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Auto Loan Deal of the Week, May 3, 2013: Bank of America

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Bank of America isn't normally the financial institution many people think of as a loan deal of the week bank in the area of borrowing. However, when it comes to new car loan rates at the end of April 2013, Bank of America is beating the competition in multiple states by at least a margin of 0.5 percent.

Most banks and credit unions are currently offering auto loans at or in the range of 2.99 percent annually. Bank of America's auto loan rates, on the other hand, are as low as 2.29 percent on new car loans for five years. Further, customers who do their banking online with BofA can realize an additional 0.15 discount, bringing the total loan annual interest charge down to 2.04 percent on a car loan. This is almost a point less than the majority of the competition.

Because Bank of America is a national chain banking institution originally based in California and now on the east coast, this car loan offer is available in multiple locations. Current comparison analysis found the BofA car loan offer available in markets located in Connecticut, Arizona, a slightly higher amount of 2.39 percent in California, and at 2.34 percent in the Washington-Oregon region. Clearly, a bit of window shopping can identify which states are seeing the better deal offering from the same company, which can be sleuthed out quickly on Internet sites like RateZip.com.

Granted, BofA is not typically competitive in the area of lending enough to beat out credit unions and community banks, but with car loans this month the large bank giant is clearly making inroads with its interest rate offer.

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About Paul Knag

Paul Knag is a former executive for American Home Mortgage and founder of online lender MortgageSelect.com. He founded RateZip.com in 2007. Paul lives in New York with his wife and children.

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