Bank of America Auto Loan Review | Find the best loan for you
Bank of America offers four types of auto loans:
- Dealer Purchase Loans.
- Automatic refinancing.
- Lease buyout loans.
- Loans to individuals.
You can apply for a Bank of America auto loan in minutes for free through the lender’s online application. You’ll usually get a decision within 60 seconds, but Bank of America will email you a decision if your application requires further review. If you prefer to apply in person or by phone, you can visit your local branch or call 844-892-6002.
To apply, you will need to provide personal information such as your name, address, social security number, citizenship status, and email address. You will also need to provide information about your employment and income.
You may also need to submit documents such as your federal income tax returns, W-2 forms, and financial statements. If you are applying for a refinance loan or a lease buyout loan, you will need to provide the make, model, year, mileage and vehicle identification number.
You can get loan approval before you choose a car, which can be helpful when shopping. Approved applicants have 30 calendar days from the date of their loan submission to accept the offer. If you agree, you can expect to receive a welcome package with account details and other information within 10-15 days of your closing date.
Applying online lets you choose a term of 48, 60, or 72 months, although you can discuss other terms with a loan officer after applying. You may be required to make a down payment to qualify, and certain loan-to-value restrictions will apply. If you live in Indiana or Ohio, you may be charged loan fees. Other state and title fees may also apply.
All loans must also be at least $7,500, or $8,000 if you live in Minnesota. Annual percentage rates also vary depending on where you live, credit history, loan amount, term and market conditions. If you are a Bank of America Preferred Rewards member, you may qualify for a rate reduction of 0.25, 0.35, or 0.5 percentage points, depending on your membership level. Bank of America does not charge prepayment penalties on its auto loans.
There are certain vehicles that Bank of America does not finance, including vehicles over 10 years old, those worth less than $6,000, and those with mileage of at least 125,000 miles. Motorcycles, recreational vehicles, boats and aircraft are also not eligible.
Vehicles used for commercial or business purposes are not eligible for this type of financing, but small business owners can apply for Bank of America Business Advantage Auto Loans.
Bank of America Preferred Rewards members can get interest rate reductions on auto loans. To become a Preferred Rewards member, you must have a combined three-month average daily balance of at least $20,000 in eligible Bank of America and/or Merrill accounts. A three-month average daily balance of at least $50,000 combined will upgrade you to Platinum, while $100,000 will unlock Platinum Honors.
Gold members can receive an interest rate reduction of 0.25 percentage points, while Platinum members receive a reduction of 0.35 and Platinum Honors members receive a reduction of 0.5. You must be an enrolled Preferred Rewards member at the time of your application and submit your application directly through Bank of America to receive a discount.
Bank of America offers auto loans in all 50 states and Washington, DC To qualify for a Bank of America auto loan, you must be 18 years of age or older or legally eligible to sign an auto loan agreement in your state. You will also need to be a US citizen or legal resident. Bank of America does not disclose qualification standards such as a minimum credit score or minimum income.
Bank of America will review your credit during the application process, so you will need to ensure that your credit is cleared with all three credit bureaus before applying. You may also be required to provide documents including proof of income and federal tax returns during the application process.
Bank of America has an A+ rating from the Better Business Bureau. The company scores poorly on Trustpilot, with 1.4 out of 5 stars from over 1,350 reviews. In 2021, the Consumer Financial Protection Bureau received 115 complaints related to Bank of America auto loans. The company provided a prompt response to 102 of these complaints. It closed 84 with an explanation, 17 with non-monetary relief and 14 with monetary relief.
You can contact Bank of America by phone, email or online chat. Phone support is available at 844-892-6002 Monday through Friday from 8 a.m. to midnight EST and Saturday from 8 a.m. to 8 p.m. ET. You can also make an appointment online to meet with a representative in person. After getting an auto loan, you can contact Bank of America through your online banking account.
- Individuals who are members of Bank of America Preferred Rewards.
- People who want to shop around before committing to an offer.
- People who need to borrow at least $7,500.