Guide on Bank of America Auto Loan Interest Rate (Used Car)
BANK OF AMERICA AUTO LOAN INTEREST – Here is a guide on the interest rate implemented by the bank for the used car purchase.
Buying a vehicle most especially a brand new one requires a huge amount of money. Meanwhile, you can make a purchase even without paying for it in full. How? Through a loan offer.
Nowadays, more and more people are recognizing the advantage of having your own vehicle. You can get to your destination at a safe speed for you and your family and you can also meet the target time. It is also one of the excellent preparations for unforeseen circumstances or emergencies.
Are you interested to purchase a car but do you want to do it in installment? There are several banks that have loan offers.
In the United States, one of the banks that offer auto loans is the Bank of America. It has a loan offer for both brand new and used vehicles. It boasts its offer with a low Annual Percentage Rate (APR) for borrowers who have an excellent credit history.
According to the bank, the actual APR of the borrower is based on several factors such as the approved loan amount, the state of residence, the applicable discounts, and the loan term. The discount is an offer for those who are part of Preferred Rewards. It will be reflected in the borrower’s individual APR quote.
With regards to the Bank of America Auto Loan interest rate for used cars, it is currently at 2.49% Annual Percentage Rate (APR). The title and state fees may be charged but there are no documentation fees.
According to the bank, the said Bank of America Auto Loan interest rate is for a 60-month loan term. There are over 2 million cars that you can choose from in several car dealers authorized by the bank. Meanwhile, for the purchase of a brand new car, the interest rate may differ.