bank of america auto loan payoff dealer

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: Bank of america auto loan payoff dealer

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What Is A Private Party Auto Loan And How Do I Find One?

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When you want to finance your next bank of america auto loan payoff dealer without going through a dealership, you’ll need a private party auto loan. They can be more challenging to find than new- or used-car auto loans for dealership purchases, but it can be worth the search because buying a car from an individual can help you save money.

Not only do private sellers often charge less than dealerships, but they also often have cars for sale that you won’t find at a dealership. A private party can be the best way to find the car you want at a comfortable price.

What Is a Private Party Auto Loan?

A private party auto loan allows you bank of america auto loan payoff dealer borrow money to buy a vehicle from a private seller, as opposed to a dealership. Here are some reasons you might want one:

  • The car you want is only available through a private party
  • Dealerships don’t offer cars in your price range
  • The same car is often less expensive when you buy it from a private party instead of a dealer

What Does a Private Party Auto Lender Do?

A private party auto lender helps individuals purchase used cars from each other. Not only do they provide financing, but they can also help the transaction go smoothly.

For example, if the seller is still paying off the loan on their vehicle, the buyer’s private party auto lender will ask for the seller’s lender statement showing the payoff amount and payoff authorization. Your private party auto lender will then send funds directly to the lender to pay off the loan so the car’s title can be transferred. They’ll also send the seller any proceeds beyond what’s required to pay off the loan.

Some private party lenders also handle the ownership transfer paperwork with the DMV so you don’t have to. But you’ll still need to find out the car’s history before you buy it and find the best car insurance as soon as possible.

How a Private Party Auto Loan Works

Just like traditional auto loans, the vehicle you’re financing will secure the private party auto loan. While secured loans tend to bank code of union bank of the philippines lower interest rates than unsecured loans, the lender can repossess your collateral (the car) if you fall behind on payments or default.

Lenders offer terms of 12 to 84 months on private party auto loans. The longer the loan term, the more interest you’ll pay but the smaller your auto loan monthly payment will be.

Rates and Costs

These are the factors that will affect your interest rate on a private party auto loan:

  • Your credit score. The higher your credit score, the lower your rate.
  • The amount you’re borrowing. Smaller loans sometimes have higher rates than larger loans.
  • The loan term. Shorter terms, like a 24-month auto loan, tend to have lower rates than longer terms, like 84 months.
  • The vehicle’s age. Newer vehicles tend to have lower rates than older ones.
  • The vehicle’s mileage. Cars with more miles may entail higher-rate loans.
  • The lender you choose. Shopping around will help you get the best deal.
  • Autopay discount. Rates are often 0.25% to 0.50% lower for customers that allow automatic monthly drafts from their bank account to repay the loan.

How Can I Qualify for a Private Party Auto Loan?

Qualifying for a private party auto loan is just like savings bank of mendocino county routing number for a dealership auto loan. You’ll need good credit and enough income to cover your monthly payment. You might need a down payment, but many lenders offer 100% financing on used auto loans. They may even finance more than 100% of the car’s purchase price to help you cover tax, title and license fees.

The average credit score for someone purchasing a used car with an auto loan in the fourth quarter of 2020 was 671, according to Experian. You are unlikely to qualify for an auto loan with a credit score below 500, but there are lenders that specialize in car loans for bad credit.

How Do I Find a Private Party Auto Loan?

When you buy a car from a dealership, they’ll connect you with their preferred lender. Think Honda Financial Services, Toyota Financial Services or Ford Credit. You can also provide your own financing from a bank, credit union www walmart com giftcards online lender, and sometimes you’ll save money that way.

Private party auto loans also come from banks, credit unions and online lenders. But they’re harder to find than a new or used auto loan for a dealership purchase.

To help you capital bank of new jersey customer service started, here are a few financial institutions that offer private party auto loans as of May 2021:

  • Large banks. PNC, Bank of America and Regions Bank
  • Credit unions. Members 1st in Redding, Calif., Credit Union West, Logix and First Credit Union
  • Online lenders. LightStream and
  • Community banks. These don’t always have the greatest online presence, so check your local area and make some phone calls to see what’s available.

