Bank of America Auto Loans

2.2 out of 5 stars
19 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

3 out of 5 stars

Customer Service

2.5 out of 5 stars

2 5

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Most Helpful Positive Review

Jan 15, 2017
Excellent Loan Only For EXCELLENT Credit
JJFinancialGuru Borrower

So worked as a banking center manager at Bank of America for 5 years. We didn't do auto loans in the branch so we would put the customers on the phone with a rep in that department or steer them to applying online. I will tell you the truth. You'll need a score of around 800 or more and a very low Debt To Income Ratio (DTI under 27%) to get approved. If you are approved (which was surprisingly rare) then you'll have a letter of approval to take to the dealer at which point you can sign and drive away. You'll know literally within seconds if you're approved or not in most cases. Sometimes they'll need more information or proof from you and usually if you provide it, you'll get approved. The rate will be one of the lowest out there and you'll get all the perks of free banking, including free safety deposit box. It's nice and easy to pay your loan online from your BofA checking. 

I will say that the autoloan department is a very different breed of customer service from other departments in the bank. Just about every single one I ever spoke with when helping a customer had two brain cells and could care less about approving someone. If you're lucky, you'll get someone who has a brain and excellent customer service. The bank had made the move to really cut down on auto loan approval, got rid of the people in that department and hired a bunch of poorly trained, low salaried individuals. We used to do them in the branch when I was a personal banker 10 years ago. The approval process became much harder after they made changes. 

In a nut shell: Excellent rate, easy process, must have low DTI and excellent credit (true excellent--although I have seen a few slip though the cracks in the high 700's credit score), customer service is a hit or miss. Definitely go into a branch and speak with a manager if you have a problem so they can hash it out with them. If the manager wants to stick you on the phone with that department, then go to a different branch until you get a manager who will fight for what's right. If your manager can not come to a solution, go to the district manager (it will be hard to speak with them, so go down to their office and bug them daily when they don't call you back-- you'll have almost guaranteed results of a solution that way, once they get invovled) Try to work it out with these guys alone at your own risk. Basically, you'll get a great loan, have an easy application process and be able to sign and drive away with no hassle, if you're very credit worthy. I hope this help you understand BofA's auto loan. 

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Most Helpful Negative Review

May 18, 2016
Anonymous Borrower

I have never had a problem with this bank until they took out three payments instead of one!! Not my fault! Not only could they not reverse the payment but they could not put the payment back into my account electronically, even though that's how it came out. I then had to fax them proof that the money came out of my account, and then they issued a paper check. The whole process took about 2 weeks! Meanwhile they refused to help with the overdraft fees. I will never use this bank again even if it means I have to pay more. I am currently looking for a new bank to refinance with. Anything has to be better!

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These reviews were written by current and former borrowers in the last year.

Mar 08, 2017
Auto loan
Anonymous Borrower

They do not have a representative to speak in person about servicing auto loan. 

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Mar 04, 2017
Descending interest payments are a trap
Anonymous Borrower

BOA has started sending threats now that I have paid off most of the interest. Web services are terrible. Go to a credit union. 

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Feb 28, 2017
Shady business
Hadj1977 Borrower

I was a customer once with bank of America and I don't trust them. Lots of hidden fee and illegal charges. They were in trouble not long ago just like wells Fargo.

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Jan 20, 2017
HORRIFIC BANK
Jdavis904 Borrower

WHAT customer service? 

I wanted to resolve a simple error with my personal info, and woud up so angry at the runaround, I went in to a branch, who then made me even madder.

Avoid these people at all costs.

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Jan 18, 2017
Good and Bad

I'm a platinum tier BofA reward member, and for that I could enjoy the .35% discount on my interest rate. Application and approval were fast and easy. I had my dealer negotiate down the rate BofA initially gave me, and got 2.64% in the end. That's not the best rate out there, but considering that it wass my first auto loan, and that just 2 credit cards were in my credit history, I believe I am borrowing at a decent to competitive rate. I applied to chase auto loan and the auto company's finance program at the same time and were denied by chase, and were asked to provide a whole bunch of extra paperwork by the auto company. In the end, for the ease of process, and for the good-enough rate, I borrowed from BofA.

