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Automobile Loan FAQs.Get the answers you’ll want to questions that are common brand brand new, utilized and refinance automobile financing

Automobile Loan FAQs.Get the answers you’ll want to questions that are common brand brand new, utilized and refinance automobile financing

Have the responses you’ll want to typical questions regarding new, utilized and refinance automobile financing

Bank of America provides a number of car loan kinds:

  • Dealer acquisitions (whenever you purchase an innovative new or car that is used a dealership)
  • Refinancing of present automobile financing
  • Rent buyouts (whenever you end up buying your leased automobile)
  • Personal celebration (whenever you purchase a car from another person). Personal celebration loans are limited by applicants with a banking relationship that is existing.

Yes. The after automobiles are perhaps not qualified to receive financing:

  • Cars more than 10 calendar years
  • Cars with 125,000 kilometers or higher
  • Automobiles valued at lower than $6,000 (predicated on franchise dealer invoice for new vehicles or perhaps the wholesale value from an formal car or truck value guide such as for example NADAguides layer for utilized automobiles)
  • Automobiles employed for commercial and/or company purposes (we do provide small company car loans through our Business Advantage product)
  • Commercial automobiles
  • Salvaged or vehicles that are branded-title
  • Gray lemon or market law automobiles
  • Conversion or delivery automobiles
  • Motorcycles, fun cars (RV), ships or aircraft

You need to be 18 years of age or otherwise have the ability to lawfully contract for automotive funding in a state of residence, and either a U.S. resident or resident alien (permanent or non-permanent).

Yes. Bank of America car and truck loans can be found in all 50 states while the District of Columbia.

Certain terms for your car loan are decided by a number of factors, you should become aware of the immediate following:

  • The minimum amount we finance is $7,500 ($8,000 in Minnesota)
  • Term restrictions may use
  • Loan-to-value limitations use
  • A payment that is down be expected
  • Title and state fees may apply
  • That loan cost may use in Indiana and Ohio