If you're tired of asking for rides, a Bank Of America Loan to buy your new car might help. Whether it’s repairing your home or investing in yourself, a loan comes in handy. And buying your own car is a dream many can't afford with their weekly paycheck.
Bank of America is a leading U.S.-based lending institution that offers a wide range of financial products and loans. Those include home loans, auto loans, small business loans, credit cards, and many more.
Since there are a ton of choices and you need to be read up on what you need, we're going to focus on Bank Of America Auto Loan. Up next we've got all the details you need to know about getting an auto loan with Bank of America.
Features and Benefits of a Bank of America Loan
Bank of America is also providing borrowers with the chance to get a lock-in a fixed rate for as low as 2.69% APR depending on your creditworthiness. With this attractive interest rate, you can easily shop for more cars or vehicles that tickle your fancy. Rates are also guaranteed for 30 days.
Once you have been approved for a loan, your approval code and data will be sent to Bank of America’s authorized partner dealers to let them know what you are looking for and what types of cars are within your range. This way, you can hasten the purchasing process and drive your car in no time.
What’s more, Bank of America prides itself in giving fast decisions and approvals. In just 60 seconds, you’ll know what the decision is and how much you need to pay every month even before you shop around for cars.
Am I Eligible?
The eligibility requirements laid out by the Bank of America include being over the age of 18 and being a U.S. citizen or legal resident alien. Moreover, the car that is being purchased should have less than 125,000 miles and have a clean title.
How To Apply
To jumpstart the online application, head on to their website. You need to select the type of loan you wish to undertake. Some of the auto loans available from the bank include dealer purchase, refinance, lease buyout, or a private party.
The car value should also not be less than $6,000. Moreover, the vehicle you intend to purchase should not be more than 10 years old and should not be intended for commercial or business purposes.
The online application requires applicants to provide their personal information such as their names and contact details. Employment data and financial information are also required by the bank.
Once approved, individuals can receive their Approval Code within one to two days. The minimum loan amount to be granted by the bank is $7,500.
Fees and Charges
The bank’s interest rates vary from one state to another. In the state of New York, a new car bought from a dealer can get you a fixed rate of 2.69%. Meanwhile, a used car from a dealer is valued at 2.99% while a refinance option gives you 3.69%.
If you are a Bank of America Preferred Rewards member, you can easily obtain discounts from 0.25% to 0.50%.
How To Contact
For more information, feel free to call the bank at 844-892-6002. You may also make an appointment with their head office at the Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255.
The Bottom Line
If you need to borrow money, there are a ton of options out there from credit cards to loans. But getting the right financial tool to help your financial health is key. Take into account what you've read and also do some research so you can find the perfect loan for you.
Note: There are risks involved when applying for a loan. Consult the bank's terms and conditions for more information.
