In the past, loans were actually left for the massive investors in the world and those who were going through a financial crisis. However, a lot has changed over the years, especially with banks today that are willing to offer loans. Modern loans have certainly changed the market as anyone can get a loan for various uses today.
There are personal loans, business loans, and even auto loans. Many of these loans are flexible and offer favorable terms for the borrower. With the Bank of America auto loan, you can easily apply online.
To learn more about how you can apply for a Bank of America auto loan, especially if you want to do it online, you should read on. Information on the competitive rates and eligibility can be found here as well. Continue reading to the end to find out more.
The Bank of America Auto Loan
Like most banks today, Bank of America, in addition to the other loans they offer, offers auto loans. The loan is offered with great interest rates both for used cars and for new cars. You also get a good rate for car refinancing as well.
Preferred Rewards members receive an interest discount when they get an auto loan with this bank. So, if you are a Preferred Rewards member, this might just be the perfect loan for you.
When it comes to getting a new car with Bank of America, you will get some of the best interest rates in the market. You have to find the right dealer as there are a number of dealers that can offer you the car brands you want. The interest rate for a Bank of America auto loan is set at 2.69% APR.
When it comes to used cars, you will get a different APR from the new car APR but it’s also a reasonable interest rate. The APR sits at around 2.99% on the low side, if you have a good credit standing. However, if you have poor credit, then you may receive a higher interest rate.
When it comes to car refinancing, you will be charged an APR of around 3.69%. That’s one of the best rates on the market today when it comes to refinancing.
Why You Should Get an Auto Loan with Bank of America
There are a number of reasons why you should consider getting a Bank of America auto loan. One of the main reasons is the amount that you get from the bank. On the low side, you get a loan of around $5,000. That’s for both new and used cars.
On the high side, you can get an auto loan that is around $100,000. The interest rate is also fixed in most cases so you can easily calculate how much you’ll be paying for the loan.
Eligibility & How to Apply
To apply for an auto loan with Bank of America, you need to be at least 18 years old and a citizen of the US. Residents of the US are also eligible to get a loan with the bank. For States like Nebraska and Alabama, however, you have to be at least 19 years old to be able to secure a loan.
To apply for the loan with Bank of America you can either walk into any branch of the bank or apply online. To begin the process of an online application, you should visit the Bank of America website and click on the ‘Apply Now’ button at the top of your screen.
The other reason you want to use the online route to apply for a Bank of America auto loan is there is an online calculator. The calculator can help you determine the amount you’ll be required to pay for the car by the end of your loan. The calculator can calculate for either used car, a new car, or car refinancing as well.
You can check out the calculator here and begin to shop for a car you want in your local area through the ‘shop for your car’ link on the site.
In the event you’re taking out an auto loan with this bank, you have to make a down payment. You have to also pay a loan fee in Ohio and Indiana.
These fees are, however, are not made public by the bank. That being said, you can find out more when applying. For an idea of some typical, general fees associated with certain loans, check out this list below.
- origination fees
- application fees
- late repayment fees and charges
Bank’s Contact Info & Address
To find out more about Bank of America auto loans, you can get in touch through the phone number 800 215 6195.
The bank’s head office is located at Bank of America Corporate Center, 100 North Tyron Street, Charlotte, North Carolina 28255.
Today, you can easily apply for an auto loan with Bank of America. The official Bank of America site provides easy access to the loans and you can quickly begin your process today from the comfort of your home.
For more loan options, you can click here.
Note: There are risks involved when applying for a loan. Consult the bank’s terms and conditions page for more information.