Bank of America Overview
Bank of America offers a wide array of financial services for individuals and businesses. The company is headquartered in Charlotte, North Carolina, and has roots that date back to 1784. Bank of America has an A+ rating with the BBB and over $2.189 trillion in assets.
How Do Bank of America’s Auto Loans Work?
Bank of America offers auto loans for three types of situations: dealer purchases of new or used cars, refinancing of existing auto loans and lease buyouts. Vehicles must be ten years old or newer with fewer than 125,000 miles. Purchases from independent dealers are not eligible for financing with Bank of America. Additionally, consignment sales are not eligible for funding.
What Are the Interest Rates for Bank of America’s Auto Loans?
Bank of America interest rates can differ based on a customer’s credit history and the specifics of a loan including the amount and term.
- For new cars, loans start at a 2.99% APR.
- For used cars, loans start at a 3.29% APR.
- For lease buyouts, loans start at a 3.29% APR.
- For refinancing, loans start at a 3.29% APR.
- Customers enrolled in Bank of America’s Preferred Rewards or Banking Rewards for Wealth Management may be eligible for an interest rate discount ranging from 0.25% to 0.50%.
- Additional fees vary by state. For example, in Indiana and Ohio there is a loan processing fee and also a fee for paying back a loan early.
How Much Money Can I Borrow for Bank of America Auto Loans?
Bank of America auto loans range from a minimum of $5,000 to a maximum of $100,000 depending on a customer’s creditworthiness and the value of the car being purchased or refinanced.
What Is Bank of America’s Application Process Like?
To see if you’re eligible for a Bank of America auto loan, you can fill out an application online, by phone or in person at a local branch. Credit decisions are usually made within sixty seconds. After being approved for financing a purchase, you’ll receive a letter that you can take to your local dealer to finalize a transaction.
How Are Bank of America’s Auto Loans Better than Other Auto Loans?
- Bank of America offers financing options for new and used dealer purchases as well as lease buyouts and refinancing.
- Interest rates are competitive. Customers enrolled in Bank of America’s Preferred Rewards or Banking Rewards for Wealth Management are even eligible for further discounts.
- Most credit decisions are made within sixty seconds.
* "Advertised as low as APRs (annual percentage rates) assume excellent borrower credit history. Your actual APR may differ based on your credit history, approved loan amount, term, state of residence and applicable discounts, such as Preferred Rewards. These discounts will be reflected in your individual APR quote if you are approved for a loan."