Guide on Bank of America Auto Loan Interest Rate for the Purchase of New Vehicle
BANK OF AMERICA AUTO LOAN – Here is a guide on the interest rate implemented by the Bank of America under this loan offer for the purchase of a new car.
Aside from buying a house or any residential property, one of the common pursuits among many people is purchasing a vehicle. Some are into brand new cars while others find nothing wrong with getting a second hand or a used vehicle.
However, regardless of whether you are buying a brand new or a used car, both of them require a huge amount of money. That is why not everyone has achieved their dream car before they reached 40 years old. Many are not financially prepared for a vehicle purchase.
Meanwhile, there are several options that you may turn to if you really want to get your dream car and start experiencing the benefits of having a vehicle. Among these are loans.
There are several banks in the United States that offer loans for those who want to get a car. One of these is the Bank of America. Its offer is open for both brand new and used cars. It is even open for refinancing purposes.
If you are a borrower with excellent credit history, you may enjoy a low Annual Percentage Rate (APR). It differs based on the credit history of a person. The following factors may affect the APR:
- approved loan amount
- loan term
- state of residence
- applicable discounts like Preferred Rewards
According to the bank, title and state fees may apply under the Bank of America Auto Loan offer but there is no loan documentation fee. The interest rate for a new car is currently at 2.29%. This is for a 60-month term.
If you are a member of Preferred Rewards, you may obtain discounts on the Bank of America Auto Loan interest rates. The discount depends on your card.
- Gold – 0.25%
- Platinum – 0.35%
- Platinum Honors – 0.50%
Do you want to apply for the loan offer? You may visit – Bank of America Auto Loan: How To Apply for this Car Loan Offer.