When buying a new car, most people will need a loan in order to finance the purchase. Looking for a car loan lender can get very confusing because so many lenders offer these loans. A reputable auto loan lender is Bank of America.
Bank of America Auto Loan Terms
Bank of America offers car loans that range from 12 to 60 months. You can find rates as low as 2.39%. If you are an existing Bank of America customer, you could receive a discount on auto loans of up to .15% in APR. When you apply, if you enroll in the Preferred Rewards Program, you can receive a discount of .25% to .50%. In order to participate in Preferred Rewards, you are required to have a Bank of America checking account and an average balance of $20,000 for 3 months in your Bank of America accounts.
You can receive from $5,000 to $100,000 for your loan, and the vehicle must be older than 10 years. It cannot have more than 125,000 miles, and the company does not finance cars from independent dealers. If your credit is not great, you still might get approved if you make a down payment.
Applying for a Bank of America Auto Loan
You can apply for a car loan easily online. You do not need to have a car picked out before you apply for a loan. You must be at least 18 years of age to apply for a loan. You will need to include your phone number, address, and social security number. You will also need a valid email address. You will need to be employed, and Bank of America will verify your income. After you decide on a car, you will need to provide the VIN number, make, model, and mileage. You can get approved within a minute of applying. After you are approved, you have 30 days to complete the purchase.
The bottom line is that Bank of America is a good choice for auto loans. If you have any questions before applying you can chat with a representative. The website is simple to use, and representatives are available to talk to by phone or in a branch. The company offers competitive rates and affordable terms.