Thinking about getting a car but don’t have money for a down payment right now?
Bank of America is one of the major national banks offering auto loans for new and used vehicles, plus refinancing, with an online process that fits perfectly on mobile.
Fast pre-approval – you can check your options quickly, online.
Rate discounts for existing customers, especially on certain products like EVs and hybrids.
A fully online application flow, from simulation to request.
Competitive average interest rates, usually in the mid to high single digits, depending on credit history.
The loan conditions can change based on your income, existing debts, vehicle price and term.
Making every payment on time can help rebuild your credit over the life of the loan.
Driver’s license – government-issued photo ID.
Social Security Number – used to pull your credit report.
Proof of income – recent pay stubs, bank statements or tax returns if you’re self-employed.
Proof of address – utility bill or lease with your name and current address.
Vehicle information – if you already have a car in mind (new or used, approximate price, year and mileage).
A car loan with no down payment can be helpful when you need a vehicle quickly, but it doesn’t mean “free money”:
