Bank of America | Auto Loan

4.4

Bank of America auto loans are available through dealerships, offering convenience and better rates for preferred members.

Loan Details

Loan Amount Starting at $7,500
APR From As low as 5.29%
Min Credit Score Not Specified

Rates by Type

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	New/Used Car Loans	Refinancing	Lease Buyouts
APR	5.29%	6.09%	6.09%
Loan Amounts	Starting at $7,500	Starting at $7,500	Starting at $7,500
Loan Terms	48-72 months	48-72 months	48-72 months

Disclaimer: We are an independent information site, not an insurance company. All figures are estimates for comparison only; table data represents full coverage premiums. Please verify final quotes and terms directly with the insurer.

Pros & Cons

Pros

Lock your rate for 30 days after prequalifying.
Available in all states and Washington, D.C.
No application or early payoff fees.

Cons

The $7,500 minimum may be too high for small refinances.
Rate discounts are limited to select preferred banking members.
Refinance and lease buyouts need a hard credit check.

Eligibility

To finance a vehicle with Bank of America, you must be a U.S. citizen or a resident alien, whether permanent or temporary, and be at least 18 years old. The vehicle must also meet certain requirements.

Vehicles not eligible for vehicle financing

Vehicles that are more than 10 calendar years old
Vehicles with 125,000 miles or more
Vehicles worth less than $6,000
Vehicles used for commercial or business purposes
Salvage vehicles or vehicles with a branded title
Gray market vehicles or vehicles subject to lemon law

Application

Apply Now

There is no application fee for an auto loan application with Bank of America, and you can submit one online, by phone, or in person at one of its branch locations. The process is straightforward and can be completed in just a few steps. You do not need to have already chosen your vehicle before applying.

1. Provide details about yourself and the loan

The first step to financing your vehicle with Bank of America is to complete its online application, including the loan amount and term you want, your personal and income information, and whether you are adding a co-applicant.

2. Lock in your rate

Bank of America offers a 30-day rate lock, which gives you time to shop around while knowing about how much you can afford.

3. Finalize the deal

Once you find a vehicle at an approved dealer, you can complete the loan and leave with your new keys without spending all day waiting in the finance office.