That said, I can also concur with the view that the BofA auto loan is not for everyone. It's good for the existing BofA clients with relatively large balances, but not such an attractive option for people not affiliated with the bank.

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Jan 18, 2017

i just wanted to add my 2 cents worth on B.O.A. customer service.  i didn't purchase a car but i opened a new credit card with them, through credit karma.  I had a dispute on a charge that was placed on my card twice for a single purchase.  the fault lie with the business i purchased from but, when i disputed the charge B.O.A. told me i needed to handle it with the business rather than dispute it through them.  CitiBank has NEVER made me speend hours of my time trying to reach a custoimer service department or drive across town when that failed.  i would not recommend B.O.A for this reason.

JH

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Jan 15, 2017
Excellent Loan Only For EXCELLENT Credit

So worked as a banking center manager at Bank of America for 5 years. We didn't do auto loans in the branch so we would put the customers on the phone with a rep in that department or steer them to applying online. I will tell you the truth. You'll need a score of around 800 or more and a very low Debt To Income Ratio (DTI under 27%) to get approved. If you are approved (which was surprisingly rare) then you'll have a letter of approval to take to the dealer at which point you can sign and drive away. You'll know literally within seconds if you're approved or not in most cases. Sometimes they'll need more information or proof from you and usually if you provide it, you'll get approved. The rate will be one of the lowest out there and you'll get all the perks of free banking, including free safety deposit box. It's nice and easy to pay your loan online from your BofA checking. 

I will say that the autoloan department is a very different breed of customer service from other departments in the bank. Just about every single one I ever spoke with when helping a customer had two brain cells and could care less about approving someone. If you're lucky, you'll get someone who has a brain and excellent customer service. The bank had made the move to really cut down on auto loan approval, got rid of the people in that department and hired a bunch of poorly trained, low salaried individuals. We used to do them in the branch when I was a personal banker 10 years ago. The approval process became much harder after they made changes. 

In a nut shell: Excellent rate, easy process, must have low DTI and excellent credit (true excellent--although I have seen a few slip though the cracks in the high 700's credit score), customer service is a hit or miss. Definitely go into a branch and speak with a manager if you have a problem so they can hash it out with them. If the manager wants to stick you on the phone with that department, then go to a different branch until you get a manager who will fight for what's right. If your manager can not come to a solution, go to the district manager (it will be hard to speak with them, so go down to their office and bug them daily when they don't call you back-- you'll have almost guaranteed results of a solution that way, once they get invovled) Try to work it out with these guys alone at your own risk. Basically, you'll get a great loan, have an easy application process and be able to sign and drive away with no hassle, if you're very credit worthy. I hope this help you understand BofA's auto loan. 

more ...
Jan 15, 2017
Perfect for check in hand car shopping.
Anonymous Borrower

Approval was same day with 2.74% for a used car and 30 days to make the deal. I only needed a 25,000 max loan although when I spoke to the loan admin she told me I could get more if needed.

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1 Reply
Mar 12, 2017

What was your credit score?

 
Dec 05, 2016
garbage
richdeb928 Borrower

Impossible to set up account online Impossible to get help of any kind 

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Nov 29, 2016
Decent loan, terrible customer support
Anonymous Borrower

The loan itself isn't too bad. I received this loan through my car dealership, they gave me a 3.89% interest rate (the best available to me at the time). The issues came when it actually came time to pay the loan. It takes about 30 steps and several days to set up an online account, still not sure I did it right. It kept redirecting me to one site, where it recognized me but I could not actually pay my loan (it would just let me look at it). I have to keep forcibly going to the full site every 2 or 3 minutes (requesting the desktop site brings me to an equally useless site...meaning there are for some reason 3 options for account pages?). I pay almost all of my bills online and have never had this much trouble. I feel like everything they are doing is designed to make payment that much more difficult so you end up accidentally making a late payment. They really need to make their entire system more user friendly.

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