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Bank of America Auto Loans

100 N Tryon St Mailcode Nc 1-007-18-01, Charlotte, NC, 28255, USA
(800) 432-1000


Features


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 Rates for Bank of America’s Auto Loans?

Bank of America 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 APR 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.

- 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.

Credit Bureau Reporting
Loan Amount$5K - $100K
Payment Options:
Automatic Payments
Check by mail
APR:Starting at 2.99%
Min APR:
Max Loan Term (Months)72
Checking Account Required?
Lend To Military?
Immigration Status Considered:U.S. Permanent Resident
Minimum Age:18
Verification Documents Required:
Recent pay stubs
Driver license (or other photo ID)
Proof of citizenship/residence
Customizable Payment Dates
Joint Loans Available
No Origination Fee
Pre-Approved Soft Credit Inquiry
Approval Speed (Hours)1
Deferred Payments
No Late Fees
No Prepayment Fee
Minutes
1-7 days
Same Day
2-4 weeks
Application Fee
Lease Purchase
Refinance
Institution TypeBank
New Loan
Used Car Loan

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Reviews


I love Bank of Amercia!!! They approved me right away for a car loan. Sent me am email/letter document that you take to the car dealership and pick out your vehicle, I was treated awesome, excellent customer service!! I highly reccomend

January 23, 2017

Not sure how you can possibly pay on an auto loan over a year without ever being late and be denied to defer one payment. Makes absolutely no sense when the bill is not due and I'm being alert before hand. I will surely be refinancing my loan to rid of dealing with stupidity and unprofessionalism of BOA operators.

By 

June 10, 2016

Bank of America had my daughter's car towed without any advance notice that she had missed a couple of car payments. Why did she miss the car payments you might ask? Because she called Bank of America to set up automatic withdrawal from her account. Although Bank of America "confirmed" that this was set up, low and behold her car gets towed. When she called Bank of America, it was one hand-off after another. One BOA representative checked her account and actually told her that a double payment was made a couple of months prior to the towing. Another BOA representative told her that she can't setup automatic withdrawal over the phone and then proceeds to ask my daughter if she would like him to set up automatic withdrawal!!!! As my dad used to say, "It's like the blind leading the blind". And yes, this is a true story.

By 

April 20, 2016

Agreed to Fund Contract. Took Delivery of Vehicle, signed contract, and breached the agreement I went to purchase A BMW M5 from Lamborghini. Bank of America approved my deal. I signed the contract from the dealership who was absolutely fantastic. I took the vehicle home, showed my wife and my kids that I purchased the car for her for our 15th anniversary. I receive a call the next day to tell me Bank of America does not want to do the deal and I had to find another bank that funded the deal. I spoke with Stephanie at Bank of America. Phone Number 904-428-1734. She had no remorse and absolutely did not care! They took all my personal confidential information and I have no idea whose hands it is in now. What kind of bank does business like this??? It is my duty to make sure this experience does not happen to other customers. Bank of America should not be in business and thats just another reason I will NEVER do business with them. Call Stephanie as she is the underwriter for any of Bank of America Loans

By 

April 08, 2016

If you want the vehicle to be sold by the time you get your loan this is the place for you. I'm not sure how I can bank with an institution for 15 years however it takes 4 days to get an auto loan. Whereas I can go to a dealer and get approved in an hour. What a joke.

By 

February 18, 2016

Horrible service and they took forever to get back to me.

By 

April 19, 2015

Super quick and easy! I got everything done within days and got funding for my car quickly. I'm so satisfied with this company. They did everything I needed them to do quickly. I would recommend them because they are efficient, super helpful, and have pretty good customer service.

By 

December 16, 2014

I have had various issues in the past with my finances and was working to better my credit score. Bank of America has not been reporting my current on time payments to the credit bureaus. So even though I am working hard to rebuild my credit and make on time payments, it is all in vain because they are not up to date on reporting it.

By 

November 13, 2014

Compared to my current bank, BOA is amazing. I got a car loan through them and they gave me a better interest rate than my current bank, even though I have been in great standing with them since day one. I'm now looking to become a BOA customer just based on my car loan experience.

October 22, 2014

I had inquired for the auto loan and BofA and it took them 15 days to respond to me. No one from the company bothered to call to the applicant and they were offering very high rate on interest for the loan amount as compared to their competitors. All information came in the letter but sometimes its' more convenient to interact on the call or in person regarding important issues lie car loan. As far as personal banking is concerned, the company is good but I wouldn't recommend anyone for car loans.

