Bank of America Auto Loans Review

Bank of America offers auto loans to people with varying credits. You can get an auto loan whether you're buying from a dealer or from a private party. They also finance lease buyouts and refinance auto loans. Bank of America Auto loans are available in all 50 states and in the District of Columbia.

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Bank of America doesn't finance commercial vehicles or those meant for business use. They do not finance conversion or lemon law or gray market vehicles. They do not finance salvaged, rebuilt or branded title vehicles. They don't offer loans for the purchase of motorcycles and Isuzu vehicles. You can also not buy from an independent dealer if you're getting finance from Bank of America. Independent dealers are those who deal in vehicles of various brands and are not affiliated with an automobile manufacturer.

The minimum amount of auto loan that Bank of America offers is $7500 while the maximum is $100,000. If you're buying from a dealer the vehicle has to be less than 5 years old. If you're being from a private party, the vehicle has to be less than 8 years old. For lease buyouts and refinancing too, the vehicle has to be less than 8 years old. If you're buying from a private seller, the car needs to be purchased directly from them. The seller and registered owner has to be the same. Power-of-attorneys are not acceptable to Bank of America.

Auto loan example

You can get loans for a tenure of between 36 and 72 months. Assuming that the APR is 6.09%, and you finance 80% of a car that costs $25,000 with a $20,000 loan spread over 6 years this would require a monthly payment of $332.30. It is assumed that you are contributing $5,000 out of your savings towards the purchase of the car.

No prepayment penalty.

If you decide to prepay an auto loan to Bank of America, there's no prepayment penalty. The only exception is if you're from the state of Ohio where the prepayment penalty applies. When you apply for a Bank of America auto loan, you get an instant approval or disapproval within 60 seconds. In some cases you may not get an instant answer and be notified by email of the answer. If you're approved you'll be provided several financing options and a Bank of America representative will get in touch to verify your identity and guide you towards the next steps of completing your loan.

You'll then be sent all the loan documents to sign. This is sent electronically or by express delivery. You need to then send this back. After the documents are verified you're given the loan.

When applying online you need to provide the following information:

• Driver’s license information for you and all the co-applicants (if any).
• Employment information for you and all the co-applicants (if any).
• Type of purchase - whether dealer purchase, private party purchase, refinance or lease buyout.
• The amount of loan you want.
• The number of months over which you will repay the loan.

If you're opting for refinance, private party purchase or lease buyout at Bank of America you need to mention year, make, model, mileage, and vehicle identification number. You need to mention your email address and social security number. You'll be given a user id and password when you sig up. With this you can check your application status on their website. The auto loan offered by Bank of America will be good for a 30 day period. Interest rates too are valid for 30 days.

This review refers to a product or service only available within USA.