Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about personal loans products for every part of life.
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All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
If you plan to finance through a dealership rather than fully online, check out Bank of America. While the loan itself is handled at the dealership, the funding comes from the bank. The rates offered are competitive, but to get the lowest possible rate you have to qualify for the discount awarded to preferred rewards members — which requires you to hold a high deposit or investment balance.
If you’re looking to skip the dealership and don’t have $20,000 to keep in the bank for a rate discount, you may find better deals elsewhere.
Types of car loans that Bank of America offers
New/used car loans
Traditional refinancing
Cash-out refinancing
Lease buyout
APR
6.29%
6.59%
7.69%
7.69%
Loan amounts
Starting at $7,500
Starting at $7,500
Starting at $7,500
Starting at $7,500
Loan terms
48-72 months
48-72 months
48-72 months
48-72 months
New/used car loans
Financing for a new or used vehicle loan through Bank of America has a minimum loan requirement of $7,500 ($8,000 in Minnesota) and can be done online or in person. Loan decisions can be made within a minute of application if no additional details are needed.
A Bank of America refinance loan must be at least $7,500 and can be done either online, over the phone or at a Bank of America branch office. It is a great option for drivers who previously held a loan with Bank of America or any other lender and for those who can benefit from member rate discounts.
Lease buyout loans
If you have fallen in love with your leased vehicle and want to purchase it, Bank of America can help. The loan terms are the same as those offered for new and used purchases, with the same rates as refinance.
Where Bank of America stands out
Long shopping window: Borrowers have the ability to lock in their rate for 30 days after they initially qualify. This allows you to shop around with other lenders and ensure that Bank of America is the best option and find the best car for your needs.
Nationwide coverage: The financial institution has brick-and-mortar branches across the country, and its products can be used by residents in all states and Washington, D.C.
Minimal fees: Some lenders enforce fees for loan applications or paying off a loan early. Bank of America enforces neither and is great for borrowers who intend to make extra loan payments.
Where Bank of America falls short
High minimum loan amount: Bank of America has a minimum loan amount of $7,500. This is on the higher side and can make it the wrong option for borrowers who are refinancing a smaller amount.
Discount limitations: Available rate discounts are not available to every type of borrower. Instead, only those who are preferred banking members with at least $20,000 in an investment or deposit account can secure a discount.
No prequalification: Unlike some other lenders on the market that allow you to view potential rates with only a soft credit pull, Bank of America does not. Borrowers who are interested in borrowing will undergo a hard credit check to see potential rates.
Bank of America customer experience
Customer support
If you prefer in-person communication, a loan with Bank of America can be a good option. Customer questions can also be answered on its website via live chat or by phone. Following loan approval, you will be matched with a loan specialist who can directly assist you with your needs.
Bank of America customer assistance can be reached via phone Monday to Friday from 8 a.m. to 8 p.m. ET.
Digital experience
Borrowers can easily apply for and manage their auto loans online. Bank account holders will be familiar with the navigation as it is the same ecosystem as banking. There is also a well-rated app available that can help users track and make payments.
What people are saying about Bank of America
Bank of America holds a very poor rating on Trustpilot, 1.4 out of 5 stars. Although not all reviewers are auto loan borrowers, many complaints reference poor customer service and trouble making loan payments.
Here is what one frustrated driver shared in part:
“I have an auto loan with BOA I took my payment to a bank branch and added xtra principle to payment. They would not process it. Said I needed two checks. Believe that, here I am paying my bill on time at a branch and they won't accept. I will never do business with BOA AGAIN…”
Another had inconsistency with loan payment dates:
“I have a car loan with Bank of America and I have it set to auto pay on a specific day of the month. Each month the payment is taken on a different date (not the date set up in my auto pay) and it can differ from one to 4 days earlier or later and it doesn't matter if the specified date is a weekday or a weekend. I will not do business with this organization once this loan is paid off. I will seek out a new institution to refinance my loan through.”
Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.
