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Auto Loan FAQs.Get the responses you will need to questions that are common brand new, utilized and refinance automobile financing

Auto Loan FAQs.Get the responses you will need to questions that are common brand new, utilized and refinance automobile financing

Have the responses you ought to typical questions regarding brand brand new, utilized and refinance auto loans

Bank of America provides many different car finance kinds:

  • Dealer acquisitions (whenever you buy a unique 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 buy an automobile from another person). Personal celebration loans are limited by candidates with a current banking relationship.

Yes. The after automobiles are maybe not qualified to receive funding:

  • Automobiles more than 10 calendar years
  • Automobiles with 125,000 kilometers or even more
  • Cars respected at significantly less than $6,000 (considering franchise dealer invoice for brand new automobiles or even the wholesale value from a formal used car value guide such as for example NADAguides layer for utilized cars)
  • Automobiles utilized for commercial and/or company purposes (we do offer small company automobile loans through our Business Advantage product)
  • Commercial cars
  • Salvaged or vehicles that are branded-title
  • Gray lemon or market law automobiles
  • Conversion or delivery vehicles
  • Motorcycles, entertainment cars (RV), ships or aircraft

You really must be 18 yrs . old or elsewhere are able 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 purchased in all 50 states as well as the District of Columbia.

Certain terms for the car loan are based on a selection of facets, you should become aware of the annotated following: