Both Bank of America and Capital One Auto Navigator offer auto loans with their own advantages and disadvantages. Capital One Auto Navigator stands out with its lower minimum loan amount, wider range of loan terms, and transparent minimum credit score requirement. Bank of America offers potential interest rate discounts for existing customers and a quick approval time. However, Bank of America's customer service reviews are concerning. The best choice depends on the borrower's specific needs and qualifications.
| Attribute | Bank of America Auto Loan | Capital One Auto Navigator |
|---|---|---|
| Interest Rates (APR) | Starting APRs are advertised "as low as" 5.54% for new cars (dealer purchase), 5.74% for used cars (dealer purchase), and 6.09% for lease buyouts. APR Range: 5.64% 28.00%. These rates are for a 60-month term and are available only to applicants with excellent credit. Actual APR may vary based on credit history, loan amount, term, state of residence and applicable discounts. | Rates as low as 5.50% APR for new auto loans (60-month term) and 6.04% APR for used auto loans (60-month term), dependent on creditworthiness and loan characteristics. Excellent credit may qualify for lower APRs. |
| Loan Amounts | Minimum loan amount is generally $7,500, but it's $8,000 in Minnesota. Prequalification will only present amounts between $10,000 and $85,000. The vehicle value must be at least $6,000. | Minimum loan amount is $4,000 for new and used vehicles. Refinance minimum is $7,500. The maximum amount may depend on factors such as income, credit characteristics, and the vehicle. |
| Loan Terms | Online applications allow you to select 48, 60, or 72-month terms, depending on the loan type and other factors. Other term lengths may be available by discussing with a loan officer after submitting your application. | Range from 24 to 84 months. Terms online are provided based on common monthly increments of 24, 36, 48, 60, 72, 75, and 84, but other terms may be available at the dealership. |
| Credit Score Requirements | Bank of America doesn't publicly disclose a specific minimum credit score. However, most approved applicants have a credit score of at least 580. Some sources mention a minimum score of 620. Tier 1: 730+ credit scores, Tier 2: 700-729 credit scores, Tier 3: 620-699 credit scores. | Minimum credit score of 500 to qualify. Aim for a credit score above 660 for the best interest rates. |
| Down Payment Requirements | Information not available. | Adjustable down payment amount. |
| Fees (Origination, Prepayment) | No application fee. No origination fee. No prepayment penalty. Loan fees may apply in Indiana or Ohio. Title and state fees may apply. | No origination fees or prepayment penalties mentioned. |
| Discounts (e.g., for existing customers) | Preferred Rewards members may be eligible for an interest rate discount of 0.25% to 0.50%. To qualify for Preferred Rewards, you need a Bank of America checking account and a three-month average combined balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts. The Preferred Rewards rate discount isn't available for loan applications made at a dealership. | No specific discounts mentioned for existing customers or military personnel. |
| Application Process (Online, In-Person) | You can apply online, by phone (844-892-6002), or at a Bank of America location. For purchase loans, you can also apply at the dealership. Bank of America customers with online banking can pre-qualify with a soft credit check. To apply, you generally need to provide your name, address, Social Security number, employment information, income, U.S. citizenship status, and email address. Refinance loans also require specific vehicle information such as make, model, year, mileage, and VIN. | Pre-qualify online through Auto Navigator. Final credit application at a participating dealership. |
| Approval Time | A loan decision is often available within 60 seconds of application submission. | Pre-qualified in minutes. |
| Funding Time | Specific information not available. | Not available. |
| Customer Service Availability | New customers: 844-892-6002. Existing customers: 800-215-6195. Available Monday Friday, 8 a.m.-8 p.m. ET. | Available by phone at 1-800-689-1789 Mon. - Fri. 9 a.m. - 9 p.m. ET and Sat. 10 a.m. - 7 p.m. ET. A 24-hour phone number is also available at 1-800-946-0332. |
| Reputation and Reviews | Bank of America has a poor rating on Trustpilot (1.3 out of 5 stars). Many complaints mention poor customer service and issues with loan payments. Bank of America has an A- rating with the Better Business Bureau, but also a high number of complaints. | Auto Navigator app has high ratings on both the App Store (4.8) and Google Play (4.5). |