If you are looking for a Bank of America Auto Loan to make a new vehicle purchase? then we have got your back. Here, we will share with you the complete details about car loans provided by Bank of America, their pros and cons, and the most important Bank of America Car loan rates.
Bank of America auto loans are the best for customers who qualify for the Bank of America Preferred Rewards Program or want to purchase or finance a new vehicle through a Bank of America Car dealer.
There are lots of things to know about Bank of America auto loans before applying for them. So, let’s take a look at the Bank of America Car Loan in detail, its features, interest rates, and eligibility criteria.
Bank of America Auto Loan 2023: Complete Review
Bank of America provides financial support such as purchase loans, lease buyout loans, and refinance loans for new and used car purchases. It has a network with authorized dealers in the country to provide auto loans for almost two million vehicles available at the dealership.
Customers qualified with the Preferred Rewards program can also get an extra discount on the interest rate on Bank of America car loans. But, the interest rate will be higher for private-party purchase loans.
Bank of America provides the best rates for every type of auto loan it offers, but the rates also depend on the credit score of applicants. When anyone applies for the Bank of America auto loan and it gets approved, then the applicant can check the actual interest rate.
The application process for a Bank of America car loan can be done online through the official website or from any one of the 4,000 locations. You can get your credit decision in just 60 seconds which is a very quick process. When you get a credit decision, it will be locked for 30 days, so that you can shop around and check other good offer.
Read more: Bank of America Credit Card Login 2023 – Easy Guide
What are the Pros and Cons of Bank of America Auto Loans?
If you are considering a Bank of America Car loan for making a vehicle purchase, then first you have to know its benefits and consequences.
Pros:
- Competitive interest rates
- Long time for shopping: Once you get qualified, Bank of America allows you to shop for 30 days.
- Works in almost 50 states: Customers can easily get Auto financing in around 50 states and the District of Columbia.
Cons:
- Rate Discount for Preferred Rewards Members Only: The Preferred Rewards members which have a minimum of $20,000 in the deposit account and investment account are only eligible for interest rate discounts.
- The minimum Loan Amount is very high: Bank of America offers a loan amount of $7,500 which is much higher than other lenders’ amounts.
What are the types of Bank of America Auto Loans?
Bank of America offers different kinds of auto loans for customers.
- New Car Loan (Dealer)
- Used Car Loan (Dealer
- Refinance
- Lease Buyout
1. New Car Loan
Bank of America provides the new car loan with a minimum amount of $7,500. It can be processed online or by visiting the nearest loan branch. Loan decisions can be made in just 60 seconds after the application.
Pros
- Apply through online and mobile banking or from an authorized dealership
- No application fee
- Available in around 50 States
- The minimum Loan Amount is $7,500
Cons
- There is a loan fee for residents of Indiana or Ohio
- The vehicle can’t be used for business purposes
- You can only choose the 48, 60, or 72-month loan term by online application.
2. Used Car Loan
In this, Bank of America provides the minimum loan amount of $7,500 to the applicants. The required minimum credit score is not disclosed by the bank.
Pros
- Can be applied through mobile banking, online banking, or from an authorized dealership
- Provides rate discount for Preferred Rewards Program
- Offers loan decision within just 60 seconds after loan application
- Offers Spanish website to the customers
Cons
- The provided minimum loan amount is higher than other loan lenders
- SSN is necessary for the application
- The customer with a deposit balance of $20,000 can also get a rate discount
- Not offers finance to the vehicles which are purchased from independent dealers
This loan is best for customers who want to purchase a used car from an authorized dealership.
3. Refinance Loan
Bank of America offers a refinance loan of a minimum of $7,500 which can be applied online or through mobile banking. Customers with the Preferred Rewards program and who previously held a Bank of America loan can easily apply for a Refinance loan.
Pros
- Can be applied through mobile and online banking
- Customers with a minimum deposit of $7,500 get rate discounts
- It offers very quick loan decisions after a loan application
- Customers can access the official website in the Spanish version
Cons
- Social Security Number (SSN) is required for the application process
- The loan amount is higher than other loan lenders
- Offers rate discount to the customers with a deposit balance of $20,000
It is the best option for the applicant who wants to refinance their loan with a rates discount through the Preferred Rewards program.
