Auto Loan Reviews

Bank of America Auto Loans

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Stay away from Bank of America!! Helpful to 62 out of 68 people

I have been Bank of America customer for years. My finanical award credit card with longest history is with Bank of America. Before I applied for an auto loan I talked to a banker in length and she kept on telling me how easy and lenient their loans were in today's enviroment after the Real Estate crisis. She said the minimum credit score you needed for  a home loan was 650, for auto loan it would be lower. She also said they would look at your banking history with Bank of America and take everything into consideration, and a human being was going to call me and go over different loan terms and options. 

So based on that I applied for a loan with 750+ credit score and was instantly rejected. If they had been honest I wouldn't have even bothered wasting time with them, not to mention getting an inquiry reduction on my score.  It turns out that they just send the applications to a computer program and there is no human review at all.  

Stay away from Bank of America! You will have better luck with dealer financing. 

dancinglight's review was:    

  Oct 17, 2013 Reply

dancinglight(1, 62)

Review by dancinglight

1 Contributions 62 People Helped

Helpful to 1 out of 4 people

My Experience is quite the opposite.  Bank of America approved me on a $70,000 vehicle and then bumped up my credit card limit the same year from 30K - 50K.  I now paid the auto off and I do not have a loan. It seemed very easy for me and my score was 700. 

stathara's reply was:    

  Nov 04, 2013

stathara(1, 1)

Review by stathara

1 Contributions 1 People Helped

Easiest Bank to work with! Helpful to 76 out of 90 people

Bank of America was the only bank to approve me for a car loan with a great rate of 4.39%.   I was denied from Capital One, Chase, and Wells Fargo.  They approval process only took one day and my check was over nighted.  Also if you buy from their preferred dealers they will waive the app fee otherwise it's $200.  Only downside is the loan officer was hard to get a hold of, but always got back to me the next day.  Great bank to work with!

ndaufen's review was:    

  Apr 20, 2013 Reply

ndaufen(1, 76)

Review by ndaufen

1 Contributions 76 People Helped

Helpful to 2 out of 3 people

interesting sounds good what did you buy?

handstho's reply was:    

  Jun 19, 2013

handstho(1, 2)

Review by handstho

1 Contributions 2 People Helped

Helpful to 8 out of 8 people

BOFA has a bad reputation but their auto loans are great! They gave me such a low rate at 3% when even usaa wanted 7% with less money borrowed. I have had no problems with this loan and BOFA does well with loans, just not banking.

jessicalv69's review was:    

  Feb 10, 2012 Reply

jessicalv69(7, 14)

Review by jessicalv69

7 Contributions 14 People Helped

Helpful to 2 out of 3 people

I never tried their loans.. I have an saving and checking accounts with them and had no issues. I made overseas transfers with no issues too. I applied for a credit card while I was new to USA and was having no credit, but seems because of my decent job I got a credit card with a decent limit "as someone without a credit score yet!!" that was the most part I was amazed about it. I thought I will have to have a secure credit card. but tried the regular one and they accepted.

Again, may be their loans are something esle, have no idea.. but definitley I like the banking experience with them.

lagflag's reply was:    

  Jan 07, 2014

lagflag(2, 3)

Review by lagflag

2 Contributions 3 People Helped

Great Experience! Helpful to 21 out of 24 people

I applied for an auto loan online at Bank of America and couldn't have been more pleased.  The application took 5 minutes and it approved me right online.  The best part was a custome service representative called before I was done reading the online offer!  They confirmed all my information and needed. A copy of the title and registration of the used car I was buying.  Everything was complete the same day and the check was in the mail for next delivery.  I've never used BOA and I'm very pleased with the whole process.  My rate was 4% for a 2004 truck!!

Dec 27, 2013 Reply
Wow Helpful to 14 out of 16 people

When I was looking to get an auto loan for a used car about a year ago, I decided to give Bank of America a shot but I really did not have high expectations for the experience. Turns out that they raised the bar and redefined auto lending for me. Applied online, was instantly approved, printed a piece of paper with the details and walked confidently into the dealer knowing I had financing in my pocket.  The dealer tried to push their financing but when I shared the rate I had, they couldn't come close - bringing the sales pitch to an immediate end. What was more amazing was the call I received from BofA a day or so later. One of the nicest girls called, explained the loan, the website, answered questions and had me electronically sign the agreement. I have since had the payments auto drafted from my BofA checking account and I couldn't be happier. Well done Bank of America!

