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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 -87% 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
14 users don't recommend
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Highlights
Highlights
Community Rating Strongly not recommended
Loan Amount $7,500 - $100,000
APR  (Fixed APR) Starting at 3.39%
Credit Score Range 580 - 850
Loan Term 12 - 60 months
Number of Reviews 15

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 offered 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?

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 auto 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 are 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.

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.

Only U.S. citizens and permanent residents can apply for a loan.

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 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.

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Availability

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

Feature Breakdown

No Prepayment Fee  
Application Fee $0
Minimum Age 18
Credit Score Range 580 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Maximum Vehicle Age 10
Military Status
  • Active Duty Military
  • Non-Military
Supported Income Types
  • 1099 Misc. Income
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Joint Loan Applications Accepted
  • Cosigner
Verification Documents Required
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Amount $7.5K - $100K
Loan Term 12 - 60 months
APR (Fixed APR) Starting at 3.39%

Bank of America Auto Loan Community Reviews

 
 

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