It also doesn’t hurt to check with any bank or credit union you already have a relationship with.

If the car you want to buy is too old, has too many miles, isn’t worth enough, is a commercial vehicle or has a salvage title, you may have trouble finding a private party auto loan. A personal loan bank of america auto loan payoff dealer provide financing in these situations. However, most personal loans are unsecured, meaning you can expect to pay a higher interest rate than you would on an auto loan, which is secured.

Here’s an example of how much you’ll pay on a typical loan with terms of 72 months.

Private Party Auto Loan Vs. Personal Loan

Private Party Auto Loan Vs. Other Auto Loans

A private party auto loan may have a higher interest rate than other auto loans. Here’s a comparison showing how your total loan cost might compare on two options: a private party auto loan on a less expensive car and a used-car auto loan on the same make and model at the dealer’s higher price. For this example, we will evaluate a 2016 Honda Civic LX Sedan with 50,000 miles.

If you make a simple spreadsheet comparing your real-life offers and options, you’ll see which choices offer the best value. There are times when buying a new car is actually the way to go because of dealer sales and 0% financing. And, of course, you can also play with the loan term to get a monthly payment and total finance charge that you can live with.

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Can I Use a Personal Loan to Buy a Car?

To be clear, these are very specific circumstances that affect very few people buying cars. Even then, it's not clear that using a personal loan to skirt auto lenders' insurance requirements or to fund the purchase of a project car is the smartest financial move. But if you're going to do it, a personal loan may be the only way.

Why you might not want to use a personal loan to buy a car

Traditional auto loans exist because they're a better fit than a personal loan for the vast majority of used or new car purchases. Here's why you might want to stick with the tried-and-true auto loan when buying a car:

  • Personal loans can carry a higher interest rate than the average loan through a car dealer or bank. A traditional car loan is ultimately backed by collateral (in this case, the vehicle), a fact that american banking association aba routing number the interest rate down. After all, the lender knows that if you miss payments they can repossess the car, sell it, and recoup their losses. Most personal loans are not backed by collateral -- as a result, lenders typically charge higher interest rates on personal loans. People with good credit, with very few exceptions, pay as much or more for a personal loan as for a similar auto loan. A handful of banks have rolled out unsecured loans (no collateral ) designed for auto purchases -- with similarly low rates despite being unsecured -- but only people with very high incomes and excellent credit scores qualify.
  • Less time to repay. While the typical personal loan is repaid in three years, some lenders stretch out loans to five years. In contrast, car loans can have repayment terms of seven years, sometimes even longer. While I wouldn't recommend stretching out a loan as long as possible, some borrowers simply need more time to repay an auto loan. If a longer loan term is a priority, an auto loan is the best way to go.
  • Larger limits. All else being equal, it's generally easier to borrow more money when the loan is backed by collateral than when it isn't. A borrower who easily qualifies for a $20,000 auto loan may only qualify for a $10,000 personal loan. In addition, lenders often have hard caps of $40,000 or less for personal loans, whereas true auto loans usually have much higher limits for those with the income and credit score to support it.

The calculator below can give you a better idea of whether or not a personal loan is right for you. Play around with different loan amounts and loan terms to see what fits your budget.


How to save thousands on your Bank of America auto loan

Home / FAQs / How to save thousands on your Bank of America auto loan

Nicholas Hinrichsen - Published: November 15, 2021

You can lower your monthly payments on your Bank of America auto loan and save $600 every year / $50 every month through refinancing. You are a great candidate for refinancing if (a) you got your current loan at the dealership and/or (b) made all of your loan payments on time.
Instead of making your monthly payment to Bank of America why not refinance now and save thousands in minutes.

Table of contents

Background on Bank of America
  • Bank of America reviews
  • How to make your payment?
  • Does Bank of America report to the credit bureaus?

