You will agree with me that almost every borrower going for loans, no matter the type will prefer to have the best of rates as possible. As a result, I’m going to give you Bank of America Auto Loan Rates that will guide you as to what to expect when shopping around.
The cost of a loan often depends on factors such as rates, and a reduced rate will mean that borrowers are able to save some money which otherwise would have gone into the servicing of their loan. Same way a higher rate will mean your loan will cost more. Hence before agreeing on which lender you will choose to finance your car, you may want to go for a lender that offers the best of rates.
Why Finance your vehicle with Bank of America
Bank of America offers arguably the best auto loan rates in the United States. Their flexible loan terms and low rates means that the cost of loans are not too expensive and just okay for you.
It doesn’t matter what you need the loan for, whether to finance a new or used car from a dealer, refinance or lease, Bank of America gives you lower rates as compared to its competitors. Customers are able to lock their rates for as long as thirty (30) days whiles you shop around for your dream car.
Bank of America Auto Loan Rates as at the first quarter of 2022
|Loan Option||Rates as low as|
|New Car from dealer||2.44% APR|
|Used Car from dealer||2.64% APR|
|Buy out your lease||3.44% APR|
|Private Party||5.54% APR|
NB; kindly note that these rates could change without any notice. However, it is to guide you as to what to expect. Any change in rates shouldn’t be that much.
Factors That Determine Your APR (Annual Percentage Rate)
- Your credit history
- Loan amount
- Loan term
- State of residence
- Discounts if any
FREQUENTLY ASKED QUESTIONS (FAQs)
Q1. Which cars qualify for a new/used auto loan rate?
Cars that have certainly not been registered or titled with the Department of Motor Vehicles or any recognized agency with an odometer reading of less than 6,000 miles are classified as new cars. Whereas previous year cars that are not titled by June 1 of the current year are considered used cars.
Q2. How long does it take for my loan application to be approved?
Bank of America handles your auto loan application as fast as they could hence you should expect your loan to be approved or rejected within 60 seconds. However, they may take a bit longer in some cases and may need more information from you along the line.
Q3. What types of vehicles will Bank of America not finance?
Bank of America has a few restrictions on which cars they will not finance. They include;
- Vehicles for commercial purposes
- Cars older than 10 years
- Salvaged vehicles
- Vehicles that have travelled for 125,000 miles or more
Q4. What is the minimum amount Bank of America can finance?
The minimum amount of auto loan Bank of America offers is $7,500 across all the States with the exception of Minnesota which is $8,000.
Q5. Is it possible to refinance my existing auto loan with Bank of America?
Yes! It doesn’t really matter whether it is through Bank of America or any other lender, you can refinance your existing auto loan at Bank of America.