Bank Of America Auto Loan Review (2024): Is It a Good Option?

Who Is The Bank of America (BofA)? 

The Bank of America Corporation can trace its roots back to when Amadeo Giannini founded the Bank of Italy in 1904, headquartered in San Francisco. 

Through many mergers and acquisitions, BofA has become one of the largest financial institutions. 

Today BofA is the 13th largest company in the world and has over 4,600 branches, 15,900 ATMs, and 205,000 employees. 

They offer new, used, and refinancing for automobiles under ten years old with immensely customer-friendly car loan terms of 48 to 72 months. 

What Makes Them Different?

Bank of America auto loan rates are extremely competitive if you select a car through their online vehicle services program. 

If you bank with BofA or are a member of their subsidiary, MerrillLynch, you may be eligible for a lower car loan rate through their Preferred Rewards members program. 

How Do Bank Of America Auto Loans Work?

Auto loans from Bank of America work the same as with most other banks today. You will have the option of speaking with your local bank’s loan officer, or you can get approved for car financing online.

They offer a quick three-step process and claim that they can give you a decision on your next auto loan in 60 seconds.

Meet The Guidelines

First, you need to meet the general guidelines before you can apply, and those are: 

• You must be 18 years old or otherwise have the ability to contract for automotive financing in your state of residence legally
• You must be either a U.S. citizen or resident alien (permanent or non-permanent)

Are You Buying New or Used

You need to figure out what type of financing you will need, are you buying a new car or a used car? Will you be refinancing, or are you looking for a lease buyout?

Once you know which option you are going for, then you can go to the next step. 

Get Your Paperwork Together

Things The BofA Corporation will need are: 

• Banking History
• Proof Of Income
• Proof Of Identity
• Proof Of Insurance
• Proof Of Residency
• Information On Vehicle You Plan To Purchase
• Current Vehicle Registration (If you plan to do a trade in)

Keep in mind this is just a general list. BofA could need more or less information, just have at least the things above ready.

Time To Apply (Hard Inquiry)

Now that you know you meet the general requirements, you have all your documents together, and you know that the dealer is in the BofA network, it’s time to apply.

It makes a lot of sense to get a Bank of America Pre Approval letter before going to the dealership to buy your car.

Many studies have conclusively shown that obtaining financing from the dealership is much more costly than having it in place before your purchase.

Review & Accept Your Offer

Be sure to review the offer from Bank of America before you purchase.

You need to look at their requirements and car loan rates and if they will require a down payment or a co-signer.

Make sure you understand what you are paying for and keep referring to the original offer to make sure nothing changed from the time you accepted it to the time your loan was funded.

Once you accept the offer, your loan can be funded by either bank deposit, ACH, check, or certificate.

Be sure to speak with your Bank of America Auto Finance loan officer about the date the funds are estimated to be available. 

Bank of America Auto Online customer reviews indicate this estimated date may not be met. 

Bank of America Auto Loan Reviews

Bank of America auto loan reviews are mostly very negative.

Customers regularly complain of poor customer service and disorganization in the Bank of America auto finance department. 

Below are some of the Bank of America auto loan reviews:

As part of the process of this review, we read countless reviews, and while it is not uncommon for a large company to have negative reviews, these were especially troubling. 

Looking closely, it doesn’t take long to realize that BofA’s customer service consistently shows a callousness to problems they have created and will make the minimal amount of effort necessary to correct a problem. 

One example would be the number of complaints from people attempting to clarify auto loan fees that were not in the contract but were forced to pay anyhow. 

If you are one of the lucky people who never have to contact Bank of America customer service, then you will probably have a fine experience.

Below we have gathered the most trusted customer Bank of America Car Loan reviews from sites such as Yelp, Google and BBB for the Bank of America Auto Finance Division.

BofA Auto Loan BBB – Better Business Bureau

Bank of America has had a file at the Better Business Bureau since 1949.

Bank of America has an A+ BBB rating, but they do have a staggering 7,440 complaints in the past three years.

Bank of America BBB complaints tend to be financially related, with claims of fees being charged outside of the contract or loan payments continued to be debited from customers’ accounts after being paid off. 

The Bank of America BBB Reviews generally point to a company that wants your business so long as it is all of the online and of the automated variety. 

BofA BBB reviews and customer complaints are taken seriously by the company as most receive a response which is why they have an A+ BBB rating.

Conclusion

For a big bank, Bank of America offers very favorable loan terms and interest rates. You can get prequalified for an auto loan in less than five minutes, and if you are a member of their Preferred Rewards program, you may qualify for even lower interest rates.

That said, there have been numerous customer complaints about the bank overcharging auto loan fees. The customer service is not great, to say the least.