Bank of America loans
Financing for homebuyers, small business owners and more.
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One of America’s biggest financial service providers, Bank of America (BofA) offers a variety of loans with a simple application process and additional financial resources. It’s one of the top banks in the US and a reputable financial product provider for many Americans.
Bank of America extends loans to homebuyers, car buyers and small business owners.
BofA providesauto loans for new and used carsas well as lease buyouts and refinancing. Interest rates start at 3.59% for new cars and 3.79% for used models.
In as little as 24 hours, you can receive the funds needed to pay for your car — and you may even get a discounted rate if you have a BofA checking account. BofA also works with dealer networks and can recommend one that uses it to finance its auto loans.
Need a business loan to purchase inventory or cover day-to-day expenses? Bank of America’s business loans may be what you need. It offers competitive rates and loan amounts starting at $25,000 and going up to $2 million.
Bank of America offers mortgages for a wide range of borrowing needs, with two types to choose from.
As part of its home loan products, Bank of America also offers several types of refinancing and home equity lines of credit.
The line of credit is quite simple: You borrow against the value you own in your home at a variable rate. Like all of BofA’s products, the APR is competitive. You’ll have a lower rate during your 12-month introductory period, then switch to a slightly higher APR for the remainder of your loan.
BofA’s mortgage refinancing is a little more complex. You can choose between a fixed-rate, adjustable-rate, cash-out, FHA or VA refinancing option. Each has different terms and eligibility criteria, so contact a BoA representative or visit your local branch to learn more.
No. Bank of America doesn’t offer general-purpose personal loans. However, you can visit our guide to personal loans to explore your other options.
Student loans are also off the table, but we’ve gathered the best BofA student loan alternatives for you to compare.
Bank of America works to make taking out a loan easy. Here are some reasons people choose it:
Not sure Bank of America is right for you? Consider these potential drawbacks first:
The exact cost depends on the type of loan you apply for, your finances and your creditworthiness. Here are some common fees you can expect with each of its different loan products:
Bank of America’s home mortgages come with the most fees, including:
Bank of America doesn’t charge any fees to apply for an auto loan or prepare your loan documents. But depending on your state of residence, you may need to pay a title or state fee.
APRs vary depending on your creditworthiness, current financial situation and whether you purchase a new or used vehicle. There may be other fees, which you can explore in our guide to car loans.
Bank of America offers a variety of business loans, so the exact cost depends on which type you choose, your personal credit history and your business’s revenue — among other factors. You can find a common list of costs in our business loans guide, but you’ll need to speak to your contact at Bank of America for specifics.
The closing costs for a BoA business loan or line of credit vary by the type and size of your credit request. When approved, a BofA representative will contact you within one business day to inform you of your credit terms and conditions.
Bank of America doesn’t fare well when it comes to online ratings. While it’s been accredited with the Better Business Bureau (BBB) since 1949 and earns an A+ rating, over 200 customers have given it an average of 1 star. It does even worse on Trustpilot, earning a 4.5 out of 10 based on nearly 40 reviews, with over half of customers rating it as “poor” or “bad.”
Complaints center around poor customer service — both online and in person. Staff across all divisions was called incompetent, undertrained and unresponsive. It’s made a half-hearted effort to respond to customer complaints on the BBB site with a formulaic response that only seemed to infuriate people.
Reviews were marginally better when it came to loans — particularly mortgages — but there were still complaints. One customer said it took multiple appointments to sign just one form because their loan specialist was so disorganized.
Bank of America is the second-largest bank in the US with a longstanding history of providing financial service. Its website is easy to use, offering customer support and encryption to safeguard information. It’s also consistently won an award for Best Overall Identity Safety by Javelin Strategy & Research for the past nine years. Beyond this, it offers resources to help customers further protect their information such as free online security tools and educational videos about how to keep your identity safe
If you’re having trouble or have questions, contact BofA customer service by phone or visit a branch in person.
You can apply for a home mortgage or auto loan on Bank of America’s website. For a business loan, you’ll need to contact Bank of America by phone or in person.
Generally, you’ll need to submit the following information when you apply:
Depending on the loan you’re requesting, these financial details can include W-2s and pay stubs, bank statements, tax returns and your business’s profit and loss statements.
You can read the specific requirements for the loan you’re interested in by checking out our reviews of each Bank of America loan product.
Bank of America loans are available in all 50 states and Washington, DC. To be eligible, you must:
To qualify for a business loan, your business must also:
However, startups might be able toqualify for an SBA loanthrough Bank of America.
Auto loans and mortgages tend to come with a more involved process after you’re approved since you’ll have to purchase a car or a house. Your BoA loan specialist should be able to walk you through the process.
Once your funds are disbursed, it’s time to start thinking about repayment. Online Bill Pay is the easiest option — you don’t have to worry about keeping track of when your payment is due. But don’t forget to keep an eye on your account to look out for irregularities. If you notice anything strange — or have any other questions — contact customer service as soon as possible.
You also can pay by phone by calling 800-215-6195, in person at your local BoA branch or mail a check to:
Bank of America, N.A.
PO Box 15220
Wilmington, DE 19886-5220
First, find out why you were rejected. Once you find out, take steps to make improvements to your personal finances, such as increasing your credit score.
Banks tend to have tougher eligibility requirements than other lenders. If you’ve been rejected by Bank of America, you might be able to qualify for less-traditional financing from online lenders or credit unions without making any changes to your personal finances. Just wait for your credit score to recover from the hit it took when Bank of America pulled a hard credit check.
Originally the Bank of Italy, Bank of America has been in operation for well over 100 years. And as one of the largest companies in the world, it’s got a lot to offer its borrowers, including checking and savings accounts, credit cards and resources for people who want to invest.
With over 67 million clients — both individuals and small businesses — Bank of America is a household name in the banking industry.
Bank of America is a good place to start when you want an auto loan, mortgage or small business loan with an affordable rate. It keeps itself competitive by staying up-to-date with technology, but its more stringent requirements might make some borrowers ineligible for a loan. And you won’t be able to apply for a personal loan or student loan with this big bank.
If you’re interested in taking out a personal loan, you cancompare other banksthat offer this type of financing.
Does Bank of America charge a prepayment penalty?
In most states, Bank of America doesn’t charge a prepayment penalty for its home mortgage loans and auto loans. However, there may be a penalty for borrowers in Florida, Louisiana and Ohio.
Business loans allow for prepayments but may come with a fee that depends on your specific financing.
If I get an auto loan from Bank of America, can I use it to buy a car from anyone?
Generally, yes. Bank of America allows you to buy a car from a franchise dealer, approved independent dealer or private party.
Can I pay my BofA mortgage online?
Yes. If you have an eligible Bank of America account, you can make your mortgage payment using the Bill Pay or Transfers tab on your online account. You can also use PayPlan, which sets up automatic payments from your BofA checking or savings account.
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