bank of america car loan rates

bank of america car loan rates

Bank Of America Car Loan Rates

Show all answers Hide all answers refinancing an existing car loan. Can I refinance my existing auto loan through Bank of America?Yes, and you can refinance your existing auto loan whether it’s through Bank of America or another financial institution. When you start your auto loan application, simply select Refinance from the Loan type dropdown menu on the first step of the application. Does Bank of America charge a fee to apply for refinancing an auto loan?No. Bank of America does not charge you any fees for submitting a refinance loan application. Can I refinance my auto loan if the payoff balance on my current loan is more than my vehicle's current value?Yes, but if your current loan’s payoff balance is more than the car’s current value, you may be asked to pay the difference as a requirement for getting your auto loan refinanced. If I decide to pay my refinance loan off early, is there a prepayment penalty?In most states there is no prepayment penalty, but depending on the particulars of your specific loan situation, a prepayment fee may apply for loans that originate in Florida, Louisiana and Ohio. What type of information do you collect when I apply for a refinance loan?When you apply 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.We need your email address to be able to send you information about your application status or contact you regarding your experience with the online process. If you’re concerned about how your email address may be used for marketing and sharing information, you can visit the Privacy & Security section of our site and set your privacy choices.For refinance loans and lease buyouts, we require specific vehicle information such as make, model, year, mileage and vehicle identification number (VIN). If I'm approved, how long is my loan offer good for?Your loan approval and interest rate are locked in for 30 calendar days from the date of your original loan submission. How soon will I know if my refinance loan application has been approved?Most decisions are available in about 60 seconds. In cases where applications require a more detailed review, we’ll send you an email when the decision is ready. How do I check the status of my refinance loan application?You can securely check the status of your car loan application anytime. We will also send you an email when a decision about your application has been made.
bank of america car loan rates 1

Bank Of America Car Loan Rates

I had a car loan through Bank of America for about 2 years before I paid it off. My wife and I had absolutely no problems at all until we fully paid off our car. Before we paid off our loan amount, we had our account setup for automatic payments and this ended up hurting us after we paid our account off.Immediately after paying off our account I went to log in to Bank of America’s website, but I couldn’t get in since I didn’t have an ‘active’ account. I figured everything was fine and I went on my own way. About 3 weeks after we paid off our loan, we were hit with a substantial charge from Bank of America out of our account. Bank of America was still taking out our car payment out of our account automatically even after we had paid off our loan.I contacted BoA’s customer support and they were everything but helpful. They told me that I would have to log into my account to make these changes so that they wouldn’t keep charging me. When I told them that I can’t login because I don’t have an ‘active’ account they told me that I needed to log in anyway.I ended up having to dispute the charge with my local bank (which costs me $30). The charge that BoA charged us fraudulently caused us to go into overdraft at our bank which was a big headache. I had to have our local bank actually put a block on the payments since Bank of America couldn’t help with the removal of that charge.This is the only issue that we had with Bank of America. It is a big issue and definitely a major inconvenience. I would use them again, but I would make sure that this issue wouldn’t happen again.… read more
bank of america car loan rates 2

Bank Of America Car Loan Rates

Recently, I had to take out a loan because my car’s transmission was going out. I had been a customer of Bank of America for only a few months, but I found that the approval process was rather smooth, as compared to other locations that I’ve banked with. The customer service was excellent, and the employee, Becky, was more than willing to provide me will all of the information I needed to make my correct loan choice. I found that the interest rate for a loan of 6k was more than competitive, so we finished the paperwork and I was on my way. I was able to pay the loan off quickly, and Bank of America was always one phone call or email away to answer any questions I had about the monthly payments and future loan processing. I highly recommend Bank of America to others.… read more
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Bank Of America Car Loan Rates

Let’s see… I used Bank of America to pick up a loan awhile back. I actually really liked going through Bank of America for many reasons. They were extremely helpful in their services and there were no hidden charges and glitches to the loan. The banker was very clear and extremely helpful, not to mention personable and kind as well. My loan was easy to pay off and the interest was fairly low so it wasn’t too bad in the wallet. I would use Bank of America again for another loan. They seem like an honest bank for the most part, which is difficult to find these days.… read more
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Bank Of America Car Loan Rates

Results shown are for . openChange your statemodal layerAdvertised as low as APRs (annual percentage rates) assume excellent borrower credit history. Your actual APR may differ based on your credit history, approved loan amount, term, state of residence and applicable discounts, such as Preferred Rewards. These discounts will be reflected in your individual APR quote if you are approved for a loan.The APR shown in the chart is based on a 5-year, fixed-rate new car loan for $25,000 (including state taxes, fees, tag, title and any purchased service/insurance products). Based on a simple interest rate of &#37, this loan would have 60 monthly payments of &#36 each and an annual percentage rate (APR) of &#37. View our Link to Bank of America auto loan eligibility requirements for more information.
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Bank Of America Car Loan Rates

† Disclosure layer to See why your actual APR may differResults shown are for . openChange your statemodal layerAdvertised as low as APRs (annual percentage rates) assume excellent borrower credit history. Your actual APR may differ based on your credit history, approved loan amount, term, state of residence and applicable discounts, such as Preferred Rewards. These discounts will be reflected in your individual APR quote if you are approved for a loan.The APR shown in the chart is based on a 5-year, fixed-rate new car loan for $25,000 (including state taxes, fees, tag, title and any purchased service/insurance products). Based on a simple interest rate of &#37, this loan would have 60 monthly payments of &#36 each and an annual percentage rate (APR) of &#37. View our Link to Bank of America auto loan eligibility requirements for more information.
bank of america car loan rates 6

Bank Of America Car Loan Rates

So worked as a banking center manager at Bank of America for 5 years. We didn't do auto loans in the branch so we would put the customers on the phone with a rep in that department or steer them to applying online. I will tell you the truth. You'll need a score of around 800 or more and a very low Debt To Income Ratio (DTI under 27%) to get approved. If you are approved (which was surprisingly rare) then you'll have a letter of approval to take to the dealer at which point you can sign and drive away. You'll know literally within seconds if you're approved or not in most cases. Sometimes they'll need more information or proof from you and usually if you provide it, you'll get approved. The rate will be one of the lowest out there and you'll get all the perks of free banking, including free safety deposit box. It's nice and easy to pay your loan online from your BofA checking. I will say that the autoloan department is a very different breed of customer service from other departments in the bank. Just about every single one I ever spoke with when helping a customer had two brain cells and could care less about approving someone. If you're lucky, you'll get someone who has a brain and excellent customer service. The bank had made the move to really cut down on auto loan approval, got rid of the people in that department and hired a bunch of poorly trained, low salaried individuals. We used to do them in the branch when I was a personal banker 10 years ago. The approval process became much harder after they made changes. In a nut shell: Excellent rate, easy process, must have low DTI and excellent credit (true excellent–although I have seen a few slip though the cracks in the high 700's credit score), customer service is a hit or miss. Definitely go into a branch and speak with a manager if you have a problem so they can hash it out with them. If the manager wants to stick you on the phone with that department, then go to a different branch until you get a manager who will fight for what's right. If your manager can not come to a solution, go to the district manager (it will be hard to speak with them, so go down to their office and bug them daily when they don't call you back– you'll have almost guaranteed results of a solution that way, once they get invovled) Try to work it out with these guys alone at your own risk. Basically, you'll get a great loan, have an easy application process and be able to sign and drive away with no hassle, if you're very credit worthy. I hope this help you understand BofA's auto loan.

Bank Of America Car Loan Rates

Published on Apr 3, 2017 | Under Car | By michael ellis
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