Before refinancing your Bank of America auto loan
  • Things to consider before refinancing
  • Common mistakes people make when refinancing

How to refinance your Bank of America auto loan
  • Step by step guide to refinance
  • Experts’ take on how to refinance
  • How much does it cost to refinance?
  • How soon can you refinance?
  • Will refinancing hurt your credit?
  • What happens if I pay extra?
  • Expected Savings from refinancing?
  • What are current refinance rates?
  • Can you refinance with the same lender?
  • Best bank for refinancing your Bank of America loan?

Things not to do when refinancing
  • Reasons you should not refinance
  • Can I skip a car payment?
  • Does Bank of America have a grace period?
  • How long does Bank of America take to repossess my car?

Refinance your Bank of America loan now

Background on Bank of America

Before going into more detail, here a little background about Bank of America: Bank of America's history stretches back to the Bank of Italy, which was founded by Amadeo Pietro Giannini in 1904 in San Francisco. The bank of Italy was the first bank to provide commercial loans to rebuild San Francisco after the big earthquake.

By 1945, Bank of America has grown to be the biggest commercial retail bank in the world. Today, BofA also serves 46 million commercial customers, at 4,600 banking centers and operates 15,900 ATMs across all states.

Bank of America targets the segment of American car shoppers with good (i.e. prime) credit and we observed an average auto loan interest rate of 8% (within a range of +/- 4%), while rates vary a lot by credit score. Our Bank of America auto loan calculator can pre-qualify you hassle-free through a simple credit application and help you get a sense for how much you can expect to save from a Bank of America auto refinance and the best rates.

Bank of America reviews

If you currently have a loan with Bank of America, you most likely got the loan at wichita water bill pay dealership during the car purchase. You probably used your used vehicle as a trade-in to lower your down payment. The dealer found you your loan and you can make your payments by clicking on Online Banking at

79% of all Americans with auto loans get their auto loan at the dealership. People shop for new cars, they don't shop for new loans. As a result, auto dealers have a leg up when it comes to giving car shoppers loans. In fact, the same is true for auto insurance and when you inquire about a warranty.

The challenge is this:

  1. the number 1 goal of a car dealer is to sell a car
  2. the number 2 goal of a car dealer is to sell the car at the highest possible margin

Considering the interests of the car dealer and how most car shoppers get their loans, no wonder Americans are overpaying on their interest rates, right?

As mentioned above, Bank of America is an auto loan and financial services company that specializes on the segment of Americans with good (i.e. prime) credit. We looked at reviews for Bank of America and found the following:

  • BBB: 1 out of 5 stars and 5,510 complaints
  • Wallethub: 3.1 out of 5 stars from 46 reviews
  • Glassdoor: 3.7 out of 5 stars from 22,249 reviews

Ever wondered if Bank of America treats everyone like bank of america auto loan payoff dealer Sadly, they do. Other loans you might have also qualified for could have been with one of the following auto loan companies:

If you bought your car at a Franchise Dealership, you may have qualified for a loan with one of the Captive Finance companies (i.e. the auto loan companies that are owned by the respective car brand), e.g.:

After you've made your first 6 / 12 / 18 payments, your chance to refinance your loan and lower your monthly bank of america auto loan payoff dealer has come. The challenge with refinancing is that most auto loan companies require you to visit their branch before they can give you any indication of how much money you will be saving. Fortunately, we can help with that.

How to make your Bank of America payments?

If you currently have a loan with Bank of America paying online is easy. Simply go to and login on the left at Online Banking. You can choose between:

  • Making a one time payment.
  • Enrolling in Autopay from your checking account.

Please note that many banks and financial institutions offer a rate discount for enrolling in autopay (to reduce your interest expense and lower your monthly payment). Bank of America would have highlighted this option to you to get you into a lower interest rate when you got pre-qualified during your application process for your auto financing.

If you can’t pay online, you’ve also got the option to:

Pay your bill over the phone: Call 1-800-215-6195

Pay your bill through the mail: Send a check to Bank of America

Bank of America, N.A.
PO Box 15220
Wilmington, DE 19886

Does Bank of America report to the credit bureaus?

