New auto purchase loan review Show
Bank of America - New car purchase loan Not yet rated Loan amount $7,500-Max. not disclosed Min. credit score Did not disclose Pros
Cons
Best for applicants who qualify for a Bank of America Preferred Rewards rate discount or want the convenience of purchasing and financing a new car at a Bank of America-authorized dealer. Full ReviewBank of America offers new and used car dealer purchase loans, refinance loans and lease buyout loans. It also offers private-party purchase loans, which typically have a higher interest rate than dealer purchase loans. The Bank of America website provides current rates for each type of auto loan it offers, but the rates displayed are “as low as” rates available only for applicants with excellent credit. Applicants will see their actual rate quote upon loan approval. Through a Preferred Rewards program, Bank of America customers who have a Bank of America checking account and combined, qualifying deposit balances can lower their interest rate on new loans for auto purchase and refinance. The rate reduction amount depends on which of three Preferred Rewards tiers a customer falls into. To meet tier requirements, a customer must have a three-month combined average daily balance as listed below in qualifying Bank of America deposit accounts and/or Merrill investment accounts.
Applicants should be aware that the interest rate discount is not reflected in the rates Bank of America publishes on its website. Also, the Preferred Rewards rate discount is not available if a borrower applies at a dealership. Bank of America provides a number of ways to apply for an auto loan. In addition to using the online application, borrowers can apply at more than 4,000 financial centers and thousands of dealerships across the U.S. An authorized dealer locator is available on the Bank of America website. When applying at a Bank of America authorized dealer, car buyers finalize loan paperwork and their title transfer at the dealership. Bank of America may be a good fit for those who:
Bank of America at a Glance
How does this loan compare?
Used auto purchase loan reviewBank of America - Used car purchase loan Not yet rated Loan amount $7,500-Max. not disclosed Min. credit score Did not disclose Pros
Cons
Best for applicants who qualify for a Bank of America Preferred Rewards rate discount or want the convenience of purchasing and financing a used car at a Bank of America-authorized dealer. Auto loan refinancing reviewBank of America - Refinance loan Not yet rated Loan amount $7,500-Max. not disclosed Min. credit score Did not disclose Pros
Cons
Best for applicants wanting to refinance their auto loan and who qualify for a Bank of America Preferred Rewards rate discount. Auto lease buyout loan reviewBank of America - Lease buyout loan Not yet rated Loan amount $7,500-Max. not disclosed Min. credit score Did not disclose Pros
Cons
Best for applicants wanting to quickly determine if they qualify for a lease buyout loan and at what rate. More from Bank of AmericaBank of America offers an online car buying service through their network of participating dealers. Car buyers can choose their car and financing online, and then visit the dealership to finalize their loan paperwork. This service is not available in all states. Bank of America auto loan ratesLenders set their own requirements, but Bank of America’s lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above). Borrowers with bad or fair credit won’t qualify for the lowest interest rates. You can check your credit score before applying for a car loan. Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 661-780, a $20,000 car loan, repayment term of 48 months, interest rate of 4.5% and $0 down payment would have monthly payments of $457. To review Bank of America, NerdWallet sent a survey requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product. What is a good interest rate for a 72 month car loan?The average 72-month auto loan rate is almost 0.3% higher than the typical 36-month loan's interest rate for new cars.
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Loans under 60 months have lower interest rates for new cars.. Can you finance a vehicle for 72 months?Get Car Financing
A 72-month car loan can make sense in some cases, but it typically only applies if you have good credit. When you have bad credit, a 72-month auto loan can sound appealing due to the lower monthly payment, but, in reality, you're probably going to pay more than you bargained for.
What are the pros and cons of a 72 month auto loan?Here are the financial pros and cons of taking on a 72-month car loan or an 84-month car note.. Pro: Getting lower monthly payments. ... . Pro: Achieving greater financial flexibility. ... . Con: Paying additional interest. ... . Con: Having negative equity or being “upside down” in the car loan. ... . Con: Buying more car than you can afford.. Is Bank of America a good Bank for auto loan?Yes, Bank of America is a great option if you need financing to buy a car or if you're looking to refinance a current auto loan. Bank of America's advertised interest rates are some of the lowest among major lenders, but note that these are reserved for customers with excellent credit.
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