4. Lease Buyout Loan
This loan is helpful to buy a car that is on the lease agreement. There are lots of drivers who drive a car on a lease, but when the agreement ends, they need to return the key to the owner. So, the lease buyout loan helps the buyers to buy the leased car.
Pros
- It can be applied through online and mobile banking
- Bank provides the loan decision in just 60 seconds after the loan application
- It allows customers to access the Spanish version of the website
- No application fee
Cons
- SSN is required for loan application
- The rate discount is available only for Preferred Rewards members
- It provides a very higher minimum loan amount than other lenders.
Read more: The Best Bank of America Credit Cards of March 2023
Bank of America Auto Loan Rates 2023
Now, we will know about Bank of America car loan rates as of March 20, 2023.
The interest rate provided by Bank of America on different kinds of auto loans is as follows:
| Loan Type | Rate of Interest |
| New car (dealer) | 5.79% APR |
| A used car (dealer) | 5.99% APR |
| Refinance | 6.79% APR |
| Buyout your Lease | 6.59% APR |
| Private Party | 8.69% APR |
All the rates mentioned above are without the Preferred Rewards Program rate discount of 0.50%.
How much discount is provided on Bank of America Auto Loan?
The qualified Preferred Rewards member of Bank of America can get the interest rate discount mentioned below:
- Gold Tier: 0.25%
- Platinum Tier: 0.35%
- Platinum Honors Tier and above: 0.50%
How to apply for a Bank of America Auto Loan?
The important thing about a Bank of America car loan is to apply for it. If you are more than 18 years old then you can easily apply for an auto loan with Bank of America online, by phone, or schedule an appointment at the branch office.
The application process for Bank of America auto loans is very easy and can be completed in a few clicks.
These are the things that you will need while applying for an auto loan with Bank of America:
- Selected loan amount and term
- Contact details and address
- Date of birth and Social Security Number
- Employment and income information
- U.S. Citizenship Certificate
Now, follow the steps to apply for a Bank of America Auto Loan:
- Go to the Bank of America auto loan official website.
- First of all, choose a loan amount and term.
- After that, provide your personal and income details.
- The bank will provide you with a 30-day lock rate which will help you to find a way to afford the loan.
- In the end, make the final deal. Once you find the best vehicle for you at an approved dealer, then you can make the final decision and purchase the vehicle with a loan without waiting for a long time.
Read more: Top 15 Largest Banks in the US by Assets in 2023
Bank of America Auto Loan Phone Number
The in-person communication can help you in getting a Bank of America auto loan very easily. The loan specialist can help you through live chat or phone.
You can contact Bank of America customer support Monday to Friday from 8 am to midnight and Saturday from 8 am to 8 pm.
Bank of America Car Loan Phone number:
800.215.6195
Conclusion
We conclude that the Bank of America Auto Loan is the best loan option than other lenders. It offers different types of auto loans such as new car loans, used car loans, refinance, buyout from lease, etc. Bank of America provides interest rates discount for their qualified Preferred Rewards members.
Taking a look at other loan lenders before applying for a Bank of America car loan is a better option. However, the bank also provides a good interest rate on the loan amount. As we know, Bank of America is the second largest bank in the US in terms of assets as of 2022.
I hope you enjoyed this post and get valuable information about Bank of America auto loans. Now, we are leaving and coming back with another good topic.
People Also Ask
What is the longest term for a Bank of America auto loan?
The bank allows you to choose the term 48, 60, or 72 months for applying for a Bank of America car loan.
Which bank provides the best car loan in the United States?
- PenFed Credit Union
- Lightstream
- Bank of America
- Consumers Credit Union
- Chase Auto
How can I get a Car loan in the United States?
You will need some necessary documents to get a car loan in the US. It is very necessary because there is a need for personal cars for every person because of less public transportation accessibility.
How to get low-interest rates on a Bank of America Auto Loan?
If the applicant has a good credit score, then he will be qualified to get a low-interest rate on the loan amount.
Is it possible to get a 0% Interest rate on a Car loan?
Some banks provide offers and discounts on auto loans. If you get eligible for the offer, then you can get an auto loan at a 0% Interest rate.
What documents are required for a Bank of America auto loan?
- Identity proof
- Income proof
- Credit history
- Account statement
- Residential Address Proof
- Vehicle information
- Insurance proof
What is the minimum credit score required for a Bank of America Auto Loan?
To get a loan from Bank of America, the credit score of the applicant must be at least 620.
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