When you first obtained your auto loan, Bank of America reported your new loan to the credit bureaus. Your Bank of America loan shows up as a so called trade-line on your credit report. Through a soft or hard credit inquiry, we can see:

  • When you got your Bank of America loan
  • What your initial balance was
  • How high your monthly payment is
  • Whether you've made your payments in time and full
  • How high your outstanding balance is
  • How many payments are remaining

If you miss a payment, Bank of America will very likely report the incident to the credit bureaus. Just like any other auto finance company, Bank of America will also report to the credit bureaus when you paid off your loan or refinanced it. In both of those cases, your loan will show up as paid off.

Before refinancing your Bank of America auto loan

Before refinacing your Bank of America auto loan we recommend first taking a look at how much you actually owe. To get a clear picture of your current loan, we need to pull up your Bank of America loan payoff statement to obtain your loan payoff amount and details. The loan payoff statement is not your outstanding balance. Instead, the loan payoff statement summarizes the following data points:

  • your payoff amount (usually your loan amount balance plus a few small fees)
  • the due date until your payoff is valid to avoid late fees (usually 10 days from when you requested it)
  • the per-diem (how much of daily interest your loan accumulates)
  • your account number (the new lender needs that to payoff your loan)
  • the payoff address (the new lender needs to know where to mail the check to)

With your accurate payoff information in mind, you're well equipped to make an educated decision on whether or not to refinance your loan. High monthly savings doesn't necessarily mean refinancing is worth it quite yet. We'll therefore look into a few nuances of refinancing first.

Things to consider before refinancing

Is it smart to refinance your Bank of America loan? Absolutely yes, you will save thousands of dollars over the life of your loan and free up up to $150 per month. With a good partner who can navigate the process, you will be done in minutes.

That said, we've seen a number of 'traps' when helping Americans refinace their auto loans. Just to be clear, there is no such thing as a prepayment penalty. So all the information required to consider a refinance can be found on the official payoff statement.

Once you know the payoff amount, you need to decide whether you want to pay off your loan yourlself or let the new lender take care of that. You have multiple payment options but first you need to locate the payoff statement from Bank of America's customer service reps:

  1. Call the Bank of America customer service phone number at 1-800-215-6195 and ask to be connected to the loan payoff department.
  2. Log into the online banking at Online Banking (, login on the left) and browse to the 'Loan Payoff' tab. You will be able to download a PDF.
  3. Do a three-way phone call with the new lender and a Bank of America customer service rep at 1-800-215-6195, which allows the new lender to ask Bank of America all the questions necessary to pay off your existing loan.

Should you plan to payoff your loan and you are currently in the United States, you can overnight a check to the following address:

Bank of America, N.A.
PO Box 15220
Wilmington, DE 19886

Once you paid off your auto loan, expect to receive the vehicle title along with a lien release letter in the mail. Car loans are usually secured personal loans and in order to be able to sell your vehicle or refinance it, you need the lien release in hand.

We provided those addresses above because google play gift card walmart always struggle to find a service provider's contact information. Just be aware, due to COVID-19, waiting times for customer service reps might be longer than usual.

Want us to take care of the refinance for you? We can lower your rate in less than two minutes.

Common mistakes people make when refinancing

We've been helping Americans lower their Bank of America auto loan payments for a long time now. Bank of America - or any other auto lender for what its worth - doesn't want a beginners guide to day trading online 2nd edition to refinance their loan. Therefore, you won't find a lot of information about how to refinance your Bank of America on the Internet.

One common mistake we're seeing when helping Bank of America customers lower their car payments is the following:

Many borrowers think that refinancing their Bank of America auto loans means 'restructuring' the loan. With restructuring we mean: get a second chance to make payments after you have missed a few payments or closing the chapter with Bank of America and starting over with a new lender. Logically, that's not what refinancing is.

Refinancing your Bank of America auto loan means quite the opposite: you will be able to lower your payments by decreasing your interest rate and/or stretching the term because you've done a good job and made your payments in time and in full.

