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Advertising Practices

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Business Advantage

BUSINESS ADVANTAGE AUTO LOAN

Get the financing you need at a great competitive rate

If you’re looking to purchase or refinance vehicles, from small cars to light-duty trucks and cargo vans, a Business Auto Loan may be the perfect solution.

Apply over the phone at 888.600.4000
Monday-Friday 8AM – 10PM ET

Requirements: Minimum 2 years in business, minimum vehicle value of $10,000, maximum vehicle age of 5 years and less than 75,000 miles. Your business is limited to four Business Advantage Auto Loans concurrently.

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Competitive rates

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Loan amount from $10,000

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30-Day Rate Lock Guarantee¹

Auto loans with APR as low as^†6.19%

† Current APR listed is the “as low as” rate as of 12/10/2024 and is subject to change without notice. APR is the Annual Percentage Rate. Advertised “as low as” APRs assume excellent borrower credit history. Your actual APR may differ based on your credit history, approved loan amount, term, state of residence and applicable discounts. No loan documentation fee, but title and state fees may apply. Any applicable discounts, such as Preferred Rewards, will be reflected in the individual APR quote you will receive if you are approved for an auto loan. Example: A 5-year, fixed-rate new car loan for $62,000 would have 60 monthly payments of $1,204 each, at an annual percentage rate (APR) of 6.19%.

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Could you qualify for a special deal?

Small business clients receive exclusive incentives with the purchase of a new Mercedes-Benz vehicle.²

Estimate your monthly auto loan payment

*Important note about this calculator: The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation.³

Rates are unavailable right now. Please check back again later.

Purchase

Loan Amount $

The amount you wish to finance for your auto loan.

Not sure? Determine loan amount

Car Price

Car price required

Trade-in Value

A dealer assigns a trade-in value to an auto, boat or other vehicle that a buyer wishes to exchange for a replacement vehicle. Trade-in value, also called trade-in allowance, is subtracted from the purchase price of the vehicle. Trade-in value is often based on the published book value of the vehicle. As a general rule, a vehicle with less wear and tear has greater trade-in value.

Amount Owed on Trade-in $

The amount you still owe on the auto you plan to trade in.

Down Payment

A down payment is the cash you deposit toward the purchase of equipment or a commercial vehicle. The larger the down payment, the less you are required to borrow. For equipment loans, a down payment of 20% of the equipment purchase price is generally required. The value of a trade-in can be used instead of a down payment when purchasing replacement equipment.

Cash Rebate and incentives

Dealers may offer a cash rebate as an incentive to buy an auto, boat or other vehicle. A cash rebate reduces the purchase price by the amount of the rebate. Some credit card companies offer a cash rebate card as an incentive for cardholders to make new purchases. There is usually limit on how large a rebate the cardholder may receive in a year.

Loan term (months)

The period of a loan, generally measured in months or years. Auto loans generally range between 4 and 6 years.

Interest rate %

The cost for the use of a loan, usually expressed as a percentage of the loan and paid over a specific period of time. The interest rate does not include fees charged for the loan.

Resets calculator to the rates and terms currently available from Bank of America for a Business Advantage Auto Loan

Estimated monthly payment

$---

Term -- months

Interest Rate --% APR

Loan Amount $--,---

Estimated payment date August 24, 2023

Apply now Terms and Conditions

Your current loan

Refinance

Current Loan Balance ($)

The amount that you still owe on your existing auto loan.

Current monthly payment ($)

The amount paid each month toward the principal and interest amount of a loan.

Your current interest rate (%)

The cost for the use of a loan, usually expressed as a percentage of the loan and paid over a specific period of time. The interest rate does not include fees charged for the loan.

Your refinance loan

Refinance amount ($)

The amount you wish to finance for your auto loan.

Length of new loan (months)

The period of a loan, generally measured in years. Auto loans generally range between 4 and 6 years.

New loan interest rate %

The cost for the use of a loan, usually expressed as a percentage of the loan and paid over a specific period of time. The interest rate does not include fees charged for the loan.

