Q:

What is the average interest rate on an auto loan from Bank of America?

A:

Quick Answer

The annual percentage rate on an approved auto loan from Bank of America varies depending on several factors such as the borrower's credit history and approved loan amount, so there is no publicly known average interest rate, according to Bank of America. The loan's term also impacts the interest rate.

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Full Answer

Interest rates for auto loans vary according to the borrower's credit history and are also affected by the make and model of the vehicle purchased, notes Bank of America. The state where the vehicle is purchased also plays a role in determining the interest rate. New and used vehicle purchases have different interest rates, as do vehicles that are being refinanced or purchased from a private party, Bank of America states.

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