Bank of america car loans
Posted on July 26th, 2010 | by Admin |Bank of america car loans
Bank of America is one of the biggest financial institutions in the United States today. It is the largest commercial bank in the United States both in terms of deposits as well as market capitalization. Bank of America is a result of consolidation of a number of banks. Initially it was called Nations Bank but after its acquisition of Bank America, it was renamed as Bank of America in 1998. A long time back, Bank of Italy based out of San Francisco was also merged into Bank America. Bank of America has started issuing car loans and different finance plans for its customers to make buy a car that much easier for them. Bank of America car loans are of four main types - loans for new cars, loans for used cars, refinance and lease buyout. The Bank of America car loans application process is quite simple and uncomplicated. It can be done online as well. The personal details of the borrower have to be entered online. Then within sixty seconds, the borrower gets a pre-qualification decision for his/her loan application. The decision of whether the loan will be extended is intimated to the borrower through email. The company website provides latest and up to date information about the status of the loan application and can be easily tracked by the applicant. However, only loan applications made within United States or its contiguous parts is accepted. The credit history and financial background of the applicant is verified. If an applicant who has bad credit score or bankruptcy may have his application turned down. There is no fee as such for processing of application with Bank of America car loans. However, a document preparation fee of $100 is sometimes charged for the loan. In some cases, a fee is charged for completion of title work as well. Once an offer for a car loan is made, the offer remains valid at the same interest rate for a period of thirty days. Also, there is no prepayment penalty in case you want to pay off your loan before maturity. Bank of America car loans also have the refinance option. However there are certain rules regarding the purpose of usage of the car. For example, cars for business use will not be financed. Also, cars of Suzuki and Daewoo are not eligible for auto loans. For more information, please visit the website www.bankofamerica.com. The policies and the eligibility criteria are very well explained on the website. Thus, it would be the best way to get any additional information that you may want. Bank of America car loans have proved to be one of the best in this business and through their professional approach and dedicated customer service, they have captured a good chunk of this car loans market.
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