Click to Reset calculator to Bank of America rates for interest rate and loan term.

Enter your loan information to see results.

Monthly payment comparison

Current loan 0/mo

New loan 0/mo

Difference 0/mo

Months remaining

Current loan 0 months

New loan 0 months

Difference 0 months

Interest to be paid

Current loan 0

New loan 0

Difference 0

Here’s how it works:

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Complete an application online or over the phone.

Quick, no fee application and fast credit decision.

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Receive a check made payable to the seller or dealer.

For questions regarding program requirements and eligibility, call Program Support at 800-721-9654.

Get more with Preferred Rewards

Car

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Equal sign

Lower rates

Preferred Rewards for Business members can get an interest rate discount of 0.25%–0.50% for a new Business Advantage Auto Loan purchase or refinance loan, based upon your tier at time of application.⁴

Ready to get started?

Here’s a checklist of everything you’ll need to apply

FAQs

Get answers to common questions, like “How is my APR determined?” here.

We’re here to help

Need to finance a vehicle over 2.5 tons or learn about leasing? Talk to a small business specialist.

Connect with us

1

Based upon Approval Officer successfully contacting customer and obtaining the necessary information for underwriting evaluation. The term, amount, interest rate and repayment schedule for an approved loan may vary depending on creditworthiness. Rate is guaranteed for 30 days from the date of original application approval.

2

This incentive program is provided by Mercedes-Benz USA, LLC which is solely responsible for any discount on a Mercedes-Benz vehicle. This program is limited to applicants who purchase their Mercedes-Benz vehicle with financing provided by Bank of America, N.A. To receive the Mercedes-Benz incentive, approved credit applicants must print the Mercedes-Benz Program Incentive Form and take it to a Mercedes-Benz dealership of their choice and take delivery of their vehicle. Please review the Mercedes-Benz Program Incentive Form for the applicable incentive discount.

3

Important note about this calculator: The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation. The final APR may differ from the APR in the above results due to additional fees that may be applicable.

4

The Preferred Rewards for Business program is only available to Bank of America Small Business, Merrill Small Business, and Bank of America Private Bank® Small Business and Business Banking clients. Clients in the eligible business categories may enroll in the program. To enroll you must have an active, eligible Bank of America business checking account, and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America business accounts (such as checking, savings, certificate of deposit) and/or your Merrill business investment accounts (such as Working Capital Management Accounts, Business Investor Accounts, Delaware Business Accounts). The qualifying balance is calculated based on either (i) your average daily balance for a three-calendar month period, or (ii) your current combined balance, provided that you enroll at the time you open your first eligible business checking account and satisfy the balance requirement at the end of at least one day within thirty days of opening that account. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements. Not all account types will count towards the balance requirements and receive program benefits. Refer to your Business Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Not all Small Business products are available to Business Banking clients. Business Banking clients may contact their relationship manager for details about which Small Business products are available to them. Additional program information is available at: Preferred rewards for Business.

Preferred Rewards for Business members who apply for a Business Advantage Auto Loan purchase or refinance loan receive an interest rate discount of 0.25% for Gold tier, 0.35% for Platinum tier, and 0.50% for Platinum Honors tier based on the applicant’s or a co-applicant’s Preferred Rewards for Business program tier at the time of loan application.

The maximum Preferred Rewards interest rate discount on a Business Advantage Auto Loan is 0.50%. Business Advantage Auto Loans do not qualify for, or entitle any applicant to, a discount under the consumer Preferred Rewards program. This interest rate discount is not reflected in our published rates on our website but will be reflected in the interest rate quoted upon loan approval.

Discounts are only available on auto loan applications submitted by you directly to Bank of America through its website, Financial Centers, or Bank call centers. Discounts are not available for motor vehicle leases or for applications sourced from car dealerships, car manufacturers, or third-party branded/co-branded relationships.

Benefit is non-transferable. Subject to credit approval. Standard underwriting guidelines and credit policies apply.

Mercedes-Benz and the Mercedes-Benz logo are registered trademarks of Mercedes-Benz USA, LLC. Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.

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