At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About Bank of America
-
Loan amount
$7,500+
-
Min. credit score
Not specified
-
APR from
5.79%
-
Funds available in
As soon as same business day
Loan amount
$7,500+
Min. credit score
Not specified
APR from
5.79%
Funds available in
As soon as same business day
Bank of America offers the security of a nationally recognized bank — but consider all sides before taking out a loan.
Long shopping window
Available in all 50 states
High minimum loan amount
Discount for members only
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.
Here are some of the benefits and drawbacks of Bank of America auto loans.
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.
Bank of America offers loans for new and used vehicle purchases along with refinancing 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 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.
The lowest rates are offered to Bank of America preferred rewards members with excellent credit.
Loan product | Interest rate |
New car purchase | Starting at 5.79% APR |
Used car purchase | Starting at 5.99% APR |
Refinance | Starting at 6.79% APR |
The online loan application allows you to select terms of either 48, 60 or 72 months.
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:
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.
Overall score | 3.9 | |
---|---|---|
Availability | 4.4 | Bank of America offers a range of auto loans, but each has a high minimum amount. |
Affordability | 3.8 | 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. |