Obtain the answers you’ll want to typical questions regarding brand new, utilized and refinance automobile financing

Obtain the answers you’ll want to typical questions regarding brand new, utilized and refinance automobile financing

Bank of America provides a number of car loan kinds:

  • Dealer acquisitions (whenever you buy a brand new or car that is used a dealership)
  • Refinancing of present automotive loans
  • Rent buyouts (whenever you decide to purchase your leased vehicle)
  • Personal celebration (whenever you buy a car from another person). It is possible to make an application for a personal celebration loan by going to a center that is financial.

Yes. The vehicles that are following maybe not entitled to funding:

  • Automobiles more than 10 calendar years
  • Cars with 125,000 kilometers or even more
  • Cars respected at not as much as $6,000 (according to franchise dealer invoice for brand new cars or perhaps the value that is wholesale an official car or truck value gu layer for used vehicles)
  • Automobiles employed for commercial and/or company purposes (we do offer business that is small loans through our Business Advantage product)
  • Commercial automobiles
  • Salvaged or branded-title automobiles
  • Gray lemon or market law automobiles
  • Conversion or delivery automobiles
  • Motorcycles, fun automobiles (RV), ships or aircraft

The applicant (and any co-signer) needs to be at the very least 18 years old (19 in Alabama or Nebraska) and must are now living in the U.S. Being a U.S. Citizen, resident alien or alien that is non-resident.

Yes. Bank of America car and truck loans can be found in all 50 states and also the District of Columbia.

Certain terms for the car loan are decided by many different facets, however you should become aware of the annotated following:

  • The minimum amount we finance is $7,500 ($8,000 in Minnesota)
  • Term limits may use
  • Loan-to-value limitations use
  • A payment that is down be needed
  • Title and state costs may use
  • That loan cost may apply in Indiana and Ohio

No — Bank of America will not enforce prepayment charges for vehicle financing records so it solutions. Continue reading Obtain the answers you’ll want to typical questions regarding brand new, utilized and refinance automobile financing