MaxMcFico's review was:    

  Feb 13, 2014 Reply

MaxMcFico(3, 17)

Review by MaxMcFico

3 Contributions 17 People Helped

Helpful to 7 out of 8 people

I have financed 4 or five automobiles in the past 10 years with Bank of America. They have consistantly beat competitor's rates at the new car dealer. Probably Bank of America evaluation algorithms recognize that I have no missed payments on more than $100k in loans. Good rates; Clear Monthly Statements; Online Options.

ricksplace's review was:    

  Nov 06, 2011 Reply

ricksplace(3, 31)

Review by ricksplace

3 Contributions 31 People Helped

Takes way to long!! Helpful to 6 out of 7 people

After getting approved for my loan, they requested a copy of the title front and back, current registration, sellers name address and phone number faxed to them. Then 2 days later they mailed me the loan contract. I sign it and have to mail, yes mail the contract back. Then 2 business days later I received the check. In this day and age of  being able to fax or email documents or going to a bank to do the paperwork why do I have to use snail mail to get a loan? It would be cost effective to do it all at the branch and walk out same day with the money in my hand!! After all they are a bank and have the money there!!!! Over all I am disappointed in how long it took when I was approved on the spot... Bank of America needs to get with the current times and not have to make loans difficult on me and having the seller wait a week to get the money for the car!!!

Mar 09, 2014 Reply
Car loan/ attractive % - backrm a mess Helpful to 9 out of 11 people

B of A has good rates and a fast approval process but their backroom has had trouble getting docs done correctly, explaining exactly whats needed or responding timely. Process gets done but getting it done leaves a bad impression re operations

Mar 12, 2013 Reply
Helpful to 8 out of 10 people

 That interest rate sounds good was that based on very good credit scores?

ballbeater's review was:    

  Mar 05, 2012 Reply

ballbeater(8, 68)

Review by ballbeater

8 Contributions 68 People Helped

Beyond horrible process Helpful to 1 out of 1 people

If you're buying a car from a private party, here's how the process works, at least for me. First you apply (which website says; funds available within 24 hours, realistically doesn't happen weeks after). For the application you need to send them; 1. cars current registration 2. front and back of cars title 3. current tile holders name, address, phone number.

After you send them the list above. Here's what you have to send next; 1. the original title (no copy, good luck getting this from the seller before paying) 2. front and back of both parties license 3. copy of registration, again 4. signed bill of sale 5. power of attorney form (two, one for each party, also needs to be notarized) 6. odometer disclosure form 7. secure power of attorney form.

This process is done by VinTek by the way, some third party company that BOA utilizes, not Bank of America itself, though this process is mandatory for a BOA auto loan. Now this is just if the seller has title in hand, if the car currently has a loan, you need things like 15 day pay off, pay off expiration date, daily finance charge, etc etc. It's absolutely ridiculous how they expect a seller to stick around putting up with all these forms. If one is given a cash offer and not have to do all this, they'd sell to the cash offer. My advice; either look for other options/different banks that may not need to do this much. Or, if you are going this direction, make sure the seller you find is a good person.

Mar 25, 2014 Reply
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Company Overview

Bank of America offers auto financing including dealer purchases, private party purchases, refinancing, and lease buyouts. Through the Bank of America website, customers can apply for financing with no application fee, receive approval in a matter of minutes, manage an account, and check the status of a loan. Customer service is available online, by phone, or at bank branches located nationwide. Loans are also available for recreational vehicles, boats, and aircraft.

Branded “the Bank of Opportunity”, Bank of America services personal, small business, and large corporate banking needs. The founding bank, known as Massachusetts Bank and later renamed Bank of America, was established in 1784. Today, Bank of America is known as the largest bank holding company (according to assets owned) in the U.S and one of the largest financial institutions in the world, serving clients in over 30 countries.

Company Details

Bank of America

  • Established: 1784
  • Headquarters: Charlotte, North Carolina
  • Website: www.bankofamerica.com
  • Products: Auto Loans, Banking, Credit Cards, Home Equity, Mortgages
  • Assets: $2.16 trillion
  • Available: Online, over phone, and in branches; nationwide

Rating Distribution (15)

  • 47%
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  • 40%
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