Bank of America auto loans review February 2018 | finder.com
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Bank of America auto loans review

This big-name bank can take the complication out of finding an auto loan, so you can focus on getting the car you want.

Bank of America offers simple auto loans with helpful tools to guide your application and payments.

How does a Bank of America auto loan work?

If you’re in the market to buy a car, a Bank of America auto loan may be your financing solution. With a simple three-step process, you could find the funds in your account within days. And you can apply online from the convenience of your home.

  1. Apply online. Know how much you can borrow typically within 60 seconds.
  2. Time to shop. Once your rate is approved, it’s locked in for 30 days — giving you time to shop for the perfect car knowing exactly how much you can afford.
  3. Seal the deal. Once you’ve settled on a car, receive your auto loan to pay for it.

APRs depend on your creditworthiness. You’ll pay no origination fee for a 12- to 60-month repayment plan, offering more value for your money.

Unfortunately, not every car for sale is eligible for an auto loan. Among the cars that Bank of America will not finance are:

  • Vehicles older than 10 years.
  • Vehicles with 125,000 miles or more.
  • Vehicles valued at less than $6,000.
  • Vehicles used for commercial or business purposes.
  • Salvaged, rebuilt or branded-title vehicles.
  • Motorcycles, recreational vehicles, boats or aircraft

Product details

Product name. Bank of America Auto Loan
Interest rate. Competitive
Minimum loan amount. $5,000 ($7,500 in Minnesota and South Carolina)
Maximum loan amount. $100,000
Application fee. None
Repayment penalties. None
Legal states. Available in all 50 states and the District of Columbia

Compare more online car loan options

Rates last updated February 23rd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be at least 18 years old, a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be at least 18 years old and a current resident of the US or Canada. Must be employed full-time or have guaranteed fixed income of at least $1,500/month.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must be at least 18+ years old; have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

What are the benefits of a Bank of America auto loan?

  • Low APRs. Though interest rates depend on your creditworthiness and the specifics of your loan, BofA is generally competitive with other lenders.
  • Quick approval. Applying for your loan online can be quick, with approval in as little as 60 seconds. This can help you set your budget and get started shopping for your car.
  • Member discounts. You could be eligible for a 15% discount if you have or open a BofA checking account.
  • Authorized dealer network. Bank of America’s authorized dealer can further streamline your car-buying process. Once approved, you can take your approval letter to any one of BofA’s network dealerships to negotiate on the price of the car.

What to watch out for

BofA offers affordable loans and a network or dealers to help you get a loan you can afford. But consider the following before applying.

  • You must apply to see your exact APR. Rates listed online are starting rates and will vary based on your creditworthiness.
  • No financing for independent dealers. With only a few exception, dealers that aren’t affiliated with an auto manufacturer are not eligible for BofA financing.
  • Used car restrictions. BofA will not finance cars that are over 10 years old and have more than 125,000 miles.
  • Not all vehicles are eligible. You won’t be able to finance vehicles used for commercial or business, salvaged or rebuilt cars, conversion or delivery vehicles, motorcycles, recreational vehicles, boats or aircraft, among others.

Am I eligible for a Bank of America auto loan?

To apply for a Bank of America auto loan, you must be at least 18 years old (or 19 in Alabama or Nebraska) and live in the US as a US citizen, resident or nonresident alien.

You and the seller will need to meet a few other conditions:

  • Purchases from independent dealers are not eligible for financing.
  • The seller must be the same as the registered owner listed on the vehicle title.
  • The vehicle must be purchased directly from the seller or owner.

What information do I need to apply?

You’ll need to sign up for Bank of America’s online banking. With no fees to apply, you may receive approval the same day you apply. If your application requires a more detailed review, BofA will email information with its decision.

Your loan approval and interest rate are locked in for 30 days from the date you submit your original loan. To access your loan application, log in to your online account. You can access your saved application for 30 days.

When you’re ready to apply, go to Bank of America’s site with the following information:

  • Your full name and contact information address.
  • Social Security number and date of birth.
  • Employment information and proof of income.
  • Your federal tax returns, W-2s and financial statements.
  • Your citizenship status.
  • Purchase agreement or bill of sale.
  • Registration and title (if you have a specific car in mind when applying).
  • Lease buyout instructions, if you’re applying for this type of loan.

I got the Bank of America auto loan. Now what?

Now that you have your auto loan, make all of your payments on time to avoid potentially stiff fees. You have options when paying down your loan:

  • Bill pay. If you use Bank of America’s online banking, you can schedule recurring or one-time bill payments from your checking or money market accounts.
  • By phone. Call Bank of America’s payment line to pay by phone 24/7.
  • By mail. Mail your auto loan payment and loan account number to Bank of America, N.A., P.O. Box 15220, Wilmington, DE 19886-5220.
  • In person. Pay your auto loan in person at any Bank of America branch.

If you don’t have a Bank of America deposit account, you can set up electronic payments from your account at another financial institution.

Even though Bank of America auto loans include no fees for application or prepayments, you will pay fees on any late repayments. To avoid late fees, look into these options.

  • Online bill pay. Bill pay lets you set up a recurring monthly payment for your checking account so you’ll never miss a payment.
  • Change your due date. Change the due date of your payment to a more convenient time of the month to better suit your cash flow.

Bottom line

Buying a car or any big purchase can be overwhelming. If you’re looking to buy a new or used car and want a loan from a trusted bank, Bank of America offers simple auto loans with fast turnaround.

If you’re still unsure of where to turn, compare your car loan options before making a final decision.

Frequently asked questions about Bank of America auto loans

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