If you have not made your payments to Bank of America in time and in full, you're not a good candidate for refinancing. Instead, you should contact Bank of America and get their help on financial planning for the future. Your goal has to be to not miss payments again.

How to refinance your Bank of America auto loan

To lower your monthly payments on your Bank of America (also known as B of A, BofA or Boa) auto loan, you need to find a lender that can extend your used car loan term or who offers lower auto loan rates before the loan is paid in full. The best way to do so is through an online application that returns your annual percentage rate (APR) immediately. Usually, lenders offer you a lower rate than your current auto loan for one of two reasons:

  1. When you bought your car, the participating dealer marked up your rate. That's common for auto loan originations and to make more money.
  2. You improved your credit over time and now qualify for a lower car payment and interest rate.

Both of these observations are common sense and the reason for why you can save a lot of money, especially if you drive your car for personal use. You improved your credit with the credit bureaus from prime credit (i.e. between 680 and 720 on your credit report) to super prime credit (i.e. above 720), you're not facing any financial difficulties and therefore, your new lender will be likely one of the following ones:

You successfully got out of the prime credit segment (a FICO between 680 - 720 on your credit history) and moved into the super prime credit segment (FICO above 720). Credit Unions love super-prime members. These lenders have a community charter, are FDIC approved and are non-profits providing a great customer experience. Therefore, the rates are as low as they get.

In the following, we will walk you through the exact steps to pay off your Bank of America loan. If you want to skip the details and refinance now through a simple loan application, get an offer with a few clicks and with no impact on your credit.

Step by step guide to refinance

Follow these 7 bank of america auto loan payoff dealer to refinance your Bank of America auto loan:

  1. Figure out your payoff amount
  2. Check if you have positive / negative equity
  3. Compare rates offered by lenders or contact a refinance broker
  4. Calculate your new rate and monthly payments
  5. Sign all the paperwork
  6. Payoff your existing loan
  7. Set up auto-pay with your new lender

Experts’ take on how to refinance

Experts in the refinancing space such as CreditKarma, NerdWallet and Bankrate are strong proponents of auto loan refinancing. That is true for Bank of America customers like you as well as any other auto loan company. NerdWallet even released a list of the 10 Best Auto Loan Refinancing Lenders, followed by, LendingTree, Investopedia and The Balance.

Personal finance is an important topic. Www 1fbusa com have seen studies that show how happiness and mental well-being directly correlate with stable and reliable finances. Therefore, we strongly recommend doing a lot of research and then refinancing your Bank of America auto loan.

The experts above have a good general understanding of personal finance. Given our backgrounds (MiT, McKinsey, Bain, Merrill Lynch, Stanford Graduate School of Business, Carvana etc) we are the absolute, unquestioned and unchallenged authority on auto loan refinancing in particular and have published a thorough thought leadership piece about it.

How much does it cost to refinance?

The cost to refinance your Bank of America are somewhere between $15 and $449. In theory, refinancing doesn't cost anything. You don't have early repayment fees on your Bank of America auto loan and the only charge that applies is the fee for the Department of Motor Vehicles (DMV) to change the lienholder on your vehicle title.

However, depending on who you work with to refinance your Bank of America auto loan, you might be incurring some (hidden) fees of up to $449. Take a look at our thorough refinance lender comparison to get a good overview of the cost related to refinancing your Bank of America loan by refinancing company.

How soon can you refinance?

You're eager to refinance your Bank of America loan? Great, you should absolutely work towards lowering your Bank of America payments through refinancing.

Car dealerships make most of their money on finance and insurance products. Therefore, there's a good chance that you are overpaying and can save money through refinancing - already the day you drive off the lot! That said, you will save the biggest amount of money from refinancing after you made 12 to 18 payments. That's when you will notice the effect from improving your credit above and beyond good (i.e. prime) credit.

That said, we recommend checking regularly: you can get a free refinance offer with no impact on your credit in three simple steps.

Will refinancing hurt your credit?

