Bank of america apply for car loan

What Types of Auto Loans Does Bank of America Offer?

Bank of America offers four types of car loans:

• Dealer purchase loans.
• Auto refinancing.
• Lease buyout loans.
• Private party loans.

[SEE: Compare auto loans, lenders and rates.]

How Does a Bank of America Auto Loan Work?

You can apply for a Bank of America auto loan in a few minutes for free through the lender's online application. You'll generally get a decision within 60 seconds, but Bank of America will email you with a decision if your application requires a more detailed review. If you'd rather apply in person or over the phone, you can visit your local branch or call 844-892-6002.

To apply, you'll need to provide personal information such as your name, address, Social Security number, citizenship status and email. You'll also need to provide information about your employment and income.

You may also need to submit documents such as your federal tax returns, W-2 forms and financial statements. If you're applying for a refinance loan or lease buyout loan, you'll need to provide your vehicle's make, model, year, mileage and vehicle identification number.

You can get approved for a loan before you've chosen a car, which can be helpful while shopping. Approved applicants have 30 calendar days from their loan submission date to accept the offer. If you accept, you can expect to receive a welcome package with account details and other information within 10 to 15 days of your closing date.

What Are Bank of America’s Terms, Fees and Conditions?

The online application lets you choose a 48-, 60- or 72-month term, though you can talk with a loan officer about other terms after applying. You may need to make a down payment to qualify, and certain loan-to-value restrictions will apply. If you live in Indiana or Ohio, you may incur a loan fee. Other state and title fees may also apply.

All loans must also be for at least $7,500, or $8,000 if you live in Minnesota. Annual percentage rates also vary based on where you live, your credit history, loan amount, term and market conditions. If you're a Bank of America Preferred Rewards member, you can qualify for rate discount of 0.25, 0.35 or 0.5 percentage point, depending on your membership level. Bank of America does not charge prepayment penalties on its auto loans.

There are certain vehicles Bank of America does not finance, including vehicles that are more than 10 years old, those worth less than $6,000 and those with mileage of at least 125,000 miles. Motorcycles, RVs, boats and aircraft are also not eligible.

Vehicles used for commercial or business purposes are ineligible for this kind of financing, but small business owners can apply for Bank of America Business Advantage Auto Loans.

What Discounts Does Bank of America Offer?

Bank of America Preferred Rewards members can get interest rate discounts on auto loans. To become a Preferred Rewards member, you'll need to have a three-month average daily balance of at least $20,000 combined across eligible Bank of America and/or Merrill accounts. A three-month average daily balance of at least $50,000 combined will move you up to the Platinum tier, while $100,000 unlocks the Platinum Honors tier.

Gold members can get a 0.25-percentage-point interest rate discount, while Platinum members get a 0.35 discount and Platinum Honors members get a 0.5 discount. You must be an enrolled Preferred Rewards member at the time of your application and submit your application directly through Bank of America to qualify for a discount.

How Can You Qualify?

Bank of America offers auto loans in all 50 states and Washington, D.C. To qualify for a Bank of America auto loan, you must be 18 or older or else be legally eligible to sign an auto loan contract in your state. You'll also need to be a U.S. citizen or legal resident. Bank of America does not disclose qualification standards such as a minimum credit score or minimum income.

Bank of America will review your credit during the application process, so you'll need to make sure your credit is unfrozen with all three credit bureaus before applying. You may also need to provide documents including proof of income and federal tax returns during the application process.

[SEE: Compare auto refinance loans, lenders and rates.]

Is the Lender Reputable?

Bank of America has an A+ rating from the Better Business Bureau. The company scores poorly on Trustpilot, with 1.4 out of 5 stars from more than 1,350 reviews. In 2021, the Consumer Financial Protection Bureau received 115 complaints related to vehicle loans from Bank of America. The company provided a timely response to 102 of those complaints. It closed 84 with an explanation, 17 with nonmonetary relief and 14 with monetary relief.

How Is Bank of America’s Customer Service? 

You can contact Bank of America via phone, email or online chat. Phone support is available at 844-892-6002 Monday through Friday from 8 a.m. to midnight Eastern Time and Saturday from 8 a.m. to 8 p.m. ET. You can also schedule an appointment online to meet with a representative in person. After you get an auto loan, you can contact Bank of America through your online banking account.

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