Most readily useful Bank for Automobile Financing: Bank of America
Bank of America
Provides new, utilized, and refinance automobile financing
Transparent rates and terms online
Well-known standard bank
Quick financing choice
Limitations by which cars it will fund
High minimum loan quantity
- APR range: as little as 2.69per cent APR
- Minimal loan quantity: $7,500 for sale ($8,000 in Minnesota)
- Repayment terms: 12 to 75 months
- Suggested credit history: maybe perhaps perhaps Not disclosed
- Supply: All 50 states
Bank of America (BofA) is a sizable institution that is financial an amount of car loan choices, including brand brand new, utilized, refinance, rent buyout, and personal celebration loans.
For probably the most creditworthy borrowers, APRs begin at 2.69per cent for brand new automobiles. Utilized automobile loans begin at 2.99% APR, while refinances begin at 3.69% APR. Clients regarding the bank who will be chosen Rewards people will get as much as a 0.5% discount on the price.
BofA provides a no-fee online application that it claims can provide a choice within one minute. You are able to select 48-, 60-, and terms that are 72-month but you will find extra choices in the event that you use in a branch or over the device.
The disadvantage that is main getting a car loan through Bank of America is its limitations on which cars it will probably fund. It’s not going to offer loans for automobiles avove the age of ten years old, with 125,000 kilometers or maybe more, or even for vehicles worth lower than $6,000.