What credit score do you need to get a car loan with Bank of America?
"What credit score do you need to get a loan with Bank of America? Unfortunately, I have a credit score of around 550.
After shopping around, I saw that Bank of America has some of the lowest car loan rates and good marks for customer satisfaction."
Answer provided by
Answered on Jun 29, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Unlike other lenders, Bank of America has no official minimum credit score requirement. That’s not to say that you’ll get approved, but it won’t hurt to apply either.
Although 550 is well below average on credit scores, you might be able to qualify if you have good income and little debt. The only way to know is to apply.
And if you don’t get approved, you might want to try with a credit union or Capital One, as both of these institutions are known to work with people who want to rebuild their credit.
As you rebuild your credit, you can use a monitoring tool like Credit Karma.
If all else fails, consider exploring alternatives to car loans, like leasing or buying a used car.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Should you get dealer financing and then pay off the loan in full?
Can I get a car loan then pay it off immediately? I have the cash to pay for a new car. However, I've heard you can negotiate the price of the car, especially if you use dealer financing.
Jun 30, 2021
Do I have to sign an exclusion waiver for car insurance if I have roommates?
I have several roommates. Every car insurance company I've talked to wants me to sign a waiver saying that my roommates won't drive my car. If I don't sign it, I'll get rejected. Does this sound right?
Apr 28, 2021