Bank of America Auto Loan Review

Bank of America Auto Loan is offered by Bank of America, a bank founded in 1784 and based in Charlotte, NC. Bank of America Auto Loan is available in 50 states (and Washington, DC).

How much can you borrow via Bank of America auto loan?

Bank of America auto loan loan amounts start at $7,500 and go up to $100,000.

What APR does Bank of America auto loan offer on its car loans?

Bank of America auto loan offers a fixed apr car loan product that ranges from 2.39% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum auto loan term you can get with Bank of America auto loan?

Bank of America auto loan has car loans with terms ranging from 12 to 60 months. Having the option of longer terms -- terms can range up to 144 months -- allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay.

Does Bank of America auto loan charge an origination fee?

Yes, Bank of America auto loan may charge a loan origination fee.

Does Bank of America auto loan charge a late fee?

Yes, Bank of America auto loan charges borrowers with a late payment penatly fee

Does Bank of America auto loan charge prepayment fees?

No, Bank of America auto loan will not charge you a fee for paying your loan early. Whenever possible choose lenders like Bank of America auto loan that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my Bank of America auto loan loan?

Yes, you can. Bank of America auto loan does not charge a prepayment fee, so you can save money by paying your car loan early.

What do you need to qualify for Bank of America Auto Loan?

Applicants with a credit score of at least 580 and up to 850 may be eligible for Bank of America Auto Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Bank of America Auto Loan does not have or does not disclose a minimum annual income eligibility requirement. Bank of America Auto Loan will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Bank of America Auto Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Bank of America Auto Loan. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Driver's license
• Proof of citizenship or residence permit

What is the estimated funding time for a car loan via Bank of America auto loan?

Bank of America auto loan will typically approve (or deny) a car loan application within 1 hour and fund the car loan within 1 business day of approval.

Does Bank of America Auto Loan report your account activity to credit bureaus?

Yes, Bank of America Auto Loan reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.