To sweeten the deal, the Bank of America car loan section includes special discounts for applicants who are already clients: Gold, Platinum, and Platinum Honors members. Gold members are users who have maintained a balance of $20,000 on their accounts, so they qualify for a 0.25% discount.
Platinum members maintained a balance of $50,000 for a 0.35% discount, while Platinum Honors users had at least $100,000 on their accounts, earning them the full online payday loans New York 0.5% discount off their APR.
First of all, the vehicle in question can’t be older than ten years or have driven over 125,000 miles. The car’s overall value needs to be at least $6,000 (and the loan value must be at least $7,500). Loans can’t be used for motorcycles, RVs, boats, or aircraft.
One downside is that these loans don’t support commercial or business vehicles, but for specialized car financing, you can apply for the Business Advantage auto loan instead. The minimum amount for this type of vehicle is $10,000, and it can’t be older than five years. The APR starts at 2.49%.
Finding online auto loans through the bank’s website is fairly easy. There is no application fee, and since the process is largely automated, you’ll get an answer within 60 seconds. After you’re approved, your loan submission and proposed interest rate are good for the next 30 days.
The site also includes a simple but useful loan calculator that gives you a good idea of the rates. You can monitor your loan details on the go through the Bank of America app that’s available for iOS and Android devices.
There are a few ways to get in touch with the bank to discuss your auto loan rates. Support agents are available over the phone during weekdays between 8 a.m. and midnight ET for new customers and 9 a.m. to 8 p.m. ET for existing ones. On Saturdays, it’s 8 a.m.-8 p.m. ET for new customers and 9:30 a.m.-6 p.m. ET for those who already have an account with the bank.
For a live consultation with a loan officer, you can schedule an appointment online or just visit the bank at your convenience. If you prefer not to contact the Bank of America customer service, you can find a lot of information on the site, especially in the FAQ section.
At a Glance
- Some of the best car loan rates on the market
- Useful loan calculator
- Quick approval times
LightStream Auto Loan Review
LightStream is SunTrust Bank’s online lending platform that offers cheap car loan rates. You can do everything online through the site’s comprehensive, user-friendly interface. The platform covers everything from new and used car purchases to motorcycles and private party loans.
One of the biggest advantages for most users is that there are no car model limitations or mileage requirements. This opens up a lot of possibilities.
The lowest is 2.49%. You can get it with a loan term of 36 months and amounts exceeding $50,000. This minimum reserved for users with excellent credit payment history is the same for new, used, and classic car loans, as well as refinancing.
Private party loans and lease buyouts have slightly higher current car loan rates starting at 3.49%. If you qualify for it, LightStream also offers a Rate Beat Program, in which the company will beat a competitive APR by 0.1 percentage points.
AutoPay provides borrowers with more refinance options than what’s usually found elsewhere on the market. In addition to traditional auto refinancing, there are also cashback and refinancing and lease payoff refinancing options, with no application or origination fees. However, keep in mind that the aforementioned rates for auto loans are calculated with the AutoPay option.