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  Bank of America Auto Loan

Bank of America Auto Loan

in Auto Loans from Bank of America

Unaffiliated

Bank of America Auto Loan

Unaffiliated

in Auto Loans from Bank of America

SuperMoney Net Recommendation Score -91

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -91, equating to 1.2 on a 5 point rating scale.

-91

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly not recommended

1 user recommends
0 users are unsure
22 users don't recommend
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Highlights
Community Rating Strongly not recommended
Credit Score Range N/A
Loan Amount $7,500 - $100,000
APR  (Fixed APR) N/A
Loan Term (Months) N/A
Number of Reviews 23

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).

Bank of America auto loan FAQ

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 but they do not disclose their rates.

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.

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?

Bank of America Auto Loan does not require or does not disclose a credit score minimum. 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.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Bank of America Auto Loan

Purchasing a car typically means taking out a car loan. If you’re in the market for a new vehicle, you’ve probably spent a lot of time researching car options, but do you have a good understanding of how car loans work? When you take out a car loan from a financial institution, you receive your money in a lump sum, then pay it back (plus interest) over time. How much you borrow, how much time you take to pay it back and your interest rate all affect the size of your monthly payment.

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Other Services by Bank of America

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Application Fee $0
No Prepayment Fee
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Cosigner
Maximum Vehicle Age 10
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Vehicle Type
  • Auto
  • Motorcycles
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
Approval Speed 1 hour
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 0 - 1 day
Payment Options
  • Automatic Payments
  • Check by mail
Loan Amount $7,500 - $100,000

Bank of America Auto Loan Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -91, equating to 1.2 on a 5 point rating scale.

-91

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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