When you are in the market to purchase a new or used vehicle, you’ll want to find a trusted, reputable financing company to work with for your next auto loan. Bank of America is among the largest and most established financial institutions in the country, and you can always find highly competitive interest rates on auto loans through this bank. More than that, the bank provides you with fast loan approvals and flexible terms on your car loan.
New Car Loans
With new car loans from Bank of America, you can expect to receive highly attractive interest rates, but the rate will be based in large part on several factors. These include your credit rating, the loan amount, the down payment and which state you live in. Generally, these rates are more competitive in relation to rates that other lenders offer. In addition, you can select from a loan term of 48 months, 60 months or even longer in some cases.
Used Car Loans
Interest rates with Bank of America may generally be slightly higher for used car loans than for new car loans, and rates will fluctuate regularly due to changing market conditions. However, used car loans are also highly competitive in relation to other options available to you. Loan terms available for used car loans through Bank of America are available in 36 months, 48 months and other lengths. Keep in mind that used car loan terms are often shorter in length than new car loan terms.
Finding Affordable Financing
If you are preparing to purchase a new or used car, you may consider using the online payment and affordability calculator available through Bank of America’s website. These calculators are designed to be user-friendly, and you can easily find the information you seek by completing a few fields in the calculator. Within seconds, you could calculate a payment for a vehicle that you are interested in, and you can determine if this vehicle is affordable for your budget.
When you are ready to move forward with a new or used car purchase or refinance a car loan, you can complete the auto loan application through Bank of America online. The application will take only a few minute to complete, and the processing will begin quickly. This is a fast, convenient way to obtain a pre-approval letter. You can provide this pre-approval letter to a lender or independent seller when you find the vehicle you want to purchase.