Are you thinking about applying for the Bank of America auto loan?
While BofA does not disclose the minimum recommended credit score for an auto loan, it is believed to be around 580.
Of course, it goes without saying, that the higher your credit score, the more likely you are to get approved and the better rate you’ll get.
What else do I need to get approved for a Bank of America Auto Loan?
There’s no guarantee that you will be approved for an auto loan, regardless of how high your credit score is. Your credit score is probably the most important factor when considering your credit application. However, Bank of America also considers other factors such as your income, debt, and any negative items on your credit report.
How to Increase Your Chances of Getting Approved for Bank of America Auto Loans
Getting approved for a car loan requires a little planning. When applying for new credit, it’s essential to know your credit scores and what’s on your credit reports.
Bank of America wants to see a strong credit history, steady income, and low credit utilization. If you’re using too much of your existing revolving credit, it’s a sign that you may not pay them back. You’ll also want to make sure you haven’t applied for too much credit in the recent past. Having too many credit inquiries can lessen your chances of getting approved.
Need help improving your credit score?
One of the best ways to improve your credit scores is by removing negative items from your credit report. Lexington Law can help you dispute (and possibly remove) the following items:
- late payments
- charge offs
They have over 18 years of experience and have removed over 7 million negative items for their clients in 2020 alone. So if you’re struggling with bad credit and want to increase the likelihood of getting approved for new credit, give them a call at (800) 220-0084 for a free credit consultation.