Transcript[MUSIC THROUGHOUT] Show Buying the vehicle that complements your lifestyle is important. Whether it's a high-powered sports car for your fast-paced personality, or the family-friendly electric vehicle you need for your growing family, Bank of America® can help you feel more in control on the road to buying and financing your next vehicle. You probably spend plenty of time researching what vehicle you really want, using our Online Auto Shopping tool, or other resources. But researching your auto financing is just as important. There are many factors that can impact how much your monthly payment will be. The auto financing process begins with being informed about the whole experience, and we're here to make it as stress-free as possible, to help you get the auto financing you're looking for. Onscreen copy: There will be three main stages to the process. Onscreen disclosure: First, the Getting Started stage, when you can research vehicles and financing options. Then, apply for auto financing online, in person, or over the phone. Onscreen copy:
Onscreen disclosure: Then, in the Loan Approval stage, you may work with a Loan Specialist to discuss the best terms for your financing, submit any additional documents needed, and if approved, close your purchase or refinance. Onscreen copy:
And finally, in the Servicing stage, when your financing is complete, you'll receive your welcome package and first statement, and begin repaying your loan. Onscreen copy:
If you're not sure yet which vehicle might be a good fit for you and your budget, Bank of America can help with that, too. Use our online tools to compare vehicle models and prices, find authorized dealers in your area, and apply for a loan for a specific vehicle. Onscreen copy:
Onscreen copy: Our auto loan calculator can help you figure out how much financing you may need, and even estimate your monthly payment. Bank of America offers financing for new or used vehicles that are purchased from most franchised dealers, and a few independent dealers. Onscreen copy: We also offer financing for refinances, lease buyouts, and purchases from a private party. Onscreen disclosure: When you're ready, you can apply on your mobile device, online at bankofamerica.com, on the phone, or in a financial center. Regardless of how you apply, many decisions only take sixty seconds. You'll then be able to check the status of your application, and upload and electronically sign any documents needed to process your loan. Just make sure to agree to electronic delivery when applying. Onscreen: Onscreen copy: We'll notify you when the application review is complete. You may see advertising about interest rates with an annual percentage rate, or APR, "with rates as low as." Onscreen: The only way to truly know your rate is to complete an application. If approved, there are many factors, such as state of residence, loan amount and term, credit history, and type of vehicle that may cause your actual APR to differ from the advertised rate. Onscreen copy:
Qualified discounts can also adjust your APR. If you are eligible for Bank of America's Preferred Rewards Program, make sure to enroll before you apply for auto financing. Onscreen copy: Onscreen disclosure: Once approved, if you're purchasing from an authorized dealer, we'll provide an approval letter to take to the dealer. Onscreen: On screen copy: The dealer will prepare the financing contracts for you to sign. On screen copy: Then you can drive off in that 500-horsepower dream car, or that electric vehicle with room for half the soccer team. If you're applying for a private party purchase, lease buyout, or refinance, we'll prepare the loan contract for you to sign. Once we receive your signed contract, we'll complete the financing. Onscreen: With the Bank of America team at your side, you'll feel more in control every step of the way. We want to help make an auto financing plan that suits your budget, and put you on the road to owning the best vehicle for your lifestyle. Onscreen copy: Bank of America logo® Disclosure: What bank is best for car finance?Best Car Loan Rates of November 2022. Best Overall: PenFed Credit Union.. Best Online Auto Loan: LightStream.. Best Bank for Auto Loans: Bank of America.. Best Credit Union for Auto Loans: Consumers Credit Union.. Best for Used Cars: Chase Auto.. Best for Bad Credit: myAutoloan.. Best for Refinance: AUTOPAY.. Which bank has the easiest auto loan approval?The Easiest Auto Loans to Get Online. Auto Credit Express. 4.9 /5.0 Stars. ... . Car.Loan.com Auto Loan. 4.5 /5.0 Stars. ... . myAutoloan.com. 4.0 /5.0 Stars. ... . Carvana. ... . Capital One Auto Finance. ... . Credit Acceptance. ... . DriveTime. ... . LightStream.. Is it better to finance with a dealership or bank?The primary benefit of going directly to your bank or credit union is that you will likely receive lower interest rates. Dealers tend to have higher interest rates, so financing through a bank or credit union can offer much more competitive rates.
What is a good interest rate for an auto loan?The average auto loan rate is 4.33% for new cars and 8.62% for used cars, but shop around to get the best deal.
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Average car loan interest rates.. |