BMO Harris Auto Loans Review
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BMO Harris auto loan review shows that despite being quite an expensive loan provider, this company successfully works in the market for a long time improving and updating its services every day.
Although there are some people who plan to get a car and save money ahead of time, it is usually impossible to predict everything, and for this reason, those who prefer having a car here now become clients of banks, online loan providers, etc.
BMO Harris Bank is one of auto loan providers with substantial history of development since 1882.
BMO auto loan review will be helpful for potential clients who would like to consider all the pros and cons before making a final decision.
How to Apply BMO Harris
BMO Harris Bank operates in 10 states in the USA, including Florida, Illinois, Wisconsin, Kansas, Missouri, Arizona, Minnesota and Arizona, with the headquarters in Chicago.
They possess a website with full information concerning credit lines and loans depending on the state you are from, but you have to set an account before you can apply for a loan.
Currently, you can contact the personnel of the bank in four ways:
- Visiting a branch;
- Calling them;
- Making an appointment;
- Sending an e-mail.
Information needed for your application includes:
- Full name;
- Social Security Number;
- Employment information;
- Banking details.
The bank pleads that the personal information is secured, and they give online guarantees to their clients.
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Costs of Loans
As far as both new and old auto loans are available in the bank for different periods, BMO Harris loan rates vary greatly.
Annual percentage rate for a new car loan is 4.72%, while a used auto loan interest rate is 4.59%. APR also depends on the term length, which is 36, 48, 60 or 72 months.
The longer the period you take the auto loan for, the bigger the lifetime cost is.
In addition, interest rate is different depending on the state you live in according to the local regulations.
The rates might be checked on the website by entering ZIP-code of the state you are registered at.
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Ways to Auto Loan payment
BMO Harris payment is performed through online banking account at the official website.
Also, such options as paying in person at ATMs or branches of the bank, using BMO Mobile or Phone banking.
The payments might be automatic, but this option is only possible when the money is transferred through the online service.
As a rule, it’s necessary to pay once a month.
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BMO Harris auto loan review shows that in spite of the fact the rates are quite high, it’s rather convenient and secure to be a client of the bank.
Of course, you must be responsible and avoid late fees by paying in time, but the bank is long-standing and reliable.