Need a car loan from a bank that can approve your application fast with an interest rate lock guarantee? By requesting a car loan from Bank of America, you can get these benefits and much more. Read on to find out how you can apply for a Bank of America Online Auto Loan.
Bank of America is one of the leading lenders in the US. It offers a wide range of financial products including home loans and credit cards. For this article, let us focus on the bank’s car loans.
The bank offers various types of car loans such as dealer purchases, lease buyouts, purchases from private parties and refinancing of existing auto loans. By getting a loan from the bank, you can drive your new car home in no time.
Bank of America Online Auto Loan Features
Bank of America has an advanced website for faster approval of your loan. The bank’s user-friendly website is equipped with the state-of-the-art features enabling you to find out whether your request is approved quickly and efficiently.
Do you want to know more about applying for a Bank of America Online Auto Loan? Continue reading to check the benefits you will receive.
Bank of America Online Auto Loan Benefits
Right from the start of your application, Bank of America will ask you upfront the state where you are residing. Since interest rates differ from state to state, this feature will quickly give you the information you need on the rates and other relevant data without breaking a sweat.
The bank also protects customers from interest rate fluctuations by giving a 30-day rate lock. This feature allows you to shop for the vehicle that fits your requirements and preferences within a month. What’s more, after the approval of your application, the bank can release the funds as quickly as 24 hours.
Interested in applying for a Bank of America Online Auto Loan? Here are the requirements…
Bank of America Online Auto Loan Application Process
Go to the Bank of America website and fill out the online application form. To be eligible, the bank may need you to present proof of identification showing that you are 18 years old or older and a US citizen or permanent resident. The bank will also request your Social Security number as well as proof of employment and income.
If the bank approves your request, you can borrow from $5,000 to $100,000. With the loan, you can shop from franchise dealers, eligible independent dealers and private parties to find the best car for you. Once you’ve chosen your desired auto, you can start the financing in purchasing the car. With this process, you can drive your dream vehicle home sooner than later.
Fees and Interest Rates
Bank of America does not charge origination and pre-payment penalty fees.
As for the bank’s interest rates, they depend on your creditworthiness and the state where you’re residing. For a new car from a dealer, the interest rate is 3.39% or higher, for a used car from a dealer (minimum of 3.49%), a used car from an individual (minimum of 5.24%), refinancing (minimum of 3.69%), and lease buyout (starting at 3.69%). These rates can be slashed from 0.25% to 0.50% when you enroll in the bank’s Preferred Rewards during your application.
Overall, applying for a Bank of America Online Auto Loan is perfect if you want to avail a car loan fast and without extra fees.