View our navigate to Bank of America auto loan eligibility requirements for information about minimum amounts financed, applicant eligibility and more.
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The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product.
The terms and conditions of products offered by institutions will differ and may affect the results of the calculator.
Please consult with qualified professionals to discuss your situation. Online Banking customers may apply online for an auto loan to purchase a vehicle from a private party an individual seller.
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Please try again, or use your mobile device to get the app from its app store. Return to previous page. Auto Loans. Page unavailable. We're sorry, the Bank of America page you are trying to reach is temporarily unavailable. We apologize for the inconvenience. Lock in your rate. Best for borrowers with good credit looking for a no-hassle loan from a well-known bank. Best for borrowers who plan to buy from a dealership in Capital One's network.
Pre-qualify with a soft credit check. Only available at participating dealerships. Best for used-car shoppers wanting a simple online shopping and financing experience. No minimum credit score requirement. Finances vehicles only sold through Carvana. Good for higher-end used-car shoppers who want to buy and finance a car online.
Finances vehicles only sold through Vroom. If you have a loan and make consistent, on-time payments and your credit score improves, you may be able to refinance your car loan to get a better rate and lower your monthly payment. Source: Experian Information Solutions. Loan terms: Some lenders offer loans for up to 84 months. Also, the best interest rates are available for shorter loan terms.
NerdWallet recommends 60 months for new cars and 36 months for used cars. Other providers run a full credit check, which temporarily lowers your credit score by a few points. But again, your final rate could differ slightly from your preapproval quote. A hard pull will be required in all cases before a loan is finalized. Rate shopping: Applying to several lenders helps you find the most competitive interest rate. However, it can lead to your being contacted by multiple lenders, or even dealers when you apply for a purchase loan, especially if you use a service that compares offers for you such as myAutoloan.
Make all applications within a short rate-shopping window. Credit reporting agencies count multiple hard inquiries made within a certain period — usually 14, 30 or 45 days — as only one inquiry.
Also check the loan terms that your bank or credit union offers. Their rates can be competitive with those of online lenders.
Restrictions: Some lenders only work with a network of dealerships. Lenders may also exclude some makes of cars, certain models and types of vehicles, such as electric cars.
Funding: Once the loan is finalized, the lender will offer you a loan with a maximum amount at a stated interest rate. For purchase loans, lenders provide the money in a variety of ways: a no-obligation check, direct deposit to your bank account or a certificate to be used at a car dealership. For auto refinance loans, the lender typically pays off your old lender and you begin making payments to the new lender. Preapproval allows you to focus on the price of the car rather than a monthly payment.
If the finance office at the dealer can beat your preapproved loan interest rate, check to make sure the terms match. Refinancing replaces your current auto loan with a new one from another lender. If the interest rate is lower, you can pay off the car quicker by keeping your payment the same, or you could opt for lower payments over the same term. Refinance your car loan if your credit has improved since you bought your car — you can probably save money on car insurance as well.
Some people refinance to extend the loan because current payments have become unaffordable. And interest rates in general may have dropped.
Lender Best For Est. Credit Score Learn More. Learn more. Read review. Our picks for Auto loan refinancing. Tresl - Refinance loan. APR 1. Credit Score View details. Key facts Best for applicants looking for hands-on help with the refinancing process from beginning to end. Pros Applicants can prequalify with a soft credit check. Cons Borrower unable to choose loan payment date in most cases. No open bankruptcies. Maximum mileage: , RefiJet - Refinance loan. Key facts Best for fair or good-credit refinance applicants who want to shop rates.
Pros Prequalify with a soft credit check. Cons Offers loan terms over 60 months. Maximum vehicle age: 10 years.
RateGenius - Refinance loan. Pros Offers marketplace to compare loans from multiple lenders. Available in all 50 states. If you're having trouble getting approved or finding acceptable rates, try taking these steps:. The process of getting a car loan is similar to that of getting any other type of loan.
Here's how to start:. Overview: With auto loan options for every type of deal you can imagine — including new cars, used cars from a dealer or private seller, lease buyouts and even classic car financing — LightStream is a great option for those with good to excellent credit. What to watch out for: You will have to sign up for autopay to get LightStream's best terms, and its longer loan terms and higher loan amounts come with less-competitive interest rates.
Overview: Bank of America offers flexible and convenient auto loans you can apply for directly on its website. Financing is available in all 50 states and Washington, D. What to watch out for: If you're applying online, the term range you can apply for is limited — you can pick only a , 60 or month term.
Perks: The Capital One Auto Navigator site lets you search for inventory in your area and gives you the ability to see how different makes, models and features will impact your monthly payment.
This will give you a lot of information before you head to the dealer. What to watch out for: You can only use Capital One auto financing to shop at one of its participating dealerships, which makes this a poor option if you find a car you love elsewhere. Perks: Carvana is a great option for those who want to shop for their new car from home, as well as those with poor credit. What to watch out for: After you are prequalified, you have 45 days to make a purchase from Carvana inventory and either pick up the car, have it delivered to you or fly to the car and then drive it back.
This platform lets you enter your information once and receive multiple loan offers in one place. By comparing multiple auto loan offers at once, you can pick the one with the interest rate, loan term and conditions that work for you and your budget without having to shop around. What to watch out for: If you have poor credit, your interest rate could be on the higher side.
Also note that you can use this platform if you live in most states, but not in Alaska or Hawaii. The company that is able to offer you the lowest rates for an auto loan can vary depending on where you live, your credit score, your employment history and other factors. Your best bet is shopping around among at least three auto lenders until you find the best deal. This is due to the fact that cars tend to depreciate faster than you can pay your loan off.
However, longer car loans let you secure a more affordable monthly payment, which is likely an important consideration for your budget. Used car interest rates range from 4. Rates for used cars tend to be higher than those offered for new car purchases.
Superprime borrowers with credit scores above are most likely to qualify for 0 percent APR offers that sometimes come with a new car. You can get prequalified for an auto loan online and without ever leaving your home.
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