Bank of America was founded in 1948. In addition to personal and business banking, credit cards, mortgage and investment services, Bank of America offers car financing and refinancing options.
Bank of America offers car financing in all 50 states as well as the District of Columbia. Bank of America’s website features ample information to educate and inform borrowers, including New and Used Car Basics, budgeting advice, guidance on how to determine the trade-in value of an old vehicle and more. The website also features calculators to help borrowers determine how much financing they’ll need and what their monthly payments will be.
Bank of America is the only car lender we reviewed that offers the option to live chat with a representative. Users can click the “Chat with Us” box and be connected to a Bank of America representative within moments. This is a quick, convenient way to ask questions.
Users can submit an online loan application through the Bank of America website free of charge. Once the application is completed and submitted, most users will be notified of the loan amount, APR and terms that they’ve been approved for within one minute. Bank of America also offers the option to speak directly with an auto loan associate at a branch location. Auto loan associates can walk borrowers through the application process and discuss all their options with them. As with the online application, borrowers will know immediately which financing options they qualify for.
Bank of America does not offer financing for commercial or business vehicles, motorcycles, non-standard vehicles or hybrid-modified vehicles. Borrowers whose car financing needs fall into these categories will need to opt for another lender.
Like U.S. Bank, Bank of America’s website only lists “starting APR” information instead of giving the full range. For borrowers who don’t have the optimum qualifications, such as excellent credit, this may make it difficult to determine what APR they will be approved for. When we viewed the website, Bank of America’s starting APRs were 2.34% and 2.39%.
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