You may be surprised to find out that Bank of America has one of the lowest auto loan rates in the nation. Its advertised rates are 3.79% for new car buyers and 5.79% for used car buyers. Its low rates are an excellent deal for both new and used car buyers. With many products and commendable services, you can easily finance your dream vehicle with ease. With a few clicks of the mouse, you can apply for an auto loan with Bank of American and get a quote in minutes.
The interest rates vary by state. There are no specific minimum or maximum credit score requirements to obtain the best auto loan rates. Moreover, the information is updated frequently. The rates listed above are current at the time of publication. Despite this, the average auto loan rate is still much lower than most of its competitors. With the exception of the lowest interest rate for new car loans, the minimum loan amount for a new car loan is $7,500. The minimum loan amount for a used car loan is $5,000 in 48 states. Lastly, a qualifying vehicle must be worth at least $6,000 in value.
If you are a Bank of America elite customer, you can sign up for their auto loan program and start saving money today. You can even pay off your loan early without any penalties. While it may seem tempting to borrow more than you can afford, you will probably end up paying more than you need to. Depending on your credit history and income, your interest rate will fluctuate. While your monthly payments will be higher than others, you’ll still have plenty of savings to use toward your new vehicle.
If you have a good credit score, you can use auto loan rates from Bank of America to buy a new or used car. If you don’t have a great credit score, you can still find lower auto loan rates by using a third-party service. The best deals are often offered by independent dealers. You’ll want to make sure to get all the documents in order to complete your loan. Once you’ve completed the application process, the company will give you an auto loan estimate and provide a quote.
Auto Loan Rates from Bank of America are competitive with other banks. You can take out a loan for your new vehicle and make payments through automatic payments or online bill pay. There’s no need to worry about a bad credit score. While you can easily qualify for a car loan with a Bank of America car loan, it is important to understand what you’re applying for. Having a high credit score will help you secure the best auto loan rates.
The APR for a Bank of America auto loan starts at 2.9% for a 48-month term. If you’re looking for a shorter-term loan, you can get an APR as low as 2.59%. Whether you’re looking for a used or new car, Bank of American offers financing options in all 50 states and Washington, D.C. You should check with your local branch for the specifics.