Skip to main content
Business Financing

Vehicle Financing

Buying a vehicle: Is it right for you?

Buying a vehicle can be a good option when you expect the vehicle to have a long useful life without needing replacement or upgrade. You will gain equity in the vehicle and you may also benefit from financial advantages such as depreciation and tax deductions; be sure to consult your tax adviser for more information.

information about light and commercial vehicle loanLight vehicle loanCommercial vehicle loan
Use it forBuying automobiles, vans and light trucks typically up to 2.5 tonsBuying commercial-purpose vehicles typically over 2.5 tons
AmountMinimum $25,000Minimum $25,000
RateCompetitive fixed rate based in part on
your overall business relationship with
Bank of America
Competitive fixed rate based in part on
your overall business relationship with
Bank of America
TermFlexible terms up to 6 yearsFlexible terms up to 7 years
FeeOrigination fee of 0.5% of amount
financed, plus closing costs
Origination fee of 0.5% of amount
financed, plus closing costs
Loan-to-valueUp to 80% of the purchase priceUp to 80% of the purchase price
CTA button rowGet started Send us an email to begin your financingGet started Send us an email to begin your financing

Loan-to-value ratio

The ratio between the unpaid principal amount of a loan, or credit limit in the case of a line of credit, and the appraised value of the collateral. Expressed as a percentage. For example, if you have an $80,000 first mortgage on a home with an appraised value of $100,000, the LTV is 80% ($80,000 / $100,000 = 80%).