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Bank of America Auto Refinance Review


ConsumersAdvocate.org Rating: 4.3 / 5 (Excellent)
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Founded in 1874 and based in North Carolina, Bank of America is a leading provider of financial products to individual consumers, businesses, and large corporations. Part of the company's services include providing auto loan programs for new and used cars. Lease buyout and auto refinancing options are also available. Auto loans from Bank of America are only offered for private use and for vehicles purchased from franchise dealerships.
 
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How is Bank of America rated?

Breakdown

4.0/5
Loan Details
4.5/5
Customer Experience

Overall Rating: 4.3 / 5 (Excellent)

Bank of America's more than a century in business, combined with their wide range of auto loan products, and low rates, make them one of the most stable and sensible choices for the average customer. They have flexible eligibility requirements, and a quick application process, for a hassle-free experience. Bank of America has no prepayment penalties, and zero application fees.

Auto Loans & Refinancing

Loan Details - 4 / 5

Bank of America offers auto loans for virtually every type of situation, from new and used car purchases, refinancing, lease buyouts, and private party purchases. Though there is limited information on their website regarding specific loan terms, since these are heavily dependent on individual circumstances, the minimum loan amount for auto purchases is $5,000. Minimum purchase loan APRs clock in at 2.89%, whereas lease buyouts, used cars, and refinance loans begin at 3.19%. Loan fees may be applied in Indiana and Ohio.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Purchase Loans

Loan Amount
$50,000
Min. APR
2.89%

Loan Refinancing

Min. APR
3.19%

Loan Qualifications

Qualification - 4 / 5

In order to qualify for an auto loan with Bank of America, customers must be at least 18 years old, and either citizens or resident aliens. They finance used and new cars younger than ten calendar years, less than 125,000 miles, and that are valued at over $6,000. Commercial vehicle loans can be financed as well, but through their Business Advantage product.

Borrower Qualifications

Minimum Age
18
US Citizenship Requirement
Yes

Vehicle Qualifications

Mileage Limit
less than 125,000 miles
Car Age
less than 10 years

Application & Service

Customer Experience - 4.5 / 5

Bank of America has a simple, zero-fee application form which can be checked online. One of their distinguishing features is their 30-day rate lock guarantee from the time of applying. They also claim that most decisions take an approximate 60 seconds. Bank of America's website features a handy auto payment calculator, as well as an auto refinance calculator, and lots of informative articles to help their customers make informed financial decisions.
Fees
No feed
Benefits/ Features
Online Rates / Application
Auto Loan Calculator

Bank of America Reputation & Reviews

Reputation - 4 / 5

Bank of America has an excellent reputation, which it's built since its founding in 1874. These 100+ years in business have made it one of the most trusted names in banking, and their car loans are no exception. They enjoy a good A- rating with the BBB, and an about average 5.7 out of 10 score on TrustPilot.
Trustpilot Rating
5.7 out of 5
BBB Rating
A-
Number of BBB Positive Reviews
5
Number of BBB Neutral Reviews
2
Number of BBB Negative Reviews
134
Date Collected
2017-12-13

Contact & Additional Information

Lender Type
Lender
Homepage URL
https://www.bankofamerica.com/auto-loans/
Company Phone
(704) 386-5681
Headquarters Address
100 North Tryon Street, Charlotte, NC, 28255
Year Founded
1874

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