What are the requirements for a used auto loan through bank of america?

What are the requirements that would allow someone to be approved for a bank of america used auto loan as far as model year, income, credit score, etc?

What are the requirements for a used auto loan through bank of america?
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Reply:Most places see credit of 650 or higher as a reliable borrower. 700 or higher is perfect or excellent, and will get you the best rate possible. I don't know about BOA, but many banks have a 5-7 year limit on used cars, and this will vary by the bank. I bank with USAA, and they let us borrow on a 10 year old car, as well as gave us many longer term loans than most banks will. I don't know about income requirements, as again, this is going to be based on the bank's factors, what you currently have for loans or revolving credit that show up on your credit report, as well as repayment history. The bank may also require a certain amount of money to be borrowed, some banks won't lend under $5k, while others will if the interest rate is higher and the length of the loan is longer (to earn them more money of course).





Your other option is to get financing through the dealership. This can be good as it will find someone who will lend to you, however it can lead to several inquiries from multiple banks all at once on your credit bureau, which could hurt you if you plan to do any other financial things in the near future...but if your credit is good, then it could also get you the best financing deal possible, which may not be with BOA.
Reply:680 credit score for a crummy rate. 720 for a good rate. 2 years on the job is perfect, 1 year is acceptable but you may pay a higher rate. A track record of saving money- so they will be looking at your B of A accounts.


Then consider buying a new car like a Kia Rio for $8,500 at a dealer and getting 1.9% interest rate..
Reply:Ask them.