Lowlights of the Bank of America auto financing
To get an idea of what you qualify for with Bank of America, you have to get preapproved, which means the lender conducts a hard pull on your credit report.
In this manner, can I get a car with a 500 credit score?
It’s possible to get a car loan with a credit score of 500, but it’ll cost you. People with credit scores of 500 or lower received an average rate of 13.97% for new-car loans and 20.67% for used-car loans in the second quarter of 2020, according to the Experian State of the Automotive Finance Market report.
Secondly, is Bank of America a good place for a car loan?
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.
What credit score is needed for a Bank of America car loan?
Bank of America Auto Loan does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
What Is the Minimum Score Needed to Buy a Car? In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.
Used Car Loan Interest Rates Comparison, Lowest EMI Dec 2021, Best Rates
|Car Loan Interest Rates
|Maximum Loan Amount
|75% of depreciated value
|Bank of India
|70% of market value
|Bank of Maharashtra
|50% of market value
|60% of market value