Bank of America auto refinancing.
BofA has an auto loan refinance option for their customers or others. The lender will help people get a lower interest rate, extended payment plan, and more which will in effect lower their monthly car payments. Find details on a Bank of America auto loan refinance below as well as how to apply.
Not only does BofA refinance existing car loans, they offer consumers access to several other lending solutions, payment plans, financial assistance programs and products. There is help for people with low or bad credit too, though the savings may not be as much. The financing can be used for people buying new and used cars. A plethora of auto loan products are offered including a refi, dealer purchase, lease buyout, and private party purchase financing.
Lower your car payment with BofA auto refinance
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 people to try this option.
- -Bank of America auto loan products will generally be in the low single digits, so 1-6% APR. 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 auto 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 1 to 6%, and if your interest rate is not in that range your should look into the BofA refinancing option.
- -Another reason to consider refinancing an auto loan with BofA is when your income or credit score 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 10 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 almost $1000 per year in the resulting lower interest expense they will need to pay.
Details of Bank of America car loan refinancing
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, credit unions and banks.
There is not an application fee for a car loan refi when applying to BofA. However lien filing as well as document preparation fees may be due by your state n 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, fast 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.
How to apply for auto loan refi from Bank of America
Bank of America offers a number of solutions to new (or prospective) customers. There are repayment plans, auto loan refinancing programs including interest rate reductions, forbearance, auto loan financial assistance programs, payment plans and more. The customer service number for new customers is 844-892-6002 and exist BofA auto loan customers can dial 800.215.6195.
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