Refinancing will not hurt your credit! If you have the app CreditKarma installed on your phone, take a peek at what factors determine your credit. You will find the following:

  • Number of Hard Inquiries (less is better)
  • Age of Credit history (more is better)
  • Credit Card Utilization (less is better)
  • Total Accounts (more is better)
  • Derogatory Marks (less is better)
  • Payment History (more is better)

None of these factors is impacted negatively if you obtain a refinancing offer documents needed to open business account bank of america your Bank of America loan. Lenders don't need to do a hard credit inquiry to make you a firm refinance offer. Neither do they charge an application fee. From a soft credit pull, we can see your whole credit file and estimate your rate.

Should you decide to accept the refinance offer, the new lender will have to perform a hard inquiry in order to add your new loan to your credit file. The hard inquiry, however, only happens after you have been approved.

We argue that the positive impact of refinancing your Bank of America loan outweigh the negative impact of the hard credit inquiry: after you refinance your Bank of America loan, bank of america auto loan payoff dealer will have a lower rate and lower monthly payments. As a result, the likelihood that you will be able to establish a perfect payment history increases which will drive your score up quickly.

What happens if I pay extra?

The answer is simple: your loan term will shorten but your monthly payment will stay the same. A number of our customers hope they can reduce their monthly payments through paying extra but no lender will do that.

To lower your monthly payments, you have to refinance your loan. If you haven't considered refinancing your Bank of America loan yet, you definitely should: not only can you reduce your monthly payments within 2 minutes or less, your total interest expense will go down as well and as a result, you can save $600 every year / $50 every td bank stock exchange Savings from refinancing?
We performed a study on the top 40 auto loan companies to refinance and found that the average Bank of America loan rate is around 8% (within a range of +/- 4%). If you made your payments for 6 / 12 / 18 consecutive months, you're guaranteed to be able to save money on your Bank of America loan.

Your new interest rate should be on the order of 4% or below. That means you will save $400 every year / $33 every month if your remaining loan balance is around $10,000 and you refinance. Usually, we see higher loan balances when refinancing our customers, e.g. around $15,000. If your loan balance is around $15,000 you will save $600 every year / $50 every month when you lower your rate by 4%.

For a guaranteed rate in less than 2 minutes, open, enter your phone number, select your goal (e.g. 'Lower my monthly payment') and click on 'Apply Now'. Our process will not hurt your credit and you'll receive a firm and guaranteed rate with not more than 5 clicks. Should you have any further questions, check out our FAQs.

What are current refinance rates?

We can help you get the following Bank of America refinance rates:

Credit New car Used car
760+ 2.69% 3.49%
700-760 3.00% 4.25%
650-700 5.50% 6.50%
600-650 9.75% 10.75%
550-600 15.50% 17.50%
Below 550 22.00% 22.00%

As mentioned above, Bank of America car loan rates vary a lot by credit score, i.e. lowest rate for excellent credit to highest rate for challenged credit. Yet, the rates are usually the same no matter where you live in the United States - be it Hawaii or Maine, Alaska or Florida. We therefore recommend taking a look at your Bank of America refinance offer for your exact and personalized refinance terms.

Can you refinance your Bank of America loan with the same lender?

The answer is short and sweat: no, you cannot refinance a Bank of America loan with the same lender. Bank of America does one of two things with your loan:

  • Keep it and generate profit over the course of the loan and while you are paying your interest.
  • Sell your loan to an institutional investor or the public through a securitization to realize a lump sum profit immediately.

In both of those cases, the institution holding your bank of america auto loan payoff dealer is expecting your monthly payments. When you refinance, however, you change the expected cash flow to Bank of America, which impacts Bank of America's bottom line. Bank of America would not allow that.

Hence, if anyone challanges you 'Does Bank of America refinance?' or 'Can you refinance through Bank of America?' the answer is simple: Bank of America won't let you refinance your car loan if you currently have your loan with Bank of America. Instead, you need to find a new lender offering a lower rate.

