Bank of America Auto loan review and how it work

Last Updated on 2024-01-11 by Admin

Bank of America offers auto loans for purchasing a new or used vehicle. The bank provides competitive interest rates and flexible repayment terms. Customers can apply for an auto loan online, in-person at a branch, or over the phone.

Bank of America also offers the option to get pre-approved for a loan, allowing customers to shop for a vehicle with confidence. Additionally, the bank provides a variety of tools and resources on their website to help customers understand the loan process and make informed decisions.

Bank of America car loans are available in all 50 states and the District of Columbia.

Read: Wellsfargo auto loan: How does it work

 

The bank offers a variety of auto loan types:

1 Dealer purchases (when you purchase a new or used car at a dealership)
2 Refinancing of current auto loans
3 Lease buyouts (when you decide to purchase your leased vehicle)

Note: Bank of America does not offer financing to purchase a vehicle from a private party (an individual seller).

You can either get Business Advantage Auto Loans and Auto Loans to enable you Purchase your dream cars, vans and light trucks you need to keep your business rolling or Refinance your vehicle which could lower your monthly payment or interest you pay.

 

How to Apply for Bank of america auto loan

You can review rates and apply for your auto loan online in just a few minutes. There’s no fee to apply and most decisions are available in about 60 seconds. In cases where applications require a more detailed review, the bank will send you an email when the decision is ready.

You can also schedule an appointment at your local financial center to meet with the bank at your convenience or contact us at 844.892.6002 to apply over the phone.

However, when applying for an auto loan with Bank of America, you’ll be asked to provide personal information such as your name, address, Social Security number, employment information, income, U.S. citizenship status and email address.

Depending on the specifics of your loan request, the following documents may be required prior to closing: purchase agreement/bill of sale, registration, title, lease buyout instructions, proof of income, federal tax returns, W-2s and financial statements.

For refinance loans and lease buyouts, we require specific vehicle information such as make, model, year, mileage and vehicle identification number (VIN).

 

Where can i buy car with BOA auto loan

Bank of America does not offer financing to purchase a vehicle from a private party (an individual seller). But:

You have a few options when using Bank of America to buy a car:

1.Franchise dealers

Franchise dealers sell new and used cars for auto manufacturers such as Ford®, General Motors®, Chrysler®, Honda® and others.
Approved independent dealers

2. Independent dealers are not affiliated with auto manufacturers. Bank of America only finances vehicles purchased from the following independent dealers: CarMax®, Enterprise Car Sales and Carvana.

 

How to get BOA Auto loan

To get a Bank of America auto loan, follow these steps:

1. Research and understand your needs: Determine the type of vehicle you want to buy, your budget, and the loan amount you’ll need to finance the purchase.

2. Check your credit score: Before applying for a loan, it’s a good idea to review your credit report and ensure it’s in good shape. A higher credit score may get you better loan terms and interest rates.

3. Gather necessary documents: Prepare the documents required for the loan application, including your identification, proof of income, employment details, and proof of insurance.

4. Apply online or in-person: You can apply for a Bank of America auto loan directly on their website by providing your personal and financial information. Alternatively, you can visit a Bank of America branch or call their customer service to apply over the phone.

5. Complete the loan application: Provide accurate information regarding the vehicle you plan to purchase, including the make, model, VIN, and mileage.

6. Get pre-approved (optional): Consider getting pre-approved for an auto loan. This will provide you with a loan amount and interest rate that you can use to negotiate with car dealerships.

7. Review and accept the loan terms: Carefully review the loan terms and conditions, including the interest rate, repayment schedule, and any fees or charges. If you agree to the terms, accept the loan offer.

8. Close the loan: After accepting the loan offer, you may need to provide additional documents or complete some paperwork. Coordinate with the bank to finalize the loan process and receive the funds.

 

How to pay for bank of America auto loan

You have multiple auto loan payment options:

  • Pay using Bill Pay: If you’re an Online Banking customer, you can log in to set up payments through Bill Pay. With Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.
  • Pay by phone: You can call 800.215.6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
  • Pay by mail: You can mail your car loan payment to: Bank of America, N.A., PO Box 17237, Wilmington, DE 19886-7237. Be sure to include your loan account number along with your payment.
  • Pay in person: You can always pay your auto loan in person at one of our financial centers.

How can apply for BOA Auto loan

You must be 18 years old or otherwise have the ability to legally contract for automotive financing in your state of residence, and either a U.S. citizen or resident alien (permanent or non-permanent).

What Specific terms for your auto loan

Specific terms for your auto loan are determined by a variety of factors, but you should be aware of the following:

  • The minimum amount we finance is $7,500 ($8,000 in Minnesota)
  • Term limitations may apply
  • Loan-to-value restrictions apply
  • A down payment may be required
  • Title and state fees may apply
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