How this lender compares
Bank of America vs. Regions Bank
Another bank-backed auto loan option, Regions Bank, is a solid option for borrowers who prefer in-person assistance and the reliability of a long-standing financial institution. Securing funding from Regions Bank is an especially good option for those looking to finance a more expensive vehicle, as the bank has a $125,000 loan maximum. However, unlike Bank of America, Regions only serves drivers in the South and Midwest.
Fifth Third Bank boasts the same in-person convenience as Bank of America but offers a wider range of repayment terms — up to 84 months. This makes it an attractive choice for borrowers who plan to extend their loan term. However, the Cincinnati-based bank only provides direct loans in 10 states.
Do you qualify for a Bank of America auto loan?
To finance a vehicle with Bank of America, you must be a U.S. citizen or permanent resident and at least 18 years old. The vehicle itself has some specific requirements.
Vehicles more than 10 calendar years old.
Vehicles with 125,000 miles or more.
Vehicles valued at less than $6,000.
Vehicles used for commercial or business purposes.
Salvage or branded-title vehicles.
Gray market or lemon law vehicles.
How to get a Bank of America auto loan
There is no application fee when applying for an auto loan with Bank of America, and you can fill one out online, over the phone or in person at one of its branch offices.
The process is simple and only takes a few steps to complete. You don’t even need to have your vehicle fully picked out when you apply.
Loan amount and term.
Contact information, including address.
Social Security number and birthdate.
Employment information and income.
U.S. citizenship status.
Joint applicant information, if applicable.
Provide details about yourself and the loan: The first step to financing your vehicle with Bank of America is to fill out its online application with the loan amount and term you want, your personal and income details and whether you’re adding a co-applicant.
Lock in your rate: Bank of America has a 30-day rate lock which will enable you to shop around while having an idea of how much you can afford.
Finalize the deal: After you find a vehicle at an approved dealer, you can finalize the loan and walk out with your new keys and without the hassle of waiting in a finance office all day.
How Bankrate rates Bank of America
Overall score
3.7
Availability
4.1
Bank of America offers a range of auto loans, but each has a high minimum amount.
Affordability
3.5
The starting rates Bank of America offers are middling, but it doesn't charge an application or origination fee.
Customer experience
4.8
Bank of America has an easy-to-navigate website and app, along with 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.
The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.
Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
What customers think
AUTO LOAN
Bank of america
Dive into community reviews below and see what others think about Bank of america.
3.9
28
ratings
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are unedited and have not been reviewed or approved by the associated lender.
Score breakdown
5 stars
29%
4 stars
39%
3 stars
29%
2 stars
4%
1 star
0%
Score by category
Overall rating3.9 / 5
Fees & closing costs3.3 / 5
Funding time3.8 / 5
Customer service3.5 / 5
Application process3.7 / 5
Online portal or mobile app3.8 / 5
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.
Community Reviews
See what users like you are saying about Bank of america.
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
They have my main bank for many years
Describe your experience with customer service
I didn't need customer service help, the dealership called the bank and the loan was granted immediately
Loan purpose
New car loan
Score by category
Fees & closing costs4/ 5
Funding timeNA/ 5
Online portal or mobile app5/ 5
Customer serviceNA/ 5
Application processNA/ 5
Key Questions
Would you recommend this lender to a friend or family?Yes
Was the lender responsive/professional?Yes
Did this loan meet your financial needs?Yes
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
Because a family member used them and told me how good they were.
Describe your experience with customer service
The lady I talked to was able to help me out quick and fast. She was very professional.
Loan purpose
Used car loan
Score by category
Fees & closing costs5/ 5
Funding time5/ 5
Online portal or mobile app5/ 5
Customer service5/ 5
Application process5/ 5
Key Questions
Would you recommend this lender to a friend or family?Yes
Was the lender responsive/professional?Yes
Did this loan meet your financial needs?Yes
Loan purpose
Score by category
Key Questions
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Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about personal loans products for every part of life.