Financing a car with Bank of America auto loan helps you take an informed decision. It is one of the best banks in the United States that offers quality customer service at lowest rates possible. There are two options of owning a car – applying for loan or opting for a lease buyout.
Auto Loan vs. Lease Buyout
Let us discuss both the options in detail.
Bank of America Auto Loan
Before you start shopping for a car, it is best to look at how much you can really afford. It is easy to get an estimate of monthly payments online, which will give you a fair idea of your total expense. Bank of America offers fixed rate APR for as low as 2.49% on new cars.
Loans can also be availed for used cars at an interest rate of 2.84%. Choosing a car that fits your budget is possible only when you approach the right dealer. Getting in touch with Bank of America’s authorized dealership will not only save you a lot of time but will also assure you the best possible rates.
Applying for a Bank of America auto loan is simple. You can contact the loan officials online, through phone or by visiting any nearby branch. You must also complete a pre-qualification application to check your eligibility. Once your application is successful, BoA officials will contact you personally to explain the various financing options available.
Interest rates are higher for financing a used car as compared to a new car. You can use the Bank of America loan calculator to determine how loan amount, APR and the loan tenure affects monthly payments.
Bank of America Lease Buyout
Leasing a car is becoming quite popular in USA. This not only saves you a lot of money, but is beneficial to those who like to change their cars often. When you lease a car, you only pay for using the car. The lease fees are different as compared to APRs. You might have to pay a security deposit and a down payment depending on your credit history.
It is a good option for those planning to own a car for a short period. Also, the monthly payments here are lesser as compared to those who apply for loans. Although it sounds simple and attractive, there is a catch. Even after making regular monthly payments, you do not own the car and have no equity in the vehicle.
Owning a car is a liability and has a depreciating value. Car owners have to shell out for maintenance, damages and unforeseen repairs. Most leases charge you for wear and tear at the end of the lease period. So, it is important to take good care of the car.
You can also buy the car at the end of the lease period. Just make sure that the buyout price is less as compared to the actual value of the car. If the buyout price is higher, you may have to negotiate and look out for better options.
Bank of America customers are also given discounts on regular APRs. you can earn a 0.15% discount on your final APR. This discount will be automatically applied once your loan is approved. Discount is valid only for those customers enrolled in Preferred Banking Services.
Refinancing is also a good option to consider lowering down your monthly payments. Whether you are buying a used car or a new car make sure to examine the car using an inspection checklist. Finding the right auto loan suiting your pockets should be your best bet.
Bank of America Auto Loan Payment
Borrowers have several options to make payments – online, by phone or mail, and in person. To pay online, you need to set up payments through bill pay, or call 800.215.6195 to pay by phone. The mailing address to send auto loan payments is as follows.
Bank of America, N.A.,
PO Box 15220, Wilmington, DE 19886-5220
Moreover, you can always walk in any of the bank’s financial centers to pay in person.
Need to pay off your auto finance?
Well, you can use any of the above options to pay off your loan and get it closed within 10 days after the bank receives and processes your auto loan payoff.