Bank of America offers Business Advantage Auto Loans to help businesses acquire or refinance vehicles essential for their operations. Learn about the advantages, disadvantages, and extra features of this financing option, as well as how to apply and the prerequisites for eligibility.
Advantages of the loan Business Advantage Auto Loans
Business Advantage Auto Loans provide financing at competitive fixed rates, starting as low as 6.99% APR. With a 30-day rate lock guarantee, businesses have time to find the right vehicle. Preferred Rewards for Business members can enjoy additional interest rate discounts, making financing even more affordable.
Disadvantages of the loan Business Advantage Auto Loans
Businesses should consider potential increases in monthly payments or total interest paid when refinancing. There may also be additional costs associated with refinancing, such as state taxes and titling fees.
Extra features offered by Bank of America’s Business Advantage Auto Loans
Business Advantage Auto Loans come with a 30-day rate lock, allowing businesses to shop with confidence. Financing is available for new purchases or refinancing, and there are exclusive incentives for purchasing certain vehicles, such as Mercedes-Benz.
Learn how to apply for your loan Business Advantage Auto Loans
Applying for a Business Advantage Auto Loan is easy and can be done online. Upon approval, businesses receive a check made payable to the seller or dealer, making the purchasing process seamless.
Discover the main ways to apply for the loan Business Advantage Auto Loans
Businesses can apply online through the Bank of America website, ensuring a convenient and efficient application process. Alternatively, they can visit a Bank of America financial center or contact a representative by phone for assistance.
Prerequisites for request
To qualify for a Business Advantage Auto Loan, businesses must have been in operation for at least 2 years, and the vehicle must have a minimum value of $10,000 and be no older than 5 years with less than 75,000 miles.
From the site
Businesses can start their application process online by filling out the necessary forms on the Bank of America website.
From the site App
The Bank of America mobile app provides a convenient platform for businesses to apply for a Business Advantage Auto Loan directly from their smartphones or tablets.
By agency
Businesses can also visit a Bank of America financial center and speak with a representative who can assist them in the application process and provide guidance on financing options.
Bank of America’s Business Advantage Auto Loans offer businesses a convenient and affordable way to finance their vehicle purchases or refinancing needs. With competitive rates, flexible terms, and additional discounts for Preferred Rewards for Business members, this financing option can help businesses manage their transportation expenses effectively. However, it’s important for businesses to consider potential costs associated with refinancing and ensure they meet the eligibility requirements before applying. Overall, Business Advantage Auto Loans can be a valuable tool for businesses looking to invest in their transportation infrastructure.
