In our team’s in-depth review, we rate Bank of America 8.9 out of 10.0 for its low rates and rewards program Show
Bank of America Auto Refinance ReviewWe rate Bank of America auto refinance 8.9 out of 10.0 because of its customer service reputation and streamlined application process. While there are many negative customer reviews on the BBB’s site, almost none of them have to do with auto loan rates or auto refinancing.
Bank of America is the second-largest financial institution in the United States. It offers several banking and lending products, including auto refinance loans. With a positive customer service reputation and low rates, Bank of America may be one of the best options for borrowers who want to refinance their auto loans at a big bank. We at the Home Media reviews team will provide you with a complete guide to Bank of America auto loan refinancing, including how it works, who’s eligible and what the auto refinance application process is like. In addition to getting refinance rates from Bank of America, we recommend reaching out to providers with the best auto refinance rates — or to those with the best auto loan rates if you’re considering purchasing a vehicle instead. About Bank of AmericaYear founded: 1998 While the bank’s history stretches back over a century, Bank of America Corp. has only been around since 1998, when NationsBank acquired BankAmerica. The financial institution provides a range of products, including:
Bank of America has a solid reputation, backed up by consumer studies and customer satisfaction ratings. The company is not accredited by the BBB, but holds an A+ rating from the organization. How Bank of America Auto Refinance WorksBank of America offers auto refinance loans for new and used cars, excluding commercial and business vehicles. Auto refinancing rates start as low as 4.39% with a minimum loan amount of $7,500 ($8,000 in Minnesota) for borrowers with good credit. If you want to refinance a bad credit car loan, consider adding a co-signer to your Bank of America auto loan to get the lowest rates possible. Here’s a breakdown of what Bank of America offers for auto refinancing:
*Rates as of 7/26/22. Bank of America’s rates may vary by location. The rate shown is for New York. If you apply for a new loan online, you can select terms of 48, 60 or 72 months. But if you call and speak to a loan officer, you may be presented with other term options. Factors That Affect Auto Loan Refinance RatesThe APR you receive from Bank of America for your vehicle loan will depend on several factors, including:
Source: Capital One Preferred Customer DiscountBank of America customers may qualify for an interest rate discount on their auto refinance loans through the Preferred Rewards program. The program includes three tiers — Gold, Platinum and Platinum Honors — based on the qualified combined balances of your Bank of America deposit and Merrill investment accounts. As a Preferred Rewards member, you can receive a 0.25%, 0.35% or 0.5% interest rate discount on a refinance loan, depending on what tier you qualify for. Who Is Eligible for Bank of America Auto Refinance?Anyone 18 or older with U.S. citizenship or residency can apply to refinance their current loan with Bank of America. The financial institution only provides auto financing for vehicles less than 10 years old and with fewer than 125,000 miles. Additionally, Bank of America doesn’t cover:
Bank of America doesn’t list any minimum income or minimum credit score requirements. Borrowers with good or excellent credit history are more likely to be approved for auto refinancing, while those with poor credit may be turned down.
 Bank of America Auto Loan Application ProcessBank of America has a two-step application process for potential borrowers. The loan process is typically completed online but can also be completed by speaking with a Bank of America customer service representative.
Your loan approval and interest rate are locked in for 30 calendar days from when you submit your refinance application. Bank of America Auto Refinance ReviewsBank of America auto loan reviews from customers can be found on the company’s main BBB page. The bank holds a nearly 1.1-star rating out of 5.0 from more than 600 reviews on the site. The bank has responded to and closed over 6,700 complaints in the last three years. While this may seem like a considerable number, it’s minimal compared to the 67 million users who are enrolled in Bank of America’s financial services. In the J.D. Power 2021 U.S. Consumer Financing Satisfaction Study℠, the company scored fifth place for customer satisfaction among those who financed luxury vehicles, earning 861 out of a possible 1,000 points. It ranked below average in the same study for financing of mass-market vehicles. The study looks at overall customer satisfaction regarding the application and approval process, billing and payment process and customer service experience for financial institutions. Our team reached out to Bank of America for a comment on its scores and negative reviews but did not receive a response. Positive Bank of America ReviewsHappy Bank of America customers typically mention the company’s high-quality customer service. Several positive customer reviews also say the company has a great mobile app that’s easy to use to make payments when needed. Negative Bank of America ReviewsWhile negative reviews are in the majority on the BBB’s website, almost none of them reference Bank of America’s auto refinancing specifically. Common complaints for all of the company’s financial products include frequent issues with disputed charges and overdraft fees not being reimbursed. Bank of America Auto Refinance Review: ConclusionWe rate Bank of America auto refinance 8.9 out of 10.0 because of its competitive refinancing rates and streamlined application process. While there are many negative customer reviews on the BBB’s site, almost none of them have to do with auto loan rates or auto refinancing. We recommend you search around and compare options to find the best auto refinance loans for you. Recommendations for Auto RefinanceWhile Bank of America is a solid financial institution to refinance your auto loan with, it’s wise to shop around for the best rates before making a decision. Auto Approve: Top Choice for RefinancingAuto Approve was founded in 2016 to connect customers with the best auto loan refinance rates. While the company is not a direct lender, it works with a network of banks, finance companies and credit unions across the U.S. to provide consumers with loan offers. Auto Approve’s APR starts at 2.25% for those with excellent credit. Read more: Auto Approve review RateGenius: Top Choice for Good Credit RateGenius provides some of the best auto loan refinance rates in the industry for those with a good credit score. For those with a minimum approval credit score of 640, RateGenius offers starting APRs of 3.69% on cars, trucks, and SUVs. Keep reading: RateGenius review Bank of America Auto Refinance: FAQOur MethodologyBecause consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best auto loan companies. We collected data on dozens of loan providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the companies that scored the most points topping the list. Here are the factors our ratings take into account:
*Data accurate at time of publication. What is a good interest rate for a 72The average 72-month auto loan rate is almost 0.3% higher than the typical 36-month loan's interest rate for new cars.
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Loans under 60 months have lower interest rates for new cars.. Is it smart to do a 72Is a 72-month car loan worth it? Because of the high interest rates and risk of going upside down, most experts agree that a 72-month loan isn't an ideal choice. Experts recommend that borrowers take out a shorter loan. And for an optimal interest rate, a loan term fewer than 60 months is a better way to go.
What is the average interest rate on a car loan 2022?The average auto loan interest rate is 4.33% for new cars and 8.62% for used cars, according to Experian's State of the Automotive Finance Market report for the second quarter of 2022. With a credit score above 780, you'll have the best shot to get a rate below 3% for new cars.
What are the pros and cons of a 72Here are the financial pros and cons of taking on a 72-month car loan or an 84-month car note.. Pro: Getting lower monthly payments. ... . Pro: Achieving greater financial flexibility. ... . Con: Paying additional interest. ... . Con: Having negative equity or being “upside down” in the car loan. ... . Con: Buying more car than you can afford.. |
Bank of america car loan rates 72 months
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