dealerships rather than online. Although the rates offered are competitive, to truly benefit you would have to be an elite rewards memberwhich means you must keep a substantial savings or investment balance. If you're looking to stay clear of the dealership but don't have $20,000 to keep in the bank in order to qualify for the rate discount there are better deals elsewhere. Types of auto loans that are offered Bank of America offers loans for used and new vehicle purchases as well as refinancing loans. New and used car loans Financing for a used or new vehicle loan via Bank of America has a minimum loan requirement of $7500 ($8,000 in Minnesota) and is done either online as well as in-person. Loan decisions are made within a minute of the request when no additional information is required. Refinance A refinance loan from Bank of America must be a minimum of $7,500 and is available via the internet, over the phone or at a Bank of America branch office. It is a great option for drivers who held the loan from Bank of America, or any other lender, and to those who are able to get member rates discounts.
Terms and rates of interest most competitive rates are available by Bank of America preferred rewards members with good credit. Loan product
Rate of interest
New car purchase
Starting from 5.79% APR
Used car purchase
Starting at 5.99 APR - 5.99 %
Refinance
Starting at 6.79% APR
The online loan application allows you to select terms that are either 48 (or 60) or 72. How do you apply for a loan with Bank of America There is no cost to apply to get an auto loan through Bank of America, and you can complete the application on the internet, by phone and in person any of its branches.
The process is simple and takes only several steps to complete. It is not necessary to have your vehicle fully selected to apply.
Provide details about yourself and the loan. The first step in financing your car with Bank of America is to complete its online application form with your loan amount and term you're looking for, your income and personal information and whether you're submitting a co-applicant. Lock the rate you're paying. Bank of America has a 30 day rate lock that lets you look around and get an idea of the amount you are able to afford. Close the loan. When you locate a car at an approved 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 need to include:
The amount of the loan and the term. Contact details, including address. Social Security number and birth date. Information about employment and income. U.S. citizenship status. Joint information for applicants, if applicable.
Auto loan requirements You must be a U.S national or permanent resident and be at least 18 years old in order to finance a vehicle with Bank of America. Additionally there are certain conditions for the car itself. According to the FAQ page of Bank of America The following types of vehicles are not eligible for financing: Vehicles that are more that 10 years of age. Vehicles with 125,000 miles or more. Valued at less than $6,000. vehicles that are used for business or commercial purpose. Salvage or branded-title vehicles. Gray market or lemon law vehicles. Customer service If you would prefer personal contact, an loan with Bank of America can serve you very well. Customers can have their questions answered on its website using live chat, or by calling. Once you have received loan approval, you'll be assigned an loan specialist to directly assist you with your questions. Wells Fargo customer assistance can be reached by phone from Monday through Friday, from 8 a.m. until midnight ET, and on Saturdays between 8 a.m. until 8 p.m. ET. What Bankrate rates Bank of America Overall score
3.5
Availability
3.7
Bank of America offers a range of auto loans, but each has the requirement of a minimum.
Affordability
3.2
The rates that Bank of America offers are average, but the bank 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, and also a 30 day rate lock option.
But customer service assistance is not available seven days a week.
Transparency
2.5
Bank of America does not offer prequalification but does disclose some fees and starting rates.
Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or acknowledged by any advertising company. The information that is included, including rates and fees, presented in the review are accurate as of the date when the review first appeared. Review the information on the right and the lender's website to find the most current details.
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 borrowing money to purchase an automobile.
About
Help
Legal Cookie settings Do not sell my personal information
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products or services, or by you clicking on certain links posted on our website. This compensation could affect the way, location and in what order items appear within listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other home lending products. Other factors, like our own website rules and whether a product is available in your region or within your own personal credit score could also affect how and where products appear on this website. We strive to offer an array of offers, Bankrate does not include details about each financial or credit item 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.
If you have any type of inquiries pertaining to where and ways to make use of montana payday loans online same day cash; https://best-banks-ae.ru/,, you could contact us at our own web site.
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 then match up the advisor you want today.
Main Menu Banking
Compare Accounts , Use Calculators Get help from bank reviews
Looking for a financial advisor? Do our 3-minute quiz and then match up the advisor you want today.
Main Menu Credit cards
Compare according to category Compare by credit needed Compare with the issuer
Are you looking for the perfect credit card? Narrow your search with CardMatch(tm)
Main Menu Loans
Personal Auto Loans, Student Loans, Loans Loan calculators
Find a personal loan in 2 minutes or less Answer some questions to be offered loans, with no impact to your score on credit.
Main Menu Investing
Best of Brokerages and robo-advisors . Learn the basics Additional sources
Looking for a financial advisor? Take our 3 minute quiz and match to an adviser 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 match with an advisor today.
Main Menu Real estate
Selling a home Buying a home Finding the right agent information
Looking for a financial advisor? Do our 3-minute quiz and then match up to an adviser today.
Main Menu Insurance
Car Insurance Homeowners insurance Other insurance Company reviews
Looking for a financial advisor? Try our three minute test and then match up the advisor you want today.
Main Menu Retirement
Accounts and retirement plans. Find out the basics about retirement calculators Other resources
Looking for a financial advisor? Do our 3-minute quiz and connect with an advisor today.
Search open Close search
Submit
Bank Of America
Bank of America: 2023 Auto Loan Review Published 2022-05-24 07:45:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to purchase an automobile.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing relevant and impartial content, by enabling users to conduct research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this site come from companies who pay us. This compensation can affect the way and where products appear on this website, for example such things as the order in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will have no impact on the content we publish or the reviews appear on this website. We do not cover the universe of companies or financial deals that could be available to you.
