Bank of America Auto Loan Review

Bank of America Auto Loan is an auto purchase finance offering by Bank of America, a bank based in Charlotte, NC. Founded in 1784, Bank of America offers auto loans in 50 states (and Washington, DC).

How much can you borrow via Bank of America Auto Loan?

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

What APR does Bank of America Auto Loan offer on its auto loans?

Bank of America Auto Loan offers a fixed APR auto loan product that ranges from 3.39% 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 loan term you can get with Bank of America Auto Loan?

Bank of America Auto Loan has auto loans with terms ranging from 12 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your 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?

Yes, Bank of America Auto Loan does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment can reduce or even cancel the interest savings of repaying a loan early.

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

Applicants with a credit score of at least 580 can apply for a loan via Bank of America Auto Loan. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

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

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

What is the estimated funding time for an auto loan via Bank of America Auto Loan? Bank of America Auto Loan will typically approve (or deny) an auto loan application within 1 hour and fund the loan within 1 business day of approval.