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Financial institution of America Auto Refinance Evaluations (2022)

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Financial institution of America Auto Refinance Evaluation

Financial institution of America auto refinance is an auto loan refinance providing by Financial institution of America, primarily based in Charlotte, NC. Based in 1784, Financial institution of America gives auto refinance loans in 50 states (and Washington, DC).

Key Takeaways

  • APRs beginning at 3.69%. There are common beginning charges for an auto refinancing loan. When you’ve got good credit score chances are you’ll qualify for a loan with higher charges.
  • Honest credit score accepted. The credit score rating wanted for Financial institution of America Auto Refinance is comparatively low. Debtors with a credit score rating as little as 580 might qualify for Financial institution of America Auto Refinance.
  • Automobile necessities. Autos should have lower than 125,000 miles and a most age of 10 years.
  • Refinancing for big loan quantities. You possibly can refinance auto loans of as much as $100,000 with Financial institution of America Auto Refinance.
  • Quick funding course of. In some instances, you might be able to refinance the loan inside one enterprise day.
  • Arduous credit score pull required. You possibly can’t examine your charges or see in the event you prequalify for Financial institution of America Auto Refinance and not using a exhausting pull in your credit score report. Most lenders provide the choice of a gentle pull on you credit score report.
  • No origination charge. Financial institution of America Auto Refinance doesn’t cost an origination charge for processing your loan software.
  • Lengthy loan phrases. Financial institution of America Auto Refinance gives loan phrases of as much as 75 months. Most auto refinancing loans have a most time period of 60 months.
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Financial institution of America auto refinance Execs & Cons

Execs Cons
  • Low APRs obtainable to certified debtors.
  • Obtainable in all 50 states.
  • $0 prepayment charge.
  • Mortgage choices with $0 origination charge.
  • Financial institution of America Auto Refinance doesn’t report back to credit score bureaus.
  • Considers candidates with truthful credit score.
  • Funding obtainable inside 1 enterprise day.
  • Considers older autos (max. 10 years)
  • Don’t provide pre-approval with gentle credit score pull.
  • Expenses a late charge.

Financial institution of America auto refinance FAQ

How a lot are you able to borrow by way of Financial institution of America auto refinance?

Auto refinance loan quantities begin at $7,500 and go as much as $100,000.

What are the auto loan refinancing charges supplied by Financial institution of America auto refinance?

Financial institution of America auto refinance gives a
mounted APR

automotive loan refinancing product

that ranges from 3.69% APR.

What’s the most loan time period you may get with Financial institution of America auto refinance?

Financial institution of America auto refinance gives auto refinancing with phrases starting from 12 to 75 months. Having the choice of longer phrases permits debtors to tackle bigger loan quantities whereas protecting month-to-month funds extra inexpensive. Nevertheless, the longer the time period of your auto refinancing loan, the extra curiosity you’ll pay.

Does Financial institution of America auto refinance cost an origination charge on auto refinance loans?

No, Financial institution of America auto refinance doesn’t cost a loan origination charge for refinancing a automotive loan.

A loan origination charge is what some lenders cost for processing, underwriting, and funding a loan. Sometimes charges vary from 0.5% to five% of the loan quantity.

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Does Financial institution of America auto refinance cost a late charge?

Sure, auto refinance loans by way of Financial institution of America auto refinance are topic to late cost penalty charges.

Does Financial institution of America auto refinance cost prepayment charges?

No, there is no such thing as a prepayment penalty.

What do it is advisable qualify for Financial institution of America Auto Refinance?

Candidates with a credit score rating
of at the least 580
and as much as 850
could also be eligible for Financial institution of America Auto Refinance.
The minimal age to be eligible is eighteen or the state minimal, whichever is greater.

Financial institution of America Auto Refinance doesn’t have or doesn’t disclose a minimal annual revenue eligibility requirement.
Financial institution of America Auto Refinance will take into account debtors no matter their employment standing if they’ll show their potential to repay their obligations.

The Navy Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members greater than 36% APR on credit score prolonged to lined debtors.
Lively obligation service members and their lined dependents are eligible to use for a loan by way of Financial institution of America Auto Refinance. Their charges fall throughout the limits of The Navy Lending Act.

U.S. residents are, after all, eligible for the providers supplied by Financial institution of America Auto Refinance.
Everlasting resident / inexperienced card holders are additionally eligible to use.

To qualify, candidates may have to offer the next documentation:

  • Current pay stubs
  • Proof of revenue
  • Driver’s license
  • Proof of identification
  • Proof of citizenship or residence allow
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What’s the most mileage to refinance with Financial institution of America?

Financial institution of America is an choice for high-mileage autos. They may take into account automotive loan functions for autos with as much as 125000 miles on the odometer.

What’s the most automotive age to refinance with Financial institution of America?

Solely autos which might be 10 years previous or much less can qualify for an auto refinance.

What’s the estimated funding time for a automotive loan refinance with Financial institution of America auto refinance?

Auto refinance loan functions are usually permitted (or denied) inside 1 hour and funded inside 0 to 1 days of approval.

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