Bank of America Auto Loans can offer you an APR as low as 2.99% if you're buying a new car or 3.29% if you’re looking to refinance your own. Those are excellent deals. To qualify for this rather exceptional rate, you will have to purchase a vehicle from one of Bank of America's approved and registered dealers, and you’ll only get the low interest rates if you have an excellent credit rating. The company doesn’t have any minimum requirements for credit listed on the site – a search turns up nothing specific – but it does clearly highlight that your interest rates will be determined by your score.
We also love how quick the approval process can be, which is one of the main reasons we list Bank of America Auto Loans among our best auto loan providers of 2020.
Bank of America Auto Loan review: How the process works
Application process: Online, simple, direct dealer access application
APR: From 2.99% dependent on amount, terms and banking institution
Fees: Title, state and loan fees may apply
Loan terms: New vehicle, used vehicle, vehicle refinance, and specialized vehicles with no pre-payment penalties
- Locked into a network of authorized dealers
- Specialized vehicle financing options available
The Bank of America application process is very neat. The website is designed to make your life easier with plenty of information on the landing page and lots of large buttons that offer to teach you more or guide you towards the best car dealers. The site includes an loan calculator and a refinance calculator. If you have specific vehicle requirements, Bank of America offers you the option to take out a loan for a specialized vehicle. There are loans available for people who want accessible vehicles and for small businesses and equipment.
The application process itself can be undertaken in two different ways. You can apply for your loan immediately, useful if you know the car and the dealer, or you can shop online for vehicles in your area and calculate your payments and make an application directly from the site. What’s also excellent is that you can get approval within 60 seconds with a 30-day rate lock. That really is market-leading. Compare this to something like Alliant Credit Union Auto Loans, which require a lot more processing, and BOA becomes a great choice for those in a hurry.
Bank of America Auto Loan review: Ease of use and customer reviews
- Mixed customer reviews
- Simple and accessible platform
Bank of America has managed to achieve the almost impossible for a financial institution on a customer review site – it has 4.5 stars out of 5 on consumersadvocate.org, specifically for its auto loans services. The customer experience reviews are mostly positive and this is echoed on Consumer Affairs with a mix of both positive and negative reviews. That said, it has a very low score on BBB but this is across all their product portfolios. Our top provider for customer services is Capital One Auto Loans, but Bank of America comes a close second.
The platform is easy to use, the information accessible and the overall experience is professional and slick.
Bank of America Auto Loan review: Is it transparent, accessible and usable?
- Accessible FAQ on the landing page
- Plenty of information to hand
This bank has paid attention to customers wanting information before they commit to anything. From the moment you land on the auto loans page, you’re given the information and links you need to find out more. You can find the FAQ section on the landing page with three of the top questions listed and a convenient link to the rest.
The bank has also included information around how car loans work, how car refinancing works and provided accessible tools to make contact. You can even schedule an appointment directly from the main page. This is all first-class service, although it can't quite match the full-banking levels of support offered by U.S. Bank Auto Loans (which do come with higher APR rates).
Should you choose a Bank of America Auto Loan?
Bank of America is a stable and well-known financial institution that offers a variety of different services and solutions, like U.S. Bank. However, unlike U.S. Bank, Bank of America doesn’t come with a very high APR and secretive fees hidden somewhere mysterious on the website. The company has taken time to put all of its information in one, accessible space, which makes a difference when you’re trying to do the math. It’s worth noting that members of the Preferred Rewards program are eligible for some great discounts and extras, which are only bettered by the likes of Ally Auto Loans. Bank of America has been accredited with the Better Business Bureau (BBB) since 1949 and has an A+ rating. Its customer reviews are not great on the BBB site but are 4.5 stars out of five on Consumer Advocate.org.