Bank of America provides auto loan with good rates. They also have varieties of auto loans borrowers can choose from. These forms of loans are either used for purchasing a new or used car. Requesting for an auto loan for financing a car shouldn’t be very difficult if you read and understand their terms. Find out more about your lender’s terms of loan before you go in for them.
In accessing a loan from Bank of America, take into consideration the loan amount, APR and terms of contract after deciding on the car you want to finance. This will help you understand how the loan system better.
Bank of America auto loan terms is between 12-75 months. Which means you can spread out your loan repayment between the above months.
Many auto loaners have it that financing an old car come with higher interest rates as compared to buying a new car. Do a thorough research when about to finance a new for the best rate. You can use the Bank of America auto loan calculator to see how different loan amounts, APRs and terms will affect your monthly payment.
Types of auto loans offered by Bank of America
- Dealer Purchase – purchasing a used or new car from a dealership.
- Refinancing of current auto loan
- Lease buyouts – purchasing a vehicle on lease.
- Private party – purchasing a car from another individual.
Bank of America auto loan eligibility
- Be 18 years and above
- Must be a US citizen or permanent/non-permanent resident.
- Check out more information on that here
Disadvantages of Bank of America auto loans
BOA does not finance certain types of vehicle or in other words, you can use auto loans from BOA to purchase some types of cars. They include;
- Commercial cars
- Motorcycles reaction vehicles (RV) boats or aircrafts.
- Salvaged or branded-title vehicles
- Gray market or lemon law vehicles
- Conversion or delivery vehicles.
- Vehicles used for commercial or business activities.
- Cars valued at less than $6,000.
- Vehicles with 125,000 miles or more
- Cars older than 10 calendar years
- Bank of America car loans are available in all 50 states including the District of Columbia.
Bank of America auto loan rates
BOA have different rates for each of the types of auto loans they provide. Below are the rates for purchasing a new or old car.
They have a fixed rate as low as 2.29% APR when buying a new car from a dealer and 2.49% APR for used cars from a dealer.
Refinancing your auto loan comes with a rate of 3.29% APR. Buying out a lease also has a rate as low as 3.29% APR.
The private party type of auto loan comes with a rate of 5.49% APR.
Benefits of Bank of America auto loan
It is noted that accessing auto loans from BOA comes with certain benefits that borrowers would love. They include;
- Low rates
- Fast in decision making based on your loan.
- 30 days rate lock guarantee which will give you enough time to choose the perfect car.
- Interest rate discount for customers which comes in three folds. Members can get gold (0.25%), Platinum (0.35%) and Platinum honors (0.50).
- The minimum amount you can borrow from BOA is $7,500 ($8,000 in Minnesota).
- Term limitations may apply.
- Loan-to-value restrictions available.
- There may be requirement for down payment.
- Title and state fees may also apply
- A loan fee may apply in Indiana and Ohio.
How to apply for Bank of America auto loans
You can apply for your auto loan online or in person. Log on to their online portal and apply online. Provide the necessary details required and receive a feedback after. Make use of the 30 days lock guarantee and close the deal to own your car.
You can also book an appointment at your local financial center to meet with them at your convenience or contact us at 844.892.6002 to apply over the phone.
Understand certain terms
Loan amount – this the total amount you wish to borrow from your lender to finance the car.
APR – Annual Percentage Rate is the interest rate you pay on the loan amount.
Loan term – this is the time or period you are supposed to repay your loan.