Overview
Bank of America is one of the largest banks in the U.S. and offers competitive auto financing. Its auto loans stand out for in-dealership financing and discounts for account holders.
Key Details
- Loan amounts: $7,500+
- Rates: From 6.29% APR for new cars
- Credit requirements: Not specified
- Member discounts: Up to .50% off rates
Best For
Bank of America works directly with dealerships, so it’s a good option if you plan to finance at the dealer. Preferred Rewards members can also benefit from discounted rates.
How Bank of America Auto Loans Work
You apply for Bank of America financing at the dealership. The bank approves loans in 60 seconds in most cases. Approved rates stay locked in for 30 days so you can shop around.
Applying at the Dealership
Bank of America has relationships with dealers nationwide. The dealer gathers your info and submits the application to Bank of America on your behalf. You get same-day funding once approved.
Pros and Cons of Bank of America
Here are the key upsides and downsides of financing your car purchase through Bank of America:
Pros
- Branches nationwide for support
- Discount rates for Rewards members
- Locked-in rate for 30 days
- No application fees
Cons
- Must finance onsite at dealer
- Unclear minimum score needed
- $7,500 minimum loan
How Bank of America Compares
We compared Bank of America auto loans to two other major banks:
Vs. Wells Fargo
- Rates: Comparable starting rates
- Credit requirements: Also unclear on minimum scores
- Loan terms: Wells Fargo goes up to 75 months
Vs. Chase
- Fees: Chase charges origination fees
- Availability: Chase not available as widely
- Rewards: Chase also offers member discounts
READ ALSO: Fifth Third Bank: 2024 Auto Loan Review
Auto Loans Offered
Bank of America finances new cars, used cars, refinancing, and lease buyouts.
New Car Loans
Finance your new car purchase directly through Bank of America’s dealer network.
- Amounts: $7,500+
- Terms: 48-72 months
- Rates: From 6.29% APR
Used Car Loans
Bank of America offers financing for used car purchases at thousands of dealers.
- Amounts: $7,500+
- Terms: 48-72 months
- Rates: From 6.49% APR
Refinancing
You can lower your rate or payment by refinancing your existing auto loan through Bank of America.
- Amounts: $7,500+
- Terms: 48-72 months
- Rates: From 7.29% APR
Lease Buyouts
Take over your lease with Bank of America financing when your term is up.
- Amounts: Not specified
- Terms: 48-72 months
- Rates: From 7.19% APR
Applying for a Bank of America Auto Loan
Follow these steps to get financing from Bank of America:
- Find your car: Shop for new or used vehicles at Bank of America’s network of dealers.
- Apply onsite: Provide required info for the dealer to submit your application.
- Get approved: Receive instant decision from Bank of America in most cases.
- Sign paperwork: Review terms and sign final paperwork to drive off the lot.
Fees to Expect
Typical Bank of America auto loan fees include:
- Late fees
- Returned payment fees
- Documentation fees
There are no prepayment or application fees.
To Recap
If you’re buying from a dealership, Bank of America auto financing is convenient since it partners directly with dealer networks. Preferred Rewards members can benefit from discounted rates if eligible. Just confirm you understand all potential fees before signing your loan to avoid surprises. If you want a more customizable loan experience, an online lender may better suit your needs.
FAQs
Does Bank of America offer prequalification?
No, Bank of America doesn’t let you prequalify to view rates. Applying requires a hard inquiry.
What credit score is needed?
Minimum scores aren’t published. You typically need good to excellent credit for approval. Those with scores below 640 will likely pay higher rates if approved.
Can I take out a loan for a classic or antique car?
No, Bank of America only finances vehicles less than 10 years old with under 125k miles.
In another related article, Credit Direct: 2024 Auto Loan Review
