FAQs About Bank of America Car Loans

You want to buy the car of your dreams, but you need money. Customized no-hassle car loans are what you need. Here are answers to some frequently asked questions about Bank of America car loans.

Q: What is the maximum loan amount you can get?

A: Each customer's loan is personalized and depends on his or her income and the length of the loan repayment term. Please contact us for a customized offer.

Q: Can you get a loan if you are 17 years old?

A: Unfortunately, you cannot. Loans are only granted for customers 18 years old and older.

Q: What if you decide to sell your car before the loan term is finished?

A: When you buy the car of your dreams, it is yours. You may do with it what you want. If you decide to sell the car, you still have to pay off the loan. You can repay all or most of the loan using the proceeds from the sale, or you can continue making monthly payments.

Q: Can you get a loan for a second-hand car as well?

A: Yes, you can get a loan for a used or second-hand car, as long as the car is registered with an official car dealer. If you buy a new car, however, you may finance up to 110 percent of the price of the car, which provides money for extras such as an alarm system.

Q: What is the length of repayment for the loan?

A: The repayment time period is determined when you apply for the loan. The maximum term for car loans is 72 months (6 years). Shorter repayment terms are also possible.