Bank of America was founded in 1998. It is the second largest United States bank holding company by assets and the world’s eleventh largest company in 2016 according to Forbes.
Bank of America lends to consumers who wish to finance a new or used vehicle, refinance an existing auto loan or obtain a lease buyout. Bank of America offers auto loan rates as low as 2.64% APR for a new car deal and 3.04% APR for a lease buyout. Loans are available from Bank of America in all 50 states as well as the District of Columbia.
Specialized vehicle finance options exist for small business vehicles and equipment as well as special access vehicles. Bank of America is not an option for financing a vehicle more than 10 years old, costing less than $5000 or with over 125,000 miles. Bank of America also does not finance RVs and commercial vehicles.
Can I Apply For a Bank of America Auto Loan?
To be eligible to apply, customers must:
- be 18 years or older (19 in Alabama and Nebraska),
- live in the US,
- and be a US citizen, resident alien or non-resident alien.
Co-signers are allowed and must meet all application eligibility requirements as well. Loans are not assumable by another party.
How to Apply for a Bank of America Auto Loan
Applying online for Bank of America auto financing takes only 60 seconds with an instant decision. Customers may also telephone a loan representative or visit one of over 5,000 branches nationwide for a credit decision.To apply, potential clientele should be prepared to provide documentation of a Social Security number, employment, income and U.S. citizenship status as well as an email address for any necessary application and loanfollowup.Customers enjoy a no-fee auto loan application from Bank of America, though a general loan fee may apply in Indiana and Ohio.
What Happens Once I’m Approved?
Once customers are approved for a loan, Bank of America’s 30-day rate lock feature leaves them the time and flexibility to shop for the right vehicle for 30 calendar days after approval. During their search, customers should keep in mind Bank of America restricts its auto financing to franchise dealers who are affiliated with an auto manufacturer. Only CarMax, Hertz Car Sales and Enterprise Car Sales are eligible for financed auto purchases as dealers who sell many different brands in one location.
Bank of America offers approved auto loan clientele an authorized dealer network of pre-approved dealerships to quicken the process of selecting a vehicle and negotiating the lowest price. Bank of American factors a customer’s monthly auto loan payment on the loan amount, annual percentage rate and loan term. Once the monthly payment plan is set, Bank of America makes it convenient for clientele to pay with:
- Online Bill Pay,
- pay by phone,
- pay by mail,
- and pay in person at a Bank of America branch.
Loans are financed to be paid off in three to six years.
Bank of America’s multiple benefits to auto loan customers include no application fees, no penalty for early payoff (exceptions may be in Florida, Louisiana and Ohio), and locations in all 50 states. But most people seeking to add a new vehicle to their households for personal and business use can benefit from Bank of America’s excellent rates, terms and customer service. Successful applicants have the security of paying off an auto loan with one of the world’s highest-rated and most prominent financial institutions.