Get a low interest, fixed rate auto refinancing loan from Bank of America. Not only do they refinance existing car loans, they offer consumers access to several other lending solutions and products. The financing can be used for people buying new and used cars. A plethora of auto loan products are offered, including refinance, dealer purchase, lease buyout, and private party purchase financing.
In general, a consumer should consider refinancing their auto loan with Bank of America in some or all of the following situations. There are no upfront fees due, so it is worthwhile for individuals to try this option.
-Some borrowers have an auto loan that could be in the high single or even double digit interest rates. Maybe they received a poor deal from a automobile dealer (usually a used car dealer), or maybe when the consumer applied for their original loan their credit scores or rating was not as high as it is today. Regardless of the reason, most auto loans should have an interest rate of anywhere from 1 to 6%, and if your interest rate is not in that range your should look into the refinancing option.
-Another reason to consider refinancing is when your income has increased. The reason being is that in this case you can often reduce the length, or term, of your existing loan. While when you do this, your monthly car payment will more than likely increase if the interest rate does not go down, the fact is you will pay off the loan sooner and therefore save hundreds of dollars or more in interest payments over the life of the loan.
-Studies by experts show that unfortunately only about 1 out of 20 people know they can refinance their car loan, as this service is not as well known as say a mortgage refinancing. But those who do know about it, and decide to pursue the opportunity, whether from Bank of America or another lender, are saving an average about $600 per year in the resulting lower interest expense they will need to pay.
The lender can refinance your existing auto loan either directly through Bank of America, or they will partner with another financial institution. They try to be as flexible as possible in trying to offer consumers a competitive financing package. So they may provide assistance directly or through existing relationships that they have in place with various other lenders and banks.
There is not an application fee when applying to BOA. However lien filing as well as document preparation fees may be due in some cases when applying. Some customers may have these waived, and it is worth asking to have this done. However, even is someone does need to pay these, note they are standard fees and charges in place across the industry, no matter which lender you apply to for an auto loan refinancing product.
Some other information is that it takes just minutes to apply to Bank of America as it is a straightforward, secure and easy application process. If you are an existing BOA customer, you may be able to get a discount or better interest rate. Borrowers get access to the money very quickly, in anywhere from 24-48 hours.
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