How Bank of America auto loans compareĬompared to other lenders, Bank of America has some of the lower starting interest rates available for new cars and used cars bought from dealers. You might want to go with a different lender if these issues bother you.
The Department of Labor required Bank of America to pay $4.2 million to people who claimed the bank discriminated against women, Black, and Hispanic applicants (2019).Bank of America paid around $300,000 total (2020). The Department of Justice claimed that Bank of America unfairly refused home loans to adults with disabilities, even though they qualified for loans.Bank of America paid $75 million to settle a lawsuit accusing the bank of pulling excess overdraft fees and overcharging customers (2021).Additionally, Bank of America does have some recent public controversies: Keep in mind that a top-notch BBB score doesn't ensure you'll have a good relationship with a company. The BBB, a non-profit organization focused on consumer protection and trust, determines its ratings by evaluating a business' responses to consumer complaints, honesty in advertising, and clarity about business practices. Is Bank of America trustworthy?īank of America is rated an A+ by the Better Business Bureau. Look beyond the monthly payment, too, and consider the interest rate and the length of the loan. Before settling on a car loan, remember to shop around and compare all of the offers. Only buyers with the best credit scores will get the lowest possible interest rate. And, with starting interest rates from this lender so low, it may still beat the competition, even without the discount. While this lender is an excellent choice for current customers, anyone can apply for an auto loan. Platinum honors members (minimum $100,000 balance): 0.5% off listed APR.Platinum members (minimum $50,000 balance): 0.35% off listed APR.
Gold members (minimum $20,000 balance) : 0.25% off listed APR.To achieve each status, you must have a three-month average balance in Bank of America accounts or Merrill Lynch investment accounts greater than or equal to the following balances: Customers with gold, platinum, or platinum honors status will receive up to 0.5% off their auto loan's APR. Instead of auto pay discounts, Bank of America offers incentives to customers who already use its services. Not only will it be easy to see your auto loan with the same login information as the rest of your banking, but you'll also have some perks if you have an elite status with the bank.
This lender is best for anyone who already has a Bank of America account.
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