Bank of America’s Auto Loan Rates

November 24, 2012 2 Comments »

Bank of America has some of the lowest auto loan rates in the country currently if you happen to have an excellent credit score.

In fact for one of their most popular auto loan products, the 60 month loan for new cars and trucks, come with rates sitting at half the national average. This is a complete 180 from the Bank of America we’ve come to know on the savings side of banking - where their rates are at historic lows.

We always stress the benefits of obtaining financing before entering a dealership with an intent to purchase. If you’ve ever negotiated a car purchase before, you probably know the benefits that come from paying cash. With an auto loan from your bank or credit union, dealerships will treat you as cash buyers – potentially saving you thousands throughout the life of your loan.

Current Auto Loan Rates from Bank of America:

Loan Type
Rate up to 60 months
Rate up to 72 months
New Car 2.64% 2.94%
Used Car (from franchised dealership) 2.89% 3.14%
Used Car (from private party) 2.79% 2.94%
Refinance 2.59% 2.74%
Less Buyout 3.19% 3.44%

Eligibility:

-No commercial vehicles

-No vehicles for business use

-No conversion or delivery vehicles, gray market, or lemon law vehicles

-No salvaged, rebuilt, or branded title vehicles

-No Motorcycle

-No Independent Dealer Purchase

-Applicants must be U.S. citizens or Legal Permanent Residents

General Conditions:

- Auto Loan rates apply to amounts financed in the range of $7,500 to %100,000

- Mileage, loan-to-value (LTV), and model year restrictions

- Loan approval voucher is only valid for one vehicle per transaction

- For dealer purchases, vehicles can’t be more than five years old

- For private party, refinance and lease buyouts, vehicles can’t be over seven years old

- Vehicle identification number, year, make, and model are required for application process on person to person, refinance and lease buyouts

Visit Bank of America’s auto loan center here.

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  • Gun

    these numbers 3.75 to 4.49% APR – auto loan refinance rates – seem a little exaggerated.

  • Freddy Mac

    great rates but hard to obtain!!