26 Oct

Most readily useful Credit Union for Automobile Financing: People Credit Union

Most readily useful Bank for Automotive Loans: Bank of America

Bank of America

Provides new, utilized, and refinance automobile financing

Transparent prices and terms online

Well-known standard bank

Quick decision that is financing

Limitations on which cars it will fund

High loan amount that is minimum

Key Information

  • APR range: As low as 2.69per cent APR
  • Minimal loan quantity: $7,500 for sale ($8,000 in Minnesota)
  • Repayment terms: 12 to 75 months
  • Suggested credit rating: perhaps perhaps perhaps perhaps Not disclosed
  • Access: All 50 states

Bank of America (BofA) is a big lender providing a wide range of car finance choices, including brand brand new, utilized, refinance, rent buyout, and private celebration loans.

For probably the most creditworthy borrowers, APRs begin at 2.69per cent for brand new cars. Utilized automobile loans begin at 2.99% APR, while refinances begin at 3.69% APR. Clients of this bank who will be chosen Rewards users will get up to a 0.5% discount on the rate.

BofA supplies a no-fee application that is online it claims can provide a choice within one minute. It is possible to select 48-, 60-, and terms that are 72-month but you will find extra choices in the event that you use in a branch or higher the device.

The primary drawback to getting a car loan through Bank of America is its limitations by which cars it’s going to fund. It will not offer loans for automobiles avove the age of ten years old, with 125,000 miles or even more, or even for vehicles worth lower than $6,000. Read More