Bank of America Auto Loan – Are you not able to pay for a car in full? Don’t worry you can use an auto loan to finance your vehicle. Just focus on buying the car you want to Bank of America offers simple auto loans.
The auto loan is structured as installment loans and is secured by the value of your vehicle. It is a secured loan that means a borrower must keep a valuable item to serve as collateral. Unfortunately, a borrower is unable to pay the loan amount back; the lender can seize the collateral and recover the loan amount.
Bank of America Auto Loan
Are you in the market to buy a car, Bank of America loan can be your financing solution. With a simple three-step process, you can get the funds into your account within a minimum amount of time.
You can apply Bank of America Auto Loan using following methods
- Apply Online
You can check how much you can borrow typically within 60 seconds.
- Time to buy
After the approval of the rates, it is locked for 30 days- giving you time to shop for your favorite vehicle as per your budget.
- Close the deal
After finalizing your car, get your auto loan to pay the bill.
Remember every car is not financed by Bank of America. The following cars are not financed by Bank of America.
- A vehicle which is older than 10 years.
- The vehicle is 125,000 miles.
- A vehicle valued at less than $6,000.
- The vehicle used for business/commercial purpose.
- Salvaged, rebuilt or branded-title vehicles.
- Motorcycle, boats, recreational vehicles or aircraft.
Why you take Bank of America Auto Loan?
- Lesser APRs
The interest rate depends on your creditworthiness and specifies our loan. Bank of America has competitive rates as compared to the other lenders.
- Minimum approval time
Applying for loan online can be quick and approval time is only 60 seconds. It is great to help when you have a fixed budget and get started shopping for your car.
- Enjoy membership discount
You can enjoy the 15% discount if you have/open a Bank of America checking account.
- Authorized Dealer Network
The bank has authorized dealer network to streamline your car-buying process. After the approval, you can take your approval letter to any of network dealership to negotiate on the price of the car.
Eligibility for Bank of America Auto Loan
You must be 18 years old (or 19 in Alabama/Nebraska).
You must be USA’s Citizen, resident or nonresident alien.
The requirement to apply for Bank of America Auto Loan
You need to sign up via Bank of America online banking. You will receive approval from the day you apply and there is no fee to apply for the loan here. If the bank requires more detailed review it will send an email with its decision.
The loan approval and rate of interest are locked in for 30 days from the date you submit your original loan. To access your loan application, you need to log in to your online account. The saved application is accessed for 30 days.
Keep ready the following information
- You name, contact details and address.
- Social security number.
- Date of birth.
- Employment information
- Proof of your income.
- Your federal tax returns.
- W-2s and financial statements.
- Citizenship status.
- Purchase agreement/invoice of sale.
- Registration and title of the specific vehicle you want to buy.
- Lease buyout instructions, if you are applying for this type of loan.
Most of the time an applicant receives approval or denial within 60 seconds of submitting their application. If you don’t receive the decision within this time you will be contacted by email.
After the approval of your loan, you have 30 days time from the date of loan request to use it without being required to re-apply.
Bank of America Auto Loan