Auto: Bank of America Auto Loan review 2020

Today my review is unfolding simple, elegant and stylish Bank of America Auto Loan review. Get the latest lifestyle news and features from TopReview.pro, including the best from health, parenting, style, food, home and travel. My best efforts are always done to seize something fashinable for you.

Bank of America’s Auto Loans can offer you an APR as low as 2.99 percent if you are buying a new car or 3.29 percent if you’re looking to refinance your own. To qualify for this rather exceptional rate, you will have to purchase a vehicle from one of their approved and registered dealers and you’ll only get the low interest rates if you have an excellent credit rating. The company doesn’t have any minimum requirements for credit listed on the site – a search turns up nothing specific – but it does clearly highlight that your interest rates will be determined by your score.

The Bank of America application process is very neat. The website is designed to make your life easier with plenty of information on the landing page and lots of large buttons that offer to teach you more or guide you towards the best car dealers. The site includes an auto loan calculator and an auto loan refinance calculator.

If you have specific vehicle requirements, Bank of America offers you the option to take out a loan for a specialized vehicle. There are loans available for people who want accessible vehicles and for small businesses and equipment.

The application process itself can be undertaken in two different ways. You can apply for your loan immediately, useful if you know the car and the dealer, or you can shop online for vehicles in your area and calculate your payments and make an application directly from the site. What’s also excellent is that you can get approval within 60 seconds with a 30-day rate lock. 

Bank of America has managed to achieve the almost impossible for a financial institution on a customer review site – it has 4.5 stars out of 5 on consumersadvocate.org, specifically for its auto loans services. 

The customer experience reviews are mostly positive and this is echoed on Consumer Affairs with a mix of both positive and negative reviews. That said, it has a very low score on BBB but this is across all their product portfolios.

The platform is easy to use, the information accessible and the overall experience is professional and slick. 

This bank has paid attention to customers wanting information before they commit to anything. From the moment you land on the auto loans page, you’re given the information and links you need to find out more. You can find the FAQ section on the landing page with three of the top questions listed and a convenient link to the rest. 

The bank has also included information around how car loans work, how car refinancing works and provided accessible tools to make contact. You can even schedule an appointment directly from the main page. 

Our Verdict

Bank of America has an excellent APR percentage rate, offers a variety of auto loan options, adds value through its additional financial services, and has a good customer reputation. The company has made a lot of effort to put information in an accessible space and to help potential clients make informed decisions about their car purchasing future.

For

  • Accessible loans that take different needs into consideration
  • Reliable service provider with plenty of other finance options

Against

  • Stringent application and credit requirements
  • No motorcycles, recreational vehicles, boats or aircrafts



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