There are certain Bank of America Car loan eligibility requirements & conditions you must meet before your loan application will be approved or accepted. As a borrower, you must know what these eligibility requirements are so you stand a better chance of having your loan application approved.
I know how discouraging it can be when your auto loan application is denied for failing to meet certain requirements that you should have known. To avoid that, I’m going to provide you with all the information you need with regards to eligibility requirements and conditions.
But before going into that, let’s make a little detour to first know what types of car loans they offer that you will have to pass an eligibility test before being approved.
READ ALSO: How To Apply For Bank Of America Auto Loan
Types of Car Loans on offer
Clients are spoilt for choice as to which type of car loan to go in for due to the options available at Bank of America. They are;
This is when you purchase a new or used car at a car dealership. These dealers can either be franchise dealers like Ford®, Honda®, Chrysler®, General Motors® and others.
It could also be from approved independent dealers like CarMax®, Enterprise Car Sales and Carvana or through a private party.
Refinancing of Current auto loans
Bank of America has a loan for you in case you wish to refinance your existing auto loan.
This is when you decide to buy your leased car/vehicle. Customers can opt for a lease buyout to purchase a vehicle they’re currently leasing in their name.
You can also apply for a private party loan if you’re purchasing a car from another individual.
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BANK OF AMERICA CAR LOAN ELIGIBILTY
Eligibility requirements for Bank of America Car Loan include;
- Applicant must be at least 18 years of age.
- Must be able to enter a legal contract for automotive financing in his/her state of residence.
- Must either be a U.S citizen or resident foreigner (permanent or non-permanent)
BANK OF AMERICA CAR LOAN APPLICATION CONDITIONS
There are certain general conditions you should know before applying for an auto loan from BoA. They are;
- Minimum amount financed at Bank of America is $7,500 ($8,000 in Minnesota)
- Term limitations may apply
- Loan-to-value restrictions apply
- A down payment may be required
- Title and state fees may apply
- A loan fee may apply in Indiana and Ohio.
READ ALSO: How Does In-House Car Finance Work
FREQUENTLY ASKED QUESTIONS
Q1. Is there a prepayment penalty if I decide to pay my auto loan off early?
No! There are no prepayment penalties for auto finance at Bank of America.
Q2. What credit score do I need for a Bank of America car loan?
There is no specific credit score set for applicants of auto loan from BoA. However, your credit score should at least be fair enough so you can be approved. A not too good credit score with a good income and little to no debts might get you qualified.
Q3. Does BoA offer car loans in all 50 States?
Yes! BoA offers car loans in all the 50 States plus the District of Columbia.
Q4. What qualifies a vehicle for a new or used auto loan rate?
Typically, a vehicle is classified as new when it meets these two criteria;
- It has never been titled or registered with the Departments of Motor Vehicles (DMV) or any other appropriate agency.
- If Odometer (if applicable) has less than 6,000 miles.
NB: Prior year untitled vehicles must be considered used as of March 1 of the current year. E.g. A 2021 model is considered used as of March 1, 2022.
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