Bank of America Auto Loan: Help for borrowers
If you are planning to buy a new or second hand automobile and don’t know how to answer the financial question of it, then this is the article for you. In this article we have compiled all the information you can need about the Bank of America Auto Loan. Finding a suitable interest rate for an automobile loan can be very hard. This is where the Bank of America Auto Loan can be the best option you can have. This is because it has a feasible interest rate, lower than the others.
What the Bank of America Auto Loan offers
To apply for the Bank of America Auto Loan you do not need to pay an origination fee. They provide a 2.99% APR rate for a time period of 12-60 months. It must be remembered however that the Bank of America Auto Loan does not give a pre-approval for new or used auto loans but gives one for a new dealer purchase. If you already are an existing customer of the Bank of America or are a preferred rewards customer then there is good news for you. Since the bank of America offers a lot of benefits for their loyal customers.
If you are currently a personal checking account holder of the Bank of America then you can get a 0.15% APR discount on the Bank of America Auto Loan. Moreover if you enroll for the preferred rewards option at the time of applying for the Bank of America Auto Loan then you get a 0.25% to 0.5% APR discount.
What you need for applying for the Bank of America Auto Loan
For applying for the Bank of America Auto Loan you must have a Bank of America personal checking account. You should also have a 3-month average combined balance of $20,000 in your Bank of America accounts and/or Merrill Lynch investment accounts. Moreover you must have an excellent credit history and should be buying a new vehicle to obtain the 2.99% APR.
How to apply for the Bank of America Auto Loan
To apply do the following:
- Go to the Bank of America website.
- Fill in the form with all your personal details that are asked.
- Send the form.
- You will be given an approval or denial within 1 minute. If you are not you will be informed later through email.