Bank of America Auto Loan Rates

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Auto Loan Refinance APR

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Used Car Loan APR

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New Car Loan APR

The bank has no application or origination fees.

It does not provide online pre-approval for both used and new auto loans.

Bank of America has a multitude of financial products. From private party purchases, dealer purchases, lease buyouts to refinancing, the bank offers it all.

With headquarters in Charlotte, North Carolina, Bank of America offers a wide range of financial services. Recently, it was ranked #11 on the Forbes Magazine global list of the largest companies in the world. The list encompassed 2000 companies.

Auto loans and Annual Percentage Rates (APRs)

The Bank of America (BofA) provides auto loans with terms ranging from 12 to 60 months with rates as low as 2.44%

Bank of America has APR discounts which are given to existing customers and Preferred Rewards Customers. If you are a holder of the bank`s personal checking account, a 0.15% APR discount is placed on your auto loans or auto refinances.

To be eligible for the 0.25% discount on auto loans, you need have a Bank of America personal checking account and an average of $20,000 for a 3 –month period.

Your budget shouldn’t be stretched too thin if you are considering a new or used vehicle purchase as the Bank of America offers fair and versatile APRs for the auto loans. An APR of 2.44% is available for a new car loan in a 60-month and 48- month term. For a used car loan, the APR is 2.64% for both 60 and 48 month terms.  The refinance loan goes for an APR of 3.04% for 48-month and 60-month terms.

Application of the auto loan

To be eligible for the application, you need to be 18 years of age (19 in Alabama/Nebraska). The application is online and requires that you submit your address, email address, social security number and phone number. Your employment and income is also verified in the process. Key in the details (make, model, mileage and VIN) concerning the vehicle you wish to buy. Good news is, approval or denial of your application takes a matter of minutes after submission of the form.

Customer service

The bankers are clear and not ambiguous in their language. According to our review, Bank of America has excellent customer service. The bankers are kind and amiable and extremely helpful.

Summary

The Bank of America has commendable financial services and a multitude of financial products which are helpful in giving you insights into your investments or financial goals. The auto loan rates are convenient, fair and good for borrowers.