Are you planning to buy a new vehicle but a lack of finances is pulling you down? Well, saving money for 5-10 years is one option, but that’s too long of a wait. Especially when there are plenty of options at your disposal before you head to the dealership.
Auto loans from leading financiers like Bank of America are a relief to anyone who wants a new car, minus the financial strain. Bank of America offers nation-wide easy auto loans at very competitive rates and flexible loan terms.
The bank specializes in money-lending and has exceptional customer-support services for its customers. Moreover, getting a loan from a bank instead of a car dealer will give you greater bargaining power. Read on to learn how about Bank of America’s rates and fees, and how you can apply.
Features of the Auto Loan Program
Multiple perks are waiting for you in the Bank of America auto loan program. The lender offers an entirely online application process for your convenience. Besides financing a new car, you can also refinance your existing car loan or buyout a lease with Bank of America.
Existing bank customers who are enrolled in preferred rewards schemes also get further discounts (0.25% to 0.50%) on interest rates.
Moreover, there are zero prepayment charges, giving you all the freedom to pay off your loan early. The minimum loan amount is $7,500 ($8000 in Minnesota), and loan terms range from 48 to 72 months.
Are You Eligible?
In order to be eligible you must be at least 18 years old (or have the ability to be in an automotive financing contract legally in your state).
You must be a citizen of the United States or a permanent/non-permanent resident, and you should have a stable income source and an Experian credit score of at least 700. You’ll have to produce a purchase agreement or bill of sale for the vehicle.
You will need registration info, vehicle details, title, and lease buyout instructions (if applicable). As well as your proof of Income (salary slip, bank account statement, etc.), federal tax return papers, and W-2s and financial statements if any.
How to Apply
In order to apply online visit the Bank of America’s official website and go to the auto loan section. Then, calculate your estimated monthly payments and interest using a loan calculator.
Next, lock your rates and proceed to apply for the loan, and then fill in the necessary details like personal info, income, Social Security Number, citizenship status, and vehicle info. On approval of your application, bank representatives will guide you on the further process.
Rates and Fees
Following interest and charges will apply when you take an auto loan from Bank of America.
- APR: The APR (which includes interest rates) vary with the type of loan, dealership, and where you are located (2.69% – 5.79%)
- Loan fee: It is included in the APR. You may be charged extra in Indiana and Ohio
Contact Information
For any queries related to the loan, you can contact a Bank of America representative at 844.892.6002. The lines work from Monday to Friday from 9 am to midnight ET and on Saturday from 9 am to 9 pm ET.
Find out the Bank of America branch nearest to you using the branch locator.
Conclusion
Bank of America sits right on top in the list of auto loan financiers. The wide variety and flexibility of its auto loan programs give the bank a fair advantage over other lenders. If you’re looking for an auto-loan tailored for your needs at good rates, Bank of America is the right place to look.
Note: There are risks involved when applying for and using credit/ loan. Consult the bank’s terms and conditions page for more information.