Fortunately, we recently studied the best car loan refinance companies and wrote a thorough review. In a nutshell, only WithClutch offers a fully digital pre-qualification experience, even for borrowers with minimum monthly income and without charging unreasonable fees. We do our best to give our clients the best auto refinance loans. Our partner lenders can offer the lowest rates and can help with lease buyouts as well as refinancing.

Best bank for refinancing your Bank of America loan?

In our study about the best car loan refinance companies, we explained that we need to distinguish between:

  1. Lenders (i.e. banks and Credit Unions who ultimately replace your Bank of America loan with a new one with a lower rate)
  2. Refinance Brokers (i.e. companies that create a marketplace between lenders and you as the customer bank of america auto loan payoff dealer a Bank of America loan)
  3. Affiliate Websites (i.e. websites that rank high in Google's search algorithm for e.g. 'how to associated bank closest to me my Bank of America loan' aiming to get you to submit your contact details)

Best Auto Loan Refinance Companies of 2021

  • Best for Great Credit: Credit Unions
  • Best for Checking Rates Without Impacting Your Credit: Capital One.
  • Best Trusted Name: Bank of America, Chase or WellsFargo.
  • Best for The Most Options: WithClutch.
  • Best for Members of the Military: USAA or Navy Federal CU.
  • Best for Peer-to-Peer Loans: LendingClub although not recommendable.
  • Credit Union with lowest rates: Digital Credit Union and PenFed.

Feel free to submit your details on our digital and 100% online refinance platform for some free advice on which company would be the best fit for you. You'll get a reliable answer with three clicks and in less than 2 minutes.

Things not to do when refinancing

Refinancing your Bank of America auto loan may feel intimidating and overwhelming. That's totally understandable, you don't refinance your Bank of America loan every day and therefore want to avoid a few pitfalls:

Reasons you should not refinance

You should not refinance your Bank of America auto loan if you end up with a higher overall interest charge. That means, you don't want to refinance your loan if you end up in a worse financial product, with a higher interest rate. Let's take a look at the following example:

if you're currently paying 8% and $450 monthly, you don't want to accept a loan at 8% even if the monthly payment might be $400 only because your lender stretched the loan over a longer period of time. It is definitely possible but we highly recommend against it.

We've seen thousands of success stories of clients refinancing their Bank of America auto loans. Some of our clients wanted to reduce their monthly Bank of America payment while keeping the loan term constant. Other clients wanted to reduce the monthly payments by even more and therefore stretched the loan term to 60, 72 and some even 84 months.

And other clients had positive equity in their car - i.e. the remaining Bank of America loan balance was lower than the value of their car - and therefore decided for themselves that the best auto loan from all of our loan offers would be the one with cash-out.

Still, one question a lot of our customers ask us is this: 'I haven't been great about making my payments so my credit score hasn't improved a lot quite yet. However, I really want to lower my monthly payments. Should I refinance, accept a higher rate and stretch the loan over a longer period of time?'

We don't encourage such a refinance. It's a bad financial decision and you're locking yourself into making a lot higher payments over a long period of time. Don't be penny-wise and pound-foolish!

Can I skip a car payment?

You're short on cash and are wondering whether you can skip a car payment with Bank of America? The answer is yes, you can defer one or more payments on your existing auto loan. You have to talk to Bank of America about the deferral first though. You can't just not pay or you risk collection calls and ultimately a repossession.

Ideally, you give Bank of America a call at 1-800-215-6195 and describe your situation. Bank of America's goal is for you to make your payments throughout the whole term of the loan. Finance charges will continue to accrue on the unpaid loan balance, which means you will end up paying more on your loan after all. But for as long as you communicate well with Bank of America, they will defer one or more payments out of courtesy and to help you with your repayment.

All that said, you can lower your Bank of America payments through refinancing if you've made all your latest payments on time. In three simple steps, you can find out how low your payments could be without having to skip a payment or bank of america auto loan payoff dealer Bank of America have a grace period?
The Bank of America late payment policy provides a grace period of 7 to 15 days. Grace periods vary from lender to lender and due to the coronavirus pandemic, banks have become a lot more lenient with their borrowers.

