Instead of shopping for an auto loan from companies you’re unfamiliar with, you can always have your current bank finance your vehicle. If you’re already a Bank of America rewards member, consider it a possible auto loan provider.
Discounts for Members
If you’re already a member of Bank of America’s Preferred Rewards program, you can enjoy discounts on your auto loan anywhere from 0.25 to 0.5 percent, depending on your membership level.
|Combined balance range in BoA deposit and/or Merrill investment accounts
|Car loan interest rate discount
Membership is available in all parts of the U.S., including Washington, D.C. You’ll benefit from Bank of America’s 240 years in business and the same customer service you already enjoy as a member.
DID YOU KNOW?
BoA has an A+ rating with the Better Business Bureau and has been accredited for 74 years.2
Easy and Fast Approval Process
Applying for an auto loan from Bank of America only takes a minute. Simply provide the following information online:
- Loan type
- Car year
- Vehicle identification number (VIN)
- Loan amount (between $7,500 — or $8,000 in Minnesota — and $9,999,999.99)
- Loan term (48, 60, or 72 months)
- Phone number
- Email address
- U.S. citizenship status
- Social Security number
- Date of birth
- Employment status
- Employer name
- Time employed
- Yearly income
- Housing status
- Monthly housing payment
Once you get approved, the offered amount will be locked in for 30 days, so you have time to think about it without losing the best interest rates. You can finish the process entirely online.
BoA has been in business for 240 years. It is BBB-accredited with an A+ rating, and one of the advantages of going with a traditional bank is its reliability. BoA has been BBB-accredited since 1949.
BoA has a high number of customer complaints due to its vast customer base, but it has closed 7,000 of them in the past three years, and 2,495 of those in the past 12 months. While customer complaints are inevitable, we appreciate how BoA resolves them.