Yes, Bank of America is a great option if you need financing to buy a car or if you’re looking to refinance a current auto loan. Bank of America’s advertised interest rates are some of the lowest among major lenders, but note that these are reserved for customers with excellent credit.
Consequently, which bank has the best auto loan rates?
Compare the Best Auto Loan Rates
| Lender | Lowest Rate | Terms |
|---|---|---|
| PenFed Credit Union Best Overall | 0.99% | 36 to 84 months |
| LightStream Best Online Auto Loan | 2.49% | 24 to 84 months |
| Bank of America Best Bank for Auto Loans | 2.39% | 12 to 75 months |
| Consumers Credit Union Best Credit Union for Auto Loans | 2.49% | 0 to 84 months |
| Monthly Payment | $1,179.99 |
|---|---|
| Total Interest Paid | $6,639.57 |
| Total Paid | $56,639.57 |
Also know, what are Bank of America car loan rates?
Lock in your auto loan rate
| 60-month auto loan options More terms available | Rates as low as |
|---|---|
| New car (dealer) | 2.39% APR † |
| Used car (dealer) | 2.59% APR † |
| Refinance | 3.39% APR † |
| Buy out your lease | 3.39% APR † |
Is it better to get an auto loan from a bank or dealership?
In some cases, however, a dealer may negotiate a higher interest rate with you than what the lender offers and take the difference as compensation for handling the financing. … In general, you can usually get lower interest rates on a new car through a dealer than on a used car.
What is a good auto loan rate 2020?
The average new
| Loan term | Average interest rate |
|---|---|
| 72-month car loan | 4.06% APR |
What is a bad APR for a car?
The average APR for a car loan for a new car for someone with excellent credit is 4.96 percent. The average APR for a car loan for a new car for someone with bad credit is 18.21 percent.
Is 2.9 A good car loan rate?
Dealerships will often advertise very good interest rates on new cars: 2.9%, 1.9%, sometimes even 0%. … Buyers with credit scores in the low 700s can still get a good interest rate but may not qualify for the best promotions.
What credit score do you need to get 0% financing on a car?
800 and above
What is the minimum down payment on a car?
20%
What is the monthly payment on a 15 000 car?
$15,000 Car Loan. Calculate the Monthly Payment.
| Monthly Payment | $354.00 |
|---|---|
| Total Interest Paid | $1,991.87 |
| Total Paid | $16,991.87 |
What credit score is needed for a car?
between 630 and 650
What is a good car loan rate?
The national average for US auto loan interest rates is 5.27% on 60 month loans. For individual consumers, however, rates vary based on credit score, term length of the loan, age of the car being financed, and other factors relevant to a lender’s risk in offering a loan.
What credit score is needed for Bank of America Auto Loan?
Bank of America vs.
LightStream only works with borrowers with good or better credit scores and requires a credit score of 660 or better. Bank of America doesn’t have a minimum credit score requirement, so it could be more flexible with some borrowers.
What is the average interest rate on a car loan with a 700 credit score?
5.07%