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Bank of America Auto Loans

2.3 out of 5 stars
12 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

3.5 out of 5 stars

Customer Service

3 out of 5 stars

2.5 5

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Most Helpful Positive Review

Nov 05, 2016
ssettharath Borrower

Great experience with BofA auto loans.  I pre-shopped for an auto-loan to ensure a great rate and to have some leverage before talking to the dealership.  The online loan application was easy--basic questions about you, income, mortgage, pretty standard and not as lengthy as I've seen. About 10 minutes later, I received an approval email.  Clicked the link in the email, logged in and presto, my approved loan amount, rate & term options, approval dealer letter, etc.  The following day, I received a courtesy call from a representative--wanted to know if I had any questions.  

The approval and rate is good for 30 days.  Rate (2.9%) was far better than what the dealer (4.9%) was offering on used auto $35K over 60mo. 

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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.

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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Nov 18, 2016
Anonymous Borrower

The customer service when you call is terrible. If I have a question about anything they won't explain or answer your question. Very unprofessional and rude. If I would have known, I would have paid a higher interest to someone else just to have been treated better.

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Nov 05, 2016
ssettharath Borrower

Great experience with BofA auto loans.  I pre-shopped for an auto-loan to ensure a great rate and to have some leverage before talking to the dealership.  The online loan application was easy--basic questions about you, income, mortgage, pretty standard and not as lengthy as I've seen. About 10 minutes later, I received an approval email.  Clicked the link in the email, logged in and presto, my approved loan amount, rate & term options, approval dealer letter, etc.  The following day, I received a courtesy call from a representative--wanted to know if I had any questions.  

The approval and rate is good for 30 days.  Rate (2.9%) was far better than what the dealer (4.9%) was offering on used auto $35K over 60mo. 

more ...
Oct 22, 2016
Horrible policies designed to shaft you
klcardwell Borrower

In my opinion, simply one of the worst banks in the country. Make sure you read the fee schedule closely, ensure you can make payments with same day credit at the banks branches. 

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Sep 05, 2016
Refinace car loan
Anonymous Borrower

They came up on credit karma as an option on credit karma to refinance my car.  my credit score is 705 and income over 100,000 a year.  I applied and was denied.  why give them as an opiton, now my credit has been hit and will make it worse.  Was a waste of time and made things worse.  Dont not trust Bank Of America and Credit Karam's information.  Be very careful will make things worse on your credit score.

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Jul 27, 2016
Garbage
Firooz Borrower

Go to your local Credit Union. What is wrong with you people?

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Jun 30, 2016
Instant approval as advertised
Aekeo Borrower

Easy & prompt process.The whole process only takes 48 hours.I don't only save my money, but my time and no...hassle! Get what was promised!

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Jun 13, 2016
Pleased
Anonymous Borrower

Was in the market for a new car, as I've had current car for 11 years and the car itself is 12 years old.  I and my family are BOA customers, and even so, I was still skeptical.  I spoke with someone in customer service for 45 minutes before I gave the ok to run my credit and within a couple of minutes I had approval with amount requested at 2.4% interest rate.  I must say, I assumed it would be harder and was delightfully pleased it wasn't.  I Printed out my approval and took it to dealership and left with the car of my choice.  Couldn't be happier

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May 25, 2016
Easy to Use!

I was approved for an Auto Loan (my first auto loan ever!) at 3.2%. I was quite happy. I paid on my loan as I should for about a year before I noticed that I didn't have 3.2% interest, but rather 3.89% interest. After calling Bank of America a few times to speak with different representatives (the phone call took place one yera and two months after obtaining my auto loan and paying in full and on time each month), nobody was able to determine why my loan was at 3.89% interest when I was approved for 3.2% interest. I told them I could provide my original documentation of 3.2% interest, however, they informed me that they would be unable to match my 3.2% interest, that 3.89% interest is where I was supposed to be.

Pros: Easy application process; easy to navigate website; lower interest rate than Wells Fargo (WF approved me at 4.99%)

Cons: Variable interest? (see paragraph above); Penalty charges if you pay more than your balance due

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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!

more ...
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