Considering a loan for a car purchase? Bank of America offers a variety of auto loans, from new or used vehicle finance to auto loan refinance and lease buyouts. If you want to find out more about the terms and features of Bank of America auto loans, read the following review below.
An Introduction to Bank of America Auto Loans
Like all BoA loan plans, Bank of America’s auto loan is designed to be simple to understand and easy to apply for. In fact the application process is straightforward to the point that after you have supplied a few initial personal details you could get a pre-qualification decision in as little as a minute. Of course this does not guarantee that you’ll end up being offered a loan, but it saves you the trouble of going through a lengthy process if your auto loan application is likely to be rejected early on. When you have pre-qualified your application for BoA’s auto loan, you would then of course be expected to provide further details in the knowledge that you have passed the first step in the application process.
Once the auto loan application has been completed, the decision making process can be tracked on-line. You do not have to pay a fee for your auto loan application but you may be charged a small sum as a preparation fee or for completion of title work.
Bank of America auto loans are available for residents of any US state.
BoA Auto Loan Benefits
- Simple auto loan application process.
- No application fees.
- Fixed rates.
- Low rates and flexible terms.
- Borrow between $7,500 and $100,000.
- Quick decision.
- Available in all US states for dealer purchase, private purchase, refinancing an existing auto loan or lease buyout.
What Are the Eligibility Criteria?
Bank of America auto loans are not provided for the purchase of commercial vehicles (or vehicles intended for business use in any form). Neither can your BoA auto loan be used for purchasing a delivery vehicle, gray market, conversion or lemon law vehicle. All motorcycles as well as some car manufacturers are excluded: you will be advised of any problem models during the auto loan application process.
Applying for a Bank of America Auto Loan
Firstly, you have to complete a pre-qualification application to check your eligibility: this will save you time and indicate if a full application for the BoA auto loan is worthwhile. At this point you will be assigned an ID and passcode for you to use to track your application at Bank of America’s website. Normally you will receive an answer to your pre-qualification application within a minute, if not you will be sent an email once a decision has been made.
If your Bank of America auto loan application is successful, you will be asked to choose your auto financing options and will be contacted by a BoA auto loan agent for proof of ID and advice about what will happen next. When the loan agent has prepared the auto loan package you will receive documents that comprise your auto loan agreement with Bank of America. Once the documents have been signed and verified the auto loan can be approved and the funds made available to you.
Details Required
In order to apply for Bank of America auto loans you will need to supply personal details such as your name, address and phone numbers. You will also likely need to supply BoA with proof of identification such as a driver’s license and/or your passport, as well as the details of your employment.
If your auto loan application is successful, you will need to let Bank of America know the type of auto purchase you wish to finance, the amount you wish to borrow, over what term you would like to repay the loan and all details about the vehicle you wish to purchase.