BMO Harris Bank has a long history as one of America’s most commercial and business- friendly financial institutions. Founded in Chicago in 1882, BMO Harris has experienced astonishing growth in the last decade and now boasts over 600 branches throughout the US in eight states. BMO Harris is one of the strongest Midwest banks. Personal banking products include auto loans for qualified customers across many credit ratings.
BMO Harris Bank offers competitive rates for consumers wishing to finance a new or used vehicle. BMO Harris boosted its consumer advocacy reputation when it ended dealer-set interest rates for its bank’s auto financing customers, now offering dealers 3% of the loan amount. This measure both passes savings off to consumers and rewards dealerships for securing BMO Harris auto loans.
BMO Harris auto loan terms and rates vary by state. BMO Harris will consider applicants from the states of Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. A $75 processing fee applies on all auto loans.
Installment loans are subject to credit approval, applicant information verification and receipt of all collateral documents. Cosigners may be considered for less-qualified applicants or applicants with a poor credit score (below 640). A borrower’s credit profile, loan amount, loan term and type of car all factor into their approval and interest ratings.
Successful loan applicants’ chosen vehicle model year and credit qualifications determine their annual percentage rates, monthly payment amounts, and number of monthly payments. Rates can change at any moment, but as of January 2017, a common auto financing repayment periods is 60 months but some loans extend to 72 months. Also as of January 2017, a BMO Harris auto loan’s Annual Percentage Rate commonly ranges from 4.80% to 7.11%. Customers with an excellent credit score (740 or above) qualify for the lowest rates.
Can BMO Harris Finance the Auto Loan I Need?
Customers interested in auto financing with BMO Harris should consider their budget, timeline and type of loan desired. Types of auto loans BMO Harris will consider for financing are a dealer purchase, existing auto loan refinance, private party deal and a vehicle lease buyout. BMO Harris is also one of few financial institutions to specialize in financing motorcycle, boat and RV loans.
How to Apply for a BMO Harris Auto Loan
Multiple options exist to begin the process of financing a vehicle with the assistance of BMO Harris. You may:
- make an appointment online,
- request a contact from a BMO Harris Loan specialist,
- visit a branch in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin, and
- call a loan specialist at 1-880-340-2265.
Once a consumer is approved for an auto loan, they may take advantage of multiple online conveniences for BMO Harris clientele. These include the abilities to access loan information, make immediate payments, and retrieve titles. Clientele may also access loan information by phone. Payment options include:
Select clientele may also pay weekly by bank transfer for a small fee.
- BMO Harris Online Banking,
- Autopay from your BMO Harris Checking account,
- BMO Harris Bank by Phone,
- BMO Harris Express Loan Pay (same day to avoid late fees),
- and payment by mail.
How is BMO Harris Better Than Other Auto Lenders?
BMO Harris considers applicants who may have a lower credit score than many financial institutions will consider. BMO Harris is a smaller financial institution than other major US banks, and known for its highly personalized service. BMO Harris is a Member FDIC institution.