About our reviews . Editorial disclosure Reviewers are supervised by our staff. Opinions expressed therein are solely those of the reviewer and are not checked or acknowledged by any advertising company. The information, including rates and fees provided in the review are accurate as of the date that the review was written. Look over the information on the right, and the lender's site for the most current information.
At a look 3.5 Rating: 3.5 stars out of five
Bankrate Score
Availability Rating: 3.7 stars out of 5
The Affordability Score: 3.2 stars out of 5
Customers Experience Score: 4.6 5 stars from five
The Transparency Score: 2.5 stars out of 5
Compare 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 as early as possible.
Pros and cons of Bank of America auto loans Bank of America offers the assurance of a nationally-recognized bank, but you must be sure to consider all the possible options prior to taking out a loan.
PROS Long shopping window
All 50 states are covered.
HIGH MINIMUM loan amount
Discount only for members
No prequalification
Bank of America works directly with authorized dealers across the nation to provide financing for over two million vehicles. A large network isn't the only advantage it has and those who qualify 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 quick and most applicants receive an approval decision within 60 seconds. Once you've received your decision, your rate is locked for 30 days following approval . This gives you the opportunity to compare rates before signing an loan agreement.
Pros and cons of Bank of America auto loans Here are some advantages and disadvantages associated with Bank of America auto loans. Pros: Long shopping window. Bank of America locks in your rate and allows you to shop around for 30 days after qualifying. The offer is available to every state. The auto financing program is accessible for drivers in all 50 states , as well as those in the District of Columbia. Cons: Expensive minimal loan amount. $7,500 is higher side compared to other lender alternatives. Discounts for members only. Discounts are only offered to members who have at least $20,000 in a deposit or investment account. There is no prequalification. You'll be required to take a small amount of points on your credit score if are interested in knowing rates for the future. Who do you think Bank of America best for? A car loan through Bank of America is best for those who plan to finance their vehicle via dealerships rather than online. Although the rates offered are competitive, to truly benefit you would have to be an elite rewards memberwhich means you must keep a substantial savings or investment balance. If you're looking to stay clear of the dealership but don't have $20,000 to keep in the bank in order to qualify for the rate discount there are better deals elsewhere. Types of auto loans that are offered Bank of America offers loans for used and new vehicle purchases as well as refinancing loans. New and used car loans Financing for a used or new vehicle loan via Bank of America has a minimum loan requirement of $7500 ($8,000 in Minnesota) and is done either online as well as in-person. Loan decisions are made within a minute of the request when no additional information is required. Refinance A refinance loan from Bank of America must be a minimum of $7,500 and is available via the internet, over the phone or at a Bank of America branch office. It is a great option for drivers who held the loan from Bank of America, or any other lender, and to those who are able to get member rates discounts.
Terms and rates of interest most competitive rates are available by Bank of America preferred rewards members with good credit. Loan product
Rate of interest
New car purchase
Starting from 5.79% APR
Used car purchase
Starting at 5.99 APR - 5.99 %
Refinance
Starting at 6.79% APR
The online loan application allows you to select terms that are either 48 (or 60) or 72. How do you apply for a loan with Bank of America There is no cost to apply to get an auto loan through Bank of America, and you can complete the application on the internet, by phone and in person any of its branches.
The process is simple and takes only several steps to complete. It is not necessary to have your vehicle fully selected to apply.
Provide details about yourself and the loan. The first step in financing your car with Bank of America is to complete its online application form with your loan amount and term you're looking for, your income and personal information and whether you're submitting a co-applicant. Lock the rate you're paying. Bank of America has a 30 day rate lock that lets you look around and get an idea of the amount you are able to afford. Close the loan. When you locate a car at an approved 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 need to include:
The amount of the loan and the term. Contact details, including address. Social Security number and birth date. Information about employment and income. U.S. citizenship status. Joint information for applicants, if applicable.
Auto loan requirements You must be a U.S national or permanent resident and be at least 18 years old in order to finance a vehicle with Bank of America. Additionally there are certain conditions for the car itself. According to the FAQ page of Bank of America The following types of vehicles are not eligible for financing: Vehicles that are more that 10 years of age. Vehicles with 125,000 miles or more. Valued at less than $6,000. vehicles that are used for business or commercial purpose. Salvage or branded-title vehicles. Gray market or lemon law vehicles. Customer service If you would prefer personal contact, an loan with Bank of America can serve you very well. Customers can have their questions answered on its website using live chat, or by calling. Once you have received loan approval, you'll be assigned an loan specialist to directly assist you with your questions. Wells Fargo customer assistance can be reached by phone from Monday through Friday, from 8 a.m. until midnight ET, and on Saturdays between 8 a.m. until 8 p.m. ET. What Bankrate rates Bank of America Overall score
3.5
Availability
3.7
Bank of America offers a range of auto loans, but each has the requirement of a minimum.
Affordability
3.2
The rates that Bank of America offers are average, but the bank 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, and also a 30 day rate lock option.
But customer service assistance is not available seven days a week.
Transparency
2.5
Bank of America does not offer prequalification but does disclose some fees and starting rates.
Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or acknowledged by any advertising company. The information that is included, including rates and fees, presented in the review are accurate as of the date when the review first appeared. Review the information on the right and the lender's website to find the most current details.
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 borrowing money to purchase an automobile.
About
Help
Legal Cookie settings Do not sell my personal information
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products or services, or by you clicking on certain links posted on our website. This compensation could affect the way, location and in what order items appear within listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other home lending products. Other factors, like our own website rules and whether a product is available in your region or within your own personal credit score could also affect how and where products appear on this website. We strive to offer an array of offers, Bankrate does not include details about each financial or credit item 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.
If you have any type of inquiries pertaining to where and ways to make use of montana payday loans online same day cash; https://best-banks-ae.ru/,, you could contact us at our own web site.