Auto loans are the most popular loans utilized by citizens in the United States annually. These loans vary in the loan amount, auto loan rate, and banking lenders who are loaning the money to make these purchases. Bank of America is one of the most popular lenders for auto loans in the United States. Some of these auto loan offers are utilized by Bank of America customers, and others chose them as their lender for their auto loan. In fact, Bank of America often promotes its auto loans nationwide through a variety of advertising methods to reach those seeking a new car. Customers are able to visit a branch of their choice and apply for an automotive loan with a locked-in rate for 30 days so that they can go out and purchase the vehicle they need. Customers are even able to refinance an existing car loan with a Bank of America auto loan. Before choosing Bank of America as your lender for your auto loan, below are some questions to consider regarding their services and the rates available.
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Car Loan Availability
At this time, car loans from Bank of America are available for qualifying parties in all 50 states and the District of Columbia. Before obtaining one of these car loans, it is important for applicants to be aware that there is a minimum amount to be financed ($7,500 except for Minnesota, which is $8,000). The vehicle in question must also be 10 years old or newer before the loan can be approved. This is to protect the value of the loan, as cars older than ten years quickly lose their value and become larger risks for extensive automotive trouble. These loans are available to current Bank of America customers or non-customers who qualify with the proper credit score.
Bank of America Auto Loan Rates
Any time a customer applies for a Bank of America auto loan, they are given an auto loan rate that will determine the interest of the loan over the life of the loan. This interest rate is determined based upon credit score and credit availability. Essentially, the loan officer of the bank and the underwriter have a job to determine the risk of you not keeping your loan agreement. The higher the risk, the higher the interest rate and the lower the risk, the lower the interest rate. For those who have a more favorable credit score at 650 or above, they often enjoy the lower auto loan rates. Those credit scores that reach 750 or beyond enjoy the lowest, paying minimal interest over the life of their auto loan.
However, loan availability must also be there for these customers to enjoy these rates. For Bank of America, this process is the same in all 50 states, where customers are required to have a credit check prior to obtaining a Bank of America auto loan for the vehicle they are attempting to purchase.
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Multiple Bank of America Auto Loan Branch Offerings
For larger areas across the nation, Bank of America has multiple branch locations so that they can properly serve their customers. When applying for an auto loan, customers have the branch option of their choice. They are not required to visit a particular branch, as all branches in that area will be offering similar or exact auto loan rates with a Bank of America auto loan.
No matter how big the bank corporation is, all auto loans must be reviewed by a home office or underwriter that is often located outside of the branch to determine the exact rate available for that customer. As a way to protect the personal bankers and loan officers within these branches by verifying the loan availability of the applying customer before finalizing the loan offer.
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Once a customer has been approved for a Bank of America auto loan offer, they will be given a range that they are able to borrow. Knowing their borrowing limits and other vehicle requirements, they are able to move forward with finding and purchasing a new car, since the loan offer is valid for 30 days. It is best practice to visit with one of your local branches first and receive the loan offer so that the customer knows their shopping range. Once they have found the vehicle, they are able to contact their loan officer and move forward with the loan process.
At Bank of America, customers will find that they can receive similar auto loan rates, no matter which branch they visit in the same town or even the same state, thanks to the underwriter review conducted in each branch. Not only does this process determine loan eligibility, but it ensures that all loans are reviewed equally by the bank and maintaining the best service to Bank of America customers in all cities and states.