Skip to Main Content

Bank of America: 2022 Auto Loan Review

2022-05-24 07:45:00

At a glance

3.5

Bankrate Score

  • Availability
  • Affordability
  • Customer Experience
  • Transparency
Compare auto loan rates
See rates

About Bank of America

  • Moneybag

    Loan amount

    $7,500

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from

    3.29%

  • Funds available in

    As soon as same business day

Pros and cons of Bank of America auto loans

Bank of America offers the security of a nationally recognized bank — but consider all sides before taking out a loan.

PROS

  • Checkmark

    Long shopping window

  • Checkmark

    Available in all 50 states

CONS

  • Close X

    High minimum loan amount

  • Close X

    Discount for members only

  • Close X

    No prequalification

Bank of America works directly with authorized dealers across the country to provide financing for over two million available vehicles. A large network isn’t the only benefit it boasts, either — qualifying preferred rewards members can receive a rate discount.

Applications are available online and at any one of its over 4,000 brick-and-mortar locations. The process is also quick, with most applicants receiving a credit decision in 60 seconds. Following the decision, your rate is locked for 30 days following approval — giving you time to shop around before signing a loan agreement.

Pros and cons of Bank of America auto loans

Here are some of the benefits and drawbacks of 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. 
  • Available in all 50 states. Auto financing is available to drivers in all 50 states and the District of Columbia. 

Cons:

  • High minimum loan amount. $7,500 is on the higher side compared to other lender options.  
  • Discount for members only. Rate discounts are only available for preferred members with at least $20,000 in a deposit or investment account. 
  • No prequalification. You’ll have to take the couple-point hit to your credit if you want to know potential rates.

Who is Bank of America best for?

An auto loan with Bank of America is best for a driver that intends to finance their vehicle through a dealership rather than fully online. Although the rates offered are competitive, to truly benefit you would have to be a preferred rewards member — 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 to get the rate discount, you may find better deals elsewhere. 

Types of auto loans offered

Bank of America offers loans for new and used vehicle purchases along with refinancing loans.

New and used vehicle 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.

Refinance

A refinance loan with Bank of America must be a minimum of $7,500 and can be done either online, on the phone or at a Bank of America branch office. It is a great option for drivers who previously hold a loan with Bank of America, or any other lender, and for those who can benefit from member rate discounts.  

Interest rates and terms

The lowest rates are offered to Bank of America preferred rewards members with excellent credit. 

Loan product Interest rate
New car purchase Starting at 3.29% APR
Used car purchase Starting at 3.39% APR
Refinance Starting at 4.39%

The online loan application allows you to select terms of either 48, 60 or 72 months.

How to apply for a loan with Bank of America

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. 
 
  1. 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.  
  2. 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. 
  3. 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.   
Information you will need to provide includes: 
 
  • 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. 

Auto loan requirements

You must be a U.S citizen or permanent resident and be at least 18 years old in order to finance a vehicle with Bank of America. Along with that, there are some specific requirements for the vehicle itself.  

According to Bank of America’s FAQ page, the following vehicles are not eligible for vehicle financing: 

  • 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. 

Customer service

If you prefer in-person communication, a loan with Bank of America can serve you well. 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 to directly assist your needs.  

Wells Fargo customer assistance can be reached via phone Monday to Friday from 8 a.m. to midnight ET and Saturday from 8 a.m. to 8 p.m. ET.

How Bankrate rates Bank of America

Overall score 3.5  
Availability 3.7 Bank of America offers a range of auto loans, but each has a high minimum amount.
Affordability 3.2 The starting rates Bank of America offers are middling, but it doesn't charge an application or origination fee.
Customer experience 4.6
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.
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.
Written by
Rebecca Betterton
Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.