Franchise dealers sell
new and used cars for auto manufacturers such as Ford®, General Motors, Chrysler, Honda, and others.
Source:Internet
If you do not have an email address
It is essential for the online lending process that you have an email
address. You can obtain a free email address at several web-based services such
as Hotmail, Yahoo, Google, and Lycos. This is not intended to be an exhaustive
list or an endorsement of the services listed; it is provided as information
only.
Source:Internet
What type of information need for auto loan?
For all loan requests,
you will be asked to provide personal information such as name, address, Social
Security number, employment information, income, and US citizenship status. The
following documents may be required prior to closing: purchase agreement/bill
of sale, registration, title, lease buyout instructions, proof of income,
federal tax returns, W-2s, and financial statements.
You can apply for auto loan purchases before you find your vehicle from a
franchise dealer. For refinances and lease buyouts, specific vehicle
information, such as make, model, year, mileage and vehicle identification
number (VIN) is required.
Source:Internet
What is a simple interest loan?
Simple interest is a
method of allocating monthly loan payments between interest and principal. The
amount of your payment allocated to interest is calculated based on your unpaid
principal balance, the interest rate on your loan, and the number of days since
your last payment. For example, if Bank of America receive a payment and it has
been 29 days since your last payment, then you will be charged 29 days of
interest on the unpaid principal balance of your loan. The remainder of your
payment is credited to principal and reduces the unpaid principal balance on
your loan.
Source:Internet
Bank of America : Do not finance the following vehicles
- Commercial vehicles and/or vehicles for business use
- Conversion or delivery, gray market, lemon law, salvaged, rebuilt or branded title vehicles
- Boats, aircraft and motorcycles
- Certain vehicles may not be eligible due to make or model elimination.
- No independent dealer purchases
- The general exceptions to this are CarMax®, Hertz Car Sales and Enterprise Car Sales. We normally only finance vehicles purchased at franchise dealerships.
Bank of America : Types of auto loans offer
Currently Bank of America offer the following types of auto loans:
- · Dealer purchases
- · Refinance
- · Lease buyout
Source : Internet
Bank of America : Requirements and Conditions for Auto Loan
ð Maximum vehicle
age not more then 10 calendar years.
ð Vehicles with more
then 125,000 miles are not eligible for financing
ð No
hybrid-modified vehicles will be financed
ð No non-standard
manufacturer vehicles will be financed
ð No commercial
vehicles will be financed
ð No vehicles
used for commercial/business purposes will be financed
ð No salvage,
rebuilt or branded title vehicles will be financed
ð No gray market
or lemon law vehicles will be financed
ð No motorcycles will
be financed
ð No cash out or
title loan financing
ð Applicant must
be 18 years of age or over (19 years if in Alabama or Nebraska) and a U.S. citizen,
resident alien or non-resident alien and residing in the U.S. to apply for an
auto loan.
ð No independent
dealer purchases
ð Seller(s) and
registered owner(s) listed on the title must be one and the same
ð Vehicle must be
purchased directly from the seller/owner (no consignments)
ð Term limits may
apply
ð Minimum loan
amount $5,000 ($7,500 in Minnesota and South Carolina)
ð Loan-to-value
restrictions apply
ð Down payment
may be required
ð State taxes,
fees, tag, title and any purchased service/insurance products may apply
ð Powers of
Attorney are not accepted
ð Lease buyouts
require that all applicants are listed on the existing lease
ð Bank of America do not offer financing for lease
buyouts that include a name change
Source : Internet
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