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Business Advantage

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 loanBusiness Advantage Auto LoanCommercial vehicle loan
Use it for Buying automobiles, vans and light trucks Buying commercial-purpose vehicles typically over 2.5 tons
Amount Minimum $10,000 Minimum $25,000
Rate Competitive fixed rate Competitive fixed rate based in part on
your overall business relationship with
Bank of America
Term  Between 4 -6 years Flexible terms up to 7 years
Fee No application fee Origination fee of 0.5% of amount
financed, plus closing costs
CTA button row Get started Send us an email to begin your financing Get 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%).

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