Bank of America Personal Finance
Bank of America is one of the best financial banks to get personal loan at your need time. Borrowers can make application online or call customer service at 1.866.467.6495. First and foremost you will have to fulfill the eligibility criteria as defined by bank. You can obtain a variety of loans from bank if you have a good credit history and a reliable source of income.
Updated 2017: However, people with bad credit score may also qualify for a personal loan at affordable rates from the bank. Bad credit borrowers can get competitive rates on their loans by offering collateral against the loan amounts. They may find it hard to qualify for unsecured loans, and even if they qualify, interest rates on their loans will be higher than those of good credit borrowers.
What are the eligibility criteria and documents required to apply for loan at Bank of America?
- Copy of a prior two year W-2s Form
- 2 current consecutive pay stubs
- Last two month bank statements of all accounts
- Self attested tax return copy
- Self-employed person can submit his quarterly or yearly profit/loss details
- If you are borrower of mortgage, line of credit or home equity loan, submit monthly statement.
What types of loan options available at Bank of America?
Whether you are looking to buy a brand new or a used vehicle, BofA offers auto loans that come with a number of benefits. You can easily finance your car with a low rate auto loan having flexible repayment terms and conditions. Borrowers should ensure fixed rate before buying a car. Currently, bank describes 2.39% APT+ on new car, 2.64% APT+ on used car and 2.89% APT+ on refinance. When you obtain an auto loan from the bank, you enjoy the following benefits:
- Lower interest rates
- A 0.5% rate discount on auto purchase or refinance loan for BofA personal checking customers
- Fast access to funds (in as little as 24 hours)
- Online payment tools and auto loan calculators
- Dealer network that can help streamline the purchasing process.
Home Equity Line of Credit
Your home opens the door to a number of possibilities. Use the equity of your existing home to secure a home equity line of credit from BOA and get instant access to funds whenever you need it. Use your credit line to complete a home renovation project, plan a vacation, make a major purchase, consolidate debt, or pay your child’s tuition. Basic features of this line of credit include:
- 875% variable APR
- Minimum line amount of $25,000
- Maximum line amount of $500,000 (for primary residence) and $100,000 (for second/vacation home)
- A 10-year draw period followed by a 20-year repayment period.
Home Equity Loan
This is a fixed rate loan that you can obtain by providing your home’s equity as collateral. It allows you to get the entire loan amount all at once. As you borrow a one-time lump sum, this loan is convenient for large expenses and debt consolidation. Some basic features of home equity loan are:
- You have to pay fixed rate, monthly principal and interest
- Fixed loan term ranging from 3 to 25 years
- Minimum line amount of $25,000
- Maximum line amount of $500,000 (for primary residence) and $100,000 (for second/vacation home).
What is the best deal regarding personal finance at Bank of America?
Personal loans can be classified into two types: secured and unsecured. To obtain a secured loan, you need to provide a collateral such as your home, car, savings account, or certificate of deposits. Providing collateral allows you to get lower interest rates and better loan terms.
Unlike secured loans, you are not required to provide any collateral to get unsecured nature loans. Approval for the loan mostly depends on your credit score and income status. The banks generally charge higher interest rates for unsecured loans. You can follow some simple steps to get the best deals when applying for personal loans:
- Shop around, check customer review, and compare rates and terms of various lenders
- Check your current credit score and fix any discrepancies before making your loan application
- Understand your repayments terms and look out for hidden fees and charges
- Provide collateral if possible to get lower rate and better repayment terms
- Make your repayment on time and maintain your budget.