Independent dealers outside of BofA’s network aren’t eligible for financing. Motorcycles, recreational vehicles, boats or aircraft.Salvaged, rebuilt or have branded titles.Used for commercial or business purposes.Vehicle requirementsīank of America will not finance vehicles that are: Personal requirementsīut while it doesn’t specify a credit score or minimum income, lower rates tend to go to borrowers with better finances. To borrow from Bank of America, you and your car will need to meet a few criteria. Until then, you can use our calculator to estimate your monthly payments to see how much car you can afford. It isn’t upfront about its maximum APR or other fees, so discuss these with your loan officer before signing any paperwork. If you already have a BofA checking or savings account, you may also qualify for a rate discount of 0.25%, 0.35% or 0.5% - provided you sign up from autopay. Loan terms may last anywhere from 12 to 75 months, although its website only allows you to select a term of 48, 60 or 72 months. You can borrow between $5,000 to $100,000 for your vehicle. How Bank of America compares to other lendersįor more car loan options, select your credit score and state, then click Show me my personalized options.Ĭompare Bank of America rates, fees and termsīofA offers more car loan options than most other banks, and it’s at least a little transparent about what its loans might cost you. If you decide to borrow a car loan with Bank of America, be aware of these common complaints and the long wait times others have cited. ![]() Many people have had problems with long wait times, incorrectly applied payments and other issues that customer service failed to handle.
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