@Anonymous wrote:
So I will soon be in the market for auto loans, and I do most of my banking at bank of america. Any advice, known guidelines (loan to value or fico requirements)? I know another credit union I looked out flat out told me a fico above 700 will mean up to 140% ltv, lowest possible interest rates that were also determinant on term, and next steps.
Personal banker at b of a was kind of clueless, just kept saying you have to apply and find out. My dad has a auto loan with the and says they are quite good, no hassle. Also can I do a preapproval? Or would I have to pick out car first
This is a little off topic (and a big rant): Text in red is an oxymoron. Big box banks don't really have personal bankers anymore unless you are in their wealth division. They are moving away from trained personnel to the "lets have the computer make a decision" type model. The "personal bankers" no longer have any idea of their own loan guidelines. This is especially true for mortgages, but I see it in other areas too. Your use of the word "clueless" is very appropriate.
IMO it is one more way for the big box banks to remove services to save money. If they don't train their personnel, they can pay less. Next step, they won't even have people at the branches any more - just machines, then no branches. Look at the way Chase is removing services from their branches right and left. *end rant.* Sorry for the thread jack.
