This lender doesn't finance motorcycles or RVs with auto loans, nor commercial vehicles, though a separate small business auto loan is available. Additionally, Bank of America offers auto loans for customers who need an accessible vehicle. How Bank of America auto loans workīank of America offers several types of auto loans, including loans for purchasing a car either new or used from a dealership, buying your current leased car, and buying a car from a private seller. If your budget is under $7,500, you could end up upside down on your loan so that the car worth less than the value of the loan. Keep in mind that Bank of America requires a minimum loan of $7,500 (and $8,000 in Minnesota), which is relatively high. The minimum car value Bank of America finances is $6,000, but the minimum loan amount is $7,500. Bank of America auto loans don't involve any prepayment or origination fees. Some lenders charge fees when originating new loans, or charge prepayment fees for anyone who pays off the loan early. While Bank of America auto loans come with perks for customers who already have accounts, low interest rates mean that they're often a good bet for anyone. Rates for both new and used cars start well below the competition. One of the big draws of Bank of America auto loans are the low interest rates.
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