Bank of America doesn’t specify a minimum credit score needed to be approved for a car loan. So, with a credit score of 550, you might be approved—but it’s not a guarantee.
But there are other ways to increase the chances of being approved for an auto loan:
Have a strong down payment
Choose a car you can afford
If you’re considering a car loan with Bank of America, here are some of the advantages:
Widespread availability for auto loans—even if there’s no branch in your state
Several purchasing methods—buy a new or used car from a dealership, from a private party, lease buyouts, and auto refinancing
High minimum loan amount—Bank of America will only approve car loans of $7,500 or more, which is more than most competitors
Discounts—If you’re an existing BOA customer, you may be eligible for interest rate discounts up to 0.5%
Keep in mind: If you’re not approved for a loan with Bank of America, that’s not the end of the line—consider trying a credit union or Capital One, as both institutions are known to work with people who want to rebuild their credit.
As you rebuild your credit, a monitoring tool like Credit Karma
can be handy!