The history of Bank of America dates back to more than two centuries, but that doesnâ€™t mean its banking services are stuck in the past. In recent years, Bank of America has modernized its service offers by adding mobile auto lending services that allows buyers to choose a car and a car loan in one place. Yes, you can apply for its loans in person at a branch or over the phone, but itâ€™s hard to beat the speed and convenience of applying from home or anywhere you use your smartphone.
According to Bank of America, you could receive a loan decision within 60 seconds of applying, which is about as fast an approval as you can get from any lender, whether in person or online. But donâ€™t be so quick to gloss over the details. While you may get approval decision within a minute, you might not be getting your lowest rates. Bank of America offers competitive rates for new car financing and a discount for certain customers, but other lenders may be able to beat Bank of America when it comes to used car loans and refinancing.
Bank of Americaâ€™s online auto buying experience starts when you submit an electronic application through its website where you have the option to use your loan approval to shop for and buy your car through Bank of Americaâ€™s network of participating dealerships. Once you get your loan approval you can visit the Bank of America website or use the banking app to search a national inventory of more than one million cars, then visit dealerships for test drives and to finish the paperwork.
You can also use a Bank of America loan to buy a vehicle outside of the network. The bank offers loans for:
For specific rates for used and new cars as well as loans you could use to refinance your existing car or to buy out your leased vehicle, see the chart below.
Bank of America offers a wide variety of loans, but its loans arenâ€™t available for specialty vehicles such as motorcycles or RVs. Financing is available to residents of all 50 U.S. states who borrow a minimum of $7,500 ($8,000 in Minnesota), but it canâ€™t be used to buy cars that are over 10 years old or with more than 125,000 miles.
Advertised rates for new car loans are comparatively low, but to find the lowest APR for your loan youâ€™ll need to do some comparison shopping. Rates vary depending on what kind of purchase youâ€™re making, where you shop and the condition of your credit, with the lowest rates available for buyers with excellent credit when they purchase a new car from a dealer. Bank of America advertises much higher rates for private party purchases.
|New from dealer||Used from dealer||Used from private party*||Refinance||Lease buyout*|
|Bank of America||3.19%||3.39%||5.99%||3.99%||4.19%|
*Bank of America lease buyout and private party loan rates are current as of Sept. 18, 2019.
If you bank with Bank of America or have an investment account with its wealth management subsidiary, Merrill, you may be eligible for lower rates. Preferred Rewards members get a rate discount at 0.25% for Gold members, 0.35% for Platinum members and 0.50% for Platinum Honors members.
Your eligibility for Preferred Rewards is based on the average asset balances held by Bank of America and/or Merrill over the three months prior to your application, with a minimum average balance requirement of $20,000. You can enroll for free to see if youâ€™re eligible.
Completing an application online is a straightforward process, and if youâ€™re already a bank member you can choose to have some of the application prefilled. Whether you apply online, in person or over the phone by calling 844-892-6002, youâ€™ll need to submit the following information to complete an application:
You may be asked to submit some of the following information to complete your application, if applicable:
To apply in person, you can make an appointment through the website or walk into a bank branch and talk to a representative. Setting an appointment allows you to avoid waiting and helps ensure a specialist will be prepared with the information you need.
Once youâ€™ve submitted your application, loan decisions are quick. Even if further review is needed after you submit your application, youâ€™ll receive an email with your decision by the end of the following business day.
Savvy car shoppers know that using bank or credit union-backed financing for an auto purchase is generally a better option than going through a dealership. But it can be difficult to arrange bank financing and complete a car purchase without putting in the time to contact several different lenders and visit multiple lots.
If you want the security of financing with a large bank with branches around the country, or even from your pre-existing Bank of America account profile, Bank of America auto loans might be the solution for you. They offer some of the same perks as dealership financing, allowing you to apply for a loan and shop for a car, all within the same platform.
But some extra legwork usually pays off: Comparing rates with other banks, plus credit unions and online lenders is the only way to make sure youâ€™re getting the best deal possible.
*Rate and offer current as of June 1, 2019 and are subject to change. Promotional rate is not available to refinance existing PenFed car loans. Terms apply.