Bank of America Auto Loans Review

Bank of America Auto Loans Review

Bank of America gives aggressive rates of interest and versatile loans that may provide help to get into the automobile you need, however ensure that to match gives from a couple of lenders earlier than you progress ahead.

Fixed APR

Starting at 2.69%

SimpleScore

4.4 / 5.0

SimpleScore Bank of America 4.4

Bank of America is a lender that gives auto loans to customers who need to get their financing squared away earlier than they store. You can fill out your auto loan utility on-line, they usually supply low beginning charges. Also be aware that you should utilize a Bank of America auto loan to refinance a automobile loan you have already got.

There are loads of causes to think about making use of for an auto loan earlier than you head to the dealership. Applying early may also help you establish the rate of interest you possibly can qualify for — and the way a lot you possibly can afford to spend on a automobile. Getting permitted for a loan exterior the dealership can even offer you some bargaining energy, because you don’t should depend on the vendor for financing.

Before you begin making use of for auto loans, contemplate how Bank of America may provide help to get into the automobile you need. In this assessment, we’ll break down this bank’s auto loan choices, together with their charges and professionals and cons.

Bank of America Auto Loans: Key Takeaways

  • Get an auto loan with an rate of interest as little as 3.54% APR relying on the loan sort and your creditworthiness.
  • Score a fee low cost if you happen to’re enrolled in Preferred Rewards or Banking Rewards for Wealth Management on the time of your loan utility.
  • Use your loan for a lease buyout or to refinance an auto loan you have already got.
  • Loan quantities begin at $7,500, or $8,000 within the state of Minnesota.
  • You gained’t pay a prepayment penalty if you happen to pay your loan off early.

Bank of America Auto Loans Review: Save Money on Your Next Car

Bank of America gives auto loans that may work in a wide range of conditions, starting from loans for brand new or used vehicles bought from a dealership to auto lease buyouts. You can use a Bank of America auto loan to buy a automobile from a non-public particular person, or to refinance an auto loan you have already got.

Bank of America auto loans can be found in all 50 states, and rates of interest range relying on the kind of loan you apply for. As of this writing, beginning APRs are as follows:

  • Dealer new: beginning at 3.54% APR
  • Dealer used: 3.74% APR
  • Refinance: 4.29% APR
  • Lease buyout: 4.59% APR

Existing Bank of America prospects can qualify for even decrease charges in some instances. That’s as a result of the bank gives a most well-liked rate of interest low cost of 0.25% to 0.50% for purchasers who’re enrolled in Preferred Rewards or Banking Rewards for Wealth Management on the time of their loan utility.

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Bank of America doesn’t listing any minimal credit rating necessities for his or her auto loans, however they do state that rates of interest are based mostly on credit scores, earnings, and different components. You do should be at the least 18 years outdated and a U.S. citizen to use for one among their auto loans.

What to Watch Out For

There aren’t any actual downsides of Bank of America auto loans. They’re straightforward to use for on-line, they arrive with low rates of interest for many who qualify, and there aren’t any hidden charges. The major “gotcha” to pay attention to is within the necessities for the automobile you intend to finance, and the kind of cars these loans simply gained’t work for.

For instance, Bank of America says deep of their advantageous print which you can’t use one among their auto loans for a car older than 10 years. These loans additionally don’t work for vehicles price lower than $6,000 or these with greater than 125,000 miles on them. Vehicles used for enterprise or business functions, salvaged titles, supply automobiles, and leisure automobiles, bikes, or boats are additionally a no-go.

Loan quantities additionally begin at $7,500 nationwide ($8,000 in Minnesota), which means you possibly can’t borrow lower than that. Bank of America additionally states that loan-to-value restrictions might apply, and that you could be have to make a down fee. You may additionally be charged a loan price if you happen to reside in Indiana or Ohio, though Bank of America doesn’t supply any further element.

Who Bank of America Auto Loans Are Best for:

  • Consumers with nice credit who can qualify for the bottom rates of interest and greatest phrases.
  • Anyone who desires their financing lined up earlier than they store for a automobile.
  • Consumers who need to apply for a automobile loan on-line.
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How We Rate Bank of America Auto Loans

At The Simple Dollar, we purpose to supply a basic overview of a lender’s services via a normal score course of. After a radical analysis and discovery interval, right here’s how Bank of America auto loans stack up:

How to Apply for an Auto Loan from Bank of America

Bank of America makes it straightforward to use for one their auto loans on-line and from the consolation of your property. Simply head to their auto loans dwelling web page and click on on “get started” to start the applying course of.

Information required on your utility consists of:

  • Your identify
  • Loan sort
  • Home deal with
  • Desired loan quantity
  • Auto info (you probably have it)
  • Email deal with
  • Citizenship
  • Date of delivery
  • Employment standing
  • Housing info
  • Mother’s maiden identify
  • Income info
  • Social Security quantity

Once you apply, you could discover out if you happen to’re certified for an auto loan inside a couple of minutes. This will assist you already know your rate of interest and the way a lot you possibly can borrow earlier than you even head to the dealership.

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