By 

October 18, 2014

I refinanced my car loan with Bank of America and it has been a blessing in disguise. They literally slashed my previous interest rate by almost 75%. I honestly can't believe how much they've helped me. The application process was fairly easy and didn't take too much time. I'd highly recommend them if you are looking to refinance.

By 

October 04, 2014

The communication here seems a little off.. I got approved right away for a car loan with BoA but something was wrong. Nothing was actually wrong, I just had to go back and forth, back and forth, with two different BoA for probably a week. It was strange because it was like those two people didn't have any communication with eachother and I would have to give the info again both times.

By 

October 03, 2014

Horrible, awful, no good! I'd stay away from BOA if I were you. I requested a due date change since I got a new position that paid on different dates, and they wouldn't do it. Then, they repo'd my car. I paid to get my car back, but the repo guys had already gotten rid of it. Needless to say, they do not help you when you need it.

By 

September 27, 2014

Working with Bank of America to refinance my previous car loan was a pretty good experience. I mean, it was pretty easy to do. They also decreased my loan's interest rate by more than half, which was a blessing. I don't have too many complaints, considering they did exactly what I wanted them to do.

By 

September 18, 2014

They made it so difficult for me to get an auto loan. They requested all of this paperwork and things from the seller. Eventually, the seller got fed up with everything too. If I hadn't invested a bunch of time applying, I would have just gone somewhere else that doesn't make it such a hassle.

By 

September 17, 2014

Bank of America doesn't charge an application fee to refinance auto loans through them. This is awesome considering that if you are trying to refinance in the first place, you are cautious with your money. They were great to work with and gave me a rate I honestly felt like I couldn't refuse. My wife is looking to refinance for her car, and we will most likely go through them again.

By 

September 03, 2014

My wife and I were approved right away for a car loan with BoA, but it took weeks for them to process everything. Honestly, it seemed like they were extremely unorganized. It also seemed like there was no communication between departments. We had to give the same info over and over again to different people. It was very inconvenient for us.

By 

April 25, 2014

I LOVE Bank of America! I refinanced my previous loan completely on their website, and got such an amazing deal on my interest rate. It literally slashed my old one in half. The online application was fairly easy and I didn't encounter any issues. They are highly recommended!

By 

April 20, 2014

Bank of America was by far the best place to get a car loan with. My credit was average, but three other institutions still denied me. Bank of America approved me and everything was done within a few days. The only issue I encountered was that it was hard to get through to my loan guy, but that's about it.

By 

April 18, 2014

I loved that I could do everything online with BOA. I needed to refinance my car loan and when my personal bank gave me an INSANE interest rate, I turned to BOA. They helped me out and gave me a reasonable rate. I'm so happy I went with them and will turn to them in the future if needed.

By 

April 17, 2014

I really wish BOA would just do the loan process over email. That would make things a lot easier and expedite the process. Every other company does it over email now, so I don't know why BOA doesn't. In all, it took over a week for everything to get completed. With email correspondence, that could have been cut down to days.

By 

March 09, 2014

Why doesn't bank of America get with the times and do everything electronically? I had to literally mail contracts and documents back and forth with them. It would have been much easier and efficient if I could have just scanned and emailed them everything. It only took a few days to do everything, but it made it a lot more of a pain than it should have been.

By 

March 06, 2014

Why does Bank of American make getting a car loan so difficult?? Also, why do they make it take so long? This is not my first auto loan, but It was my first time going through BOA. It seemed like take twice as long as usual and require twice as much paperwork. Extremely inconvenient when you have other priorities.

By 

January 23, 2014

If you need to defer one payment with Bank of America Auto Loans, good luck trying. After contacting them, they informed us that our reason for deferment was not valid (aka, not on their approved deferment list). They were very rude and inconsiderate. We've been with Bank of America for a while now, and they should never treat their loyal customers that way.

By 

January 15, 2014

My husband and I have been BOA customers for many years. We got an auto loan with them, and needed to defer one payment. This simple request was like pulling teeth. They treated me so badly when I spoke with them. After all these years, we are in the process of switching over to another bank.

By 

April 15, 2013

So happy with my Bank of America car loan! The process was SO easy and quick. At times, I could get in touch with the guy processing the loan for me, but other than that, it was a great experience. I would definitely recommend them.

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