Frequent question: What is the fee to apply at Bank of America for an auto loan?

You can 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, we’ll send you an email when the decision is ready.

Is Bank of America good for car loans?

Yes, Bank of America is a great option if you need financing to buy a car or if you’re looking to refinance a current auto loan. Bank of America’s advertised interest rates are some of the lowest among major lenders, but note that these are reserved for customers with excellent credit.

How do I get a car loan from Bank of America?

Contact information for Customer Service (800.215. 6195) for your new vehicle loan.

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Is it hard to get a Bank of America Auto Loan?

Bank of America doesn’t list any minimum credit score requirements for their auto loans, but they do state that interest rates are based on credit scores, income, and other factors. You do have to be at least 18 years old and a U.S. citizen to apply for one of their auto loans.

What is Bank of America auto loan rates?

Lock in your auto loan rate

60-month auto loan options More terms available Rates as low as
New car (dealer) 2.39% APR †
Used car (dealer) 2.59% APR †
Refinance 3.39% APR †
Buy out your lease 3.39% APR †

Is it better to get an auto loan from a bank or dealership?

In general, you can usually get lower interest rates on a new car through a dealer than on a used car. In fact, some dealers may offer promotional financing on brand-new models, including rates as low as 0% APR to those who qualify.

What credit score does Bank of America require for a car loan?

Bank of America vs.

LightStream only works with borrowers with good or better credit scores and requires a credit score of 660 or better. Bank of America doesn’t have a minimum credit score requirement, so it could be more flexible with some borrowers.

Which bank is best for car loan?

Compare Best Car Loan Interest Rates in India for 2021

Bank Name Car Loan Interest Rates
Axis Bank Car Loan 8.65% p.a. onwards
Federal Bank Car Loan 8.50% p.a. onwards
SBI Car Loan 7.70% p.a. onwards
ICICI Bank Car Loan 7.90% p.a. onwards
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What credit score is needed to buy a car?

What Is the Minimum Score Needed to Buy a Car? In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.

Is a 72 month car loan bad?

A 72-month car loan can make sense in some cases, but it typically only applies if you have good credit. When you have bad credit, a 72-month auto loan can sound appealing due to the lower monthly payment, but, in reality, you’re probably going to pay more than you bargained for.

How long does Bank of America take to approve auto loan?

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. Your loan approval and interest rate are locked in for 30 calendar days from the date of your original loan submission.

Where can I get the lowest auto loan rate?

Compare the Best Auto Loan Rates

Lender Lowest Rate Terms
PenFed Credit Union Best Overall 0.99% 36 to 84 months
LightStream Best Online Auto Loan 2.49% 24 to 84 months
Bank of America Best Bank for Auto Loans 2.39% 12 to 75 months
Consumers Credit Union Best Credit Union for Auto Loans 2.49% 0 to 84 months

What credit score does Bank of America use?

We learned this by reviewing 94 consumer-reported credit inquiries from January 2016 through December 2017. That showed us that Bank of America favors Experian when checking consumers’ credit.

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What credit score do you need to get 0% financing on a car?

And if you’re hoping to score a 0% APR car loan, you’ll likely need a very good or exceptional FICO® Score☉ , which means a score of 740 or above. Before you start shopping for a new vehicle, take some time to check your credit score to see where you stand.

What is a good car loan rate?

The national average for US auto loan interest rates is 5.27% on 60 month loans. For individual consumers, however, rates vary based on credit score, term length of the loan, age of the car being financed, and other factors relevant to a lender’s risk in offering a loan.

What is a good used car loan rate?

Getting a great deal on your car loan interest rate is an excellent way to save money.

Average Used Auto Loan Rates in February 2021.

Credit Score Interest Rate
750 or higher 5.12%
700-749 6.34%
600-699 11.75%
451-599 18.31%
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