There are a lot of different types of auto loans that are available in the market. If you are looking for a good and trustworthy loan with an online application, Bank of America Auto Loan is the best bank. In most cases, people might apply for a loan through the dealers. This means that the dealer will do all the work while the funding comes from the bank.

If you want to learn more about the Bank of America Auto Loan, how this bank works, and all the benefits you might get from applying, then this article is just for you. Here, we have mentioned a detailed review through which you will know everything about this bank.

What is the Bank of America Auto Loan?

Bank of America is known for auto loans and car financing. They have now made it easy for customers to apply for loans through this platform. The best thing about this Bank is that they have authorized dealers and some of the best packages for the customers to find the right option for themselves.

Bank of America is known for different types of borrowers. If you are an existing customer who already qualifies for the Bank Preferred Rewards discount, you can apply for this bank auto loan. It is also suitable for people who are looking for a lease buyout. Also, this Bank is the best option for individuals who want to finance an EV and home charging system.

A few other feature you can find if you apply for loans through this bank. The organization fees of this bank are zero. However, dealers in Indiana and Ohio must pay about $195 origination fees. They also offer discounts on the interest rate. According to the latest policies of this bank, the customers can get discounts of about 0.50% on the interest rates. Bank of America also has a first-time car buying program, perfect for people getting their car for the first time.

Different Types of Auto Loans Offered by the Bank of America:

There are a lot of different types of loans that you can find in this bank. This is best so everyone can find something that suits their needs and requirements and pick something accordingly. Following are some of the major plans that you can find here.

New Auto Loans:

If you want a new auto loan, they have a unique plan for this. There is an APR as low as 6.49%. The loan amount starts from $ 7,500 and can go up to $ 8,000. Lastly, the loan terms in this kind of plan vary from 48 months to 62 and 78 months.

Used Auto Loans:

Some individuals might need used autos as they might not have enough funds to get a new car. This is why there are special programs even to help people with this. In the used auto loans, the APR can be as low as 6.89%; the loan amount is the same as the new auto loans, which are from $7500 and go up to $800. The period for the loan can vary from 48, 60, and 72 months according to your needs.

It is also essential to know that the used car in Bank of America is the one that has about 6,000 miles. Hence, this is a crucial thing that you should check before getting a car and see if it comes under the category of a used car.

Refinance Auto Loans:

Another type of loan that Bank of America provides to its customers is a refinance loan. Here, the APR is as low as 7.59%. The loan amount here varies from $ 7,500 to $ 100,000. Lastly, the loan terms are also the same, with a period of 48, 60, or 72 months.

Loan Requirements:

When you apply for a loan, you must meet some requirements to qualify. The same thing goes here. Following are the requirements of Bank of America for auto loans.

1. A person should be 18 or older.
2. They need to be the resident of USA
3. Mileage on the cars should be less than 12500 miles
4. Cars with the modals of 10 years or less
5. The vehicle's worth should be more than $6000
6. The cars should not have salvage or branded titles.
7. The vehicle should only be for personal use and not for business purposes.

Pros and Cons of Bank of America:

The following are the major pros and cons of getting auto loans from Bank of America.

Pros of Bank of America Auto Loans:

• The best thing is that they are available in all 50 states.
• The prequalification feature is also available here.
• They even offer financing for electric vehicles and charging systems.
• They give different rewards and discounts to their customers.
• They also have financing for lease buyouts, refinances, and handicapped vehicles.

Cons of Bank of America Auto Loans:

• You can get the vehicles from the private party and still use the loans.
• You can get loans from the cars and vehicles that are older, have higher mileage, or even lower values of the cars.
• Customers need to use the preferred rewards program to qualify for the interest rate discounts.

Final Words:

The Bank of America is one of the best banks offering the best auto loan offers. Another great thing about them is they have some of the lowest rates compared to other banks providing auto loans. There are many reasons why Bank of America is leading in auto loans. They have straightforward requirements that everyone can complete and get their car. Hence, we hope this review was helpful for you in understanding more about this bank and if it is the right pick for you.