Late fees vary drastically by loan, the minimum late fee we've encountered was 5% of the monthly payment amount. However, we strongly advise not to take advantage of Bank of America's grace period unless you have an emergency. You'd be putting your credit at risk, which can have a long-term, negative impact on your personal finances.

Instead, we recommend exploring if refinancing can help you reduce your monthly burden and potentially even provide unexpected cost savings. Provide your phone number and follow our three simple steps to get a firm offer, 100% online and with no hit on your credit.

How long does Bank of America take to repossess my car?

Repossession law varies slightly from state to state and range from 3 to 5 months after you stopped making payments on your Bank of America loan. Each individual retail and installment contract - the contract you signed when you got your car and Bank of America loan - states what constitutes a default.

Some states and contracts even trigger a repossession within 45 days (or a month and a half) of being in default. You are in default when you stopped making your payments and for as long as you haven't paid the Bank of America late fees.

Just catching up with your missed payments making Bank of America whole doesn't automatically mean you're not in default anymore. You really need to pay Bank of America everything you owe including fees to be not considered in default any longer.

Refinance your Bank of America loan now

Haven't explored refinancing yet? Take a look at our exhaustive article about all the auto refinance companies and you will realize, is the only fully digital platform that lets car owners like you do so from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your bank of america auto loan payoff dealer or get cash in as little as 20 seconds.

Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.

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  • The Perfect Borrowing Vehicle:

    It's simple and easy to put yourself behind the wheel with an auto loan from FNB. With a simple application, fast processing, and competitive rates, our auto loans are some of the best on the road.

    Key Features:

    • Loans available for new or used vehicles
    • Flexible repayment terms available
    • Attractive interest rates
    • Interest rate discount available when you set up automatic monthly payments
    • Borrow from $2,500 - $100,000

    Convenient Online Access:

    • Fast and free Online Banking, Mobile Banking, and Telephone Banking
  • Qualifying for an Automobile Loan:

    FNB uses credit score, employment history, monthly debt payments and income, the amount and type of collateral among other factors when considering whether or not to approve your application.

    The Borrowing Process:

    Our objective is to make the borrowing process simple and straightforward. To apply for a Automobile Loan, you will want to have the following information available for your branch visit:

    Required Identification:

    • A non-expired ID (driver’s license, state-issued ID, Military ID, passport, or Permanent Resident Card and visa)

    Getting Prepared:

    While you won't need this for your initial visit to start the application process, as we evaluate your application, we may ask you for additional pieces of information. You may be asked:

    • To verify your income
    • To provide bank statements
    • To provide tax documents

With any account, you also get the latest in digital technology:

Compare all of our accounts. This comparison chart makes it easy to compare all of our borrowing options.

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Compare all of our accounts. This comparison chart makes it easy to compare all of our borrowing options.

Compare all

Still not sure? Answer a few quick questions to help you find the right borrowing options.

Help me decide

Still not sure? Answer a few quick questions to help you find the right borrowing options.

Help me decide

Products With You In Mind

FNB offers a full breadth of products and services for your needs.

Notices & Disclosures
1 - All loan products are subject to credit approval. 
2 - New vehicles are considered to be the current and one prior model year; eligible used vehicles cover the prior 7 model years.
3 - Subject to vehicle type limitations
4 - Available terms vary based upon automobile age and your credit score.
5 - Interest rate is dependent on loan term and model year of vehicle.
6 - Interest rate discount is available when you set up automatic monthly payments from an FNB account.
7 - Online Banking, Bill Pay, Mobile Banking and Telephone Banking are free to customers with an eligible account; however, there may be a fee for certain optional services. Mobile data and carrier fees may apply.


bank of america auto loan payoff dealer

4 Replies to “Bank of america auto loan payoff dealer”

  1. Sir Axis bank mai single account ko net banking nd mobile banking Se joint kar sakte hai

  2. but I have a HBL from SBI, and they provide online prepayment option that too without any limit.

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