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How to apply for a personal loan from Bank of America

Currently Bank of America does not have personal loans, understanding personal credit as one that grants you an initial amount of money to use for any need and that is repaid little by little in monthly installments.

However, it offers a wide variety of more specific financial products that you can use to get money when you need it, some for specific purposes, such as car loans or mortgages, and others for broader expenses, such as credit cards or home equity lines of credit (HELOC)

Bank of America Auto Loan

This financial entity allows you to finance a car purchase or refinance your current car loan to get better conditions.

The entity has financing agreements with dealers and sellers (dealers) throughout the country, but you can also request a loan to buy a used car directly from its owner in a private sale.

In addition, you can get discounts on interest rates if you meet the requirements of the Preferred Rewards program, which basically depend on the money you have in Bank of America in the different savings and investment products.

To buy a car

Bank of America personal auto loans allow you to buy a new or used vehicle, both from sellers that collaborate with the entity and from private sellers.

For this you can obtain up to 100% of the purchase value (between $7,500 and $100,000) and have a period of up to 72 months to return it.

The interest rate of the loan depends on various factors, such as the term or the solvency that you can demonstrate (especially the credit score), but the minimum interest for a term of 60 months is the following:

• New car at dealer: 4.69% APR
• Used car at dealer: 4.89% APR
• Private Seller Car: 5.69% APR

On the Bank of America website you can access a auto loan calculator so you can do all the simulations you want, with different amounts, terms and interest rates, to find out the monthly installment you will pay.

To refinance your current auto loan

In the event that you already have a personal loan to pay for a car and want to change it to Bank of America to get better conditions, the interest rate applied by BofA starts at 5.79% APR, but can go up depending on different factors such as your credit history and the term you need to pay it back.

If you want to calculate how much you will save with your car loan if you transfer it to this entity, you can use its online refinancing calculator to compare both personal loans.

Bank of America credit cards

Although the BofA does not currently offer multipurpose personal loans, it does offer its clients a good range of credit cards with which to obtain quick financing when you need it.

These cards allow you to have a credit limit that you can use or not, as you wish, and you will even not have to pay interest if you return the entire balance used on the following month's payment day.

Interest rates of this type of product are usually higher than with personal loans, but they have other additional advantages, such as coverage on your purchases, travel insurance or assistance abroad.

Secured credit cards

Within the Bank of America catalog, you can find secured credit cards, which are guaranteed by a deposit of money that the client must deposit in the bank.

These plastics are mainly used by those citizens who have a bad credit score and want to improve it or by those who have not yet started their history and want to start it.

The additional guarantee means that the bank does not assume risks when offering financing to clients with a low score or without credit.

Home Equity Lines of Credit

The well-known HELOC (Home Equity Line of Credit) are widely used in the United States to obtain loans with a low interest rate and that can be of large amounts.

In this case, Bank of America sells them in the form of lines of credit, which allow you to use the amount you need and only pay interest on the money used.

The guarantee of your homeownership means that the conditions can be much more attractive than a regular personal loan, with fewer commissions and a lower interest rate.

Alternatives to personal loans from Bank of America

As we have already seen, the BofA does not currently grant personal loans, although it has various financing options that can be adapted to your needs.

However, if what you are looking for is specifically a personal loan, you will have to go to other financial entities that do provide them:

Chase Bank Personal Loans

In this financial institution you can take out the My Chase Loan, a personal credit that you can obtain directly into your Chase bank checking account using the balance of your credit card.

In addition, the entity also offers car loans, lines of credit with home equity, mortgage loans and multiple credit cards.

Wells Fargo Personal Loans

This bank does offer the typical personal loans and, in addition, without commissions of any kind, neither for opening nor for advance payment.

With Wells Fargo you can have loans of up to $100,000 with a maximum repayment term of 7 years.

Español: Préstamos personales de Bank of America