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Bank of America auto loans review

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Dealership and private party financing with loyalty discounts.’s rating: 3.5 / 5.0


Bank of America offers simple auto loans with helpful tools to guide your application and payments. Its rates compare to other large banks and you can qualify for a discount if you already have an account. But your options are limited to dealerships in this national bank’s network and private party purchases.


Min. Loan Amount


Max. Loan Amount

Starting at 2.69%



Product NameBank of America Auto Loans
Min. Loan Amount$5,000
Max. Loan Amount$100,000
APRStarting at 2.69%
Interest Rate TypeFixed
RequirementsAges 18+, US citizen or permanent resident, buying eligible vehicle

First, do I qualify?

You may qualify for a Bank of America loan as long as you are at least 18 years old and a citizen or permanent resident of the US. However, not every car is eligible for an auto loan.

Bank of America will not finance vehicles that are:

  • Older than 10 years
  • Have more than 125,000 miles
  • Valued at less than $6,000
  • Used for commercial or business purposes
  • Salvaged, rebuilt or have branded titles
  • Motorcycles, recreational vehicles, boats or aircraft

The seller also needs to meet a few conditions:

  • Independent dealers outside of BoA’s network are not eligible for financing.
  • The seller must be the same as the registered owner listed on the vehicle title.
  • The vehicle must be purchased directly from the seller or current owner.

What states are Bank of America auto loans available in?

Bank of America offers auto loans to residents of all 50 states.

What makes an auto loan from Bank of America unique?

Bank of America has a simple three-step process that can put your loan funds into your account in a matter of days. It could be a good option if you’re looking to keep all of your finances in one place — checking account holders can qualify for an interest rate discount of up to 0.5%.

What types of car loans does Bank of America offer?

Bank of America has auto loans for a wide range of cars and refinancing. You can borrow anywhere from $5,000* to $100,000, and for borrowers with good to excellent credit, you may see your APR as low as 2.69%. Its car loans include:

  • New car loans
  • Used car loans
  • Private party car loans
  • Refinancing
  • Lease buyouts

*Minimum loan amount of $7,500 in Minnesota and South Carolina.

Accessible vehicle loans

Bank of America also offers loans made for customers who want to buy a wheelchair-accessible car, van or light truck. Terms run up to 72 months — a full year longer than other BoA car loans. Reach out to customer service to find out more about your options.

Bank of America auto loan rates

Loan typeStarting APR
New car loan from dealer2.69%
Used car loan from dealer2.99%
Car loan from private party5.79%
Lease buyout3.69%

Compare more car loan options

Data indicated here is updated regularly
Name Product Filter Values Minimum credit score APR Loan term Requirements
No minimum credit score
3.9% to 27.9%
1 to 6 years
18+ years old, annual income of $4,000+, no active bankruptcies Car Loans
Varies by network lender
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
CarsDirect auto loans
Varies by network lender
Varies by network lender
Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
Auto Credit Express Car Loans
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
Monevo Auto Loans
3.99% to 35.99%
3 months to 12 years
Credit score of 500+, legal US resident and ages 18+.
Quickly compare multiple online lenders with competitive rates depending on your credit.

Compare up to 4 providers

What are the benefits of a Bank of America auto loan?

From its fast approval to its variety of options, here are a few perks of taking out an auto loan from BoA:

  • Quick approval. Applying for your loan online can be quick, with approval in as little as 60 seconds.
  • Member discounts. You could be eligible for up to a 0.5% discount if you have or open a Bank of America checking account.
  • Streamlined dealership car-buying process. Bank of America’s authorized dealer network can further streamline your car-buying process. Once approved, you can take your approval letter to any one of BoA’s network dealerships to negotiate the price of a car.
  • Private party loans. Unlike with many national banks, you don’t have to buy through a dealership to get a car loan.
  • No prepayment penalties. You can save on interest by paying off your loan early at no extra cost.

What to watch out for

Bank of America offers affordable loans and a network or dealers to help you get a loan you can afford, but consider its drawbacks before applying.

  • No financing for independent dealers. With only a few exceptions, dealers that aren’t affiliated with an auto manufacturer aren’t eligible for BoA auto financing.
  • Not upfront about fees. Bank Of America doesn’t disclose that it might charge an origination fee on its car loans. Instead, it highlights that it doesn’t charge an application fee — which is standard for most lenders.
  • Vehicle restrictions. Bank of America won’t finance cars that are over 10 years old or that have more than 125,000 miles. You also can’t finance salvaged or rebuilt cars, conversion or delivery vehicles, motorcycles or RVs.
  • Private party restrictions. You need to apply in-person if you don’t have a bank account with BoA and want a private party loan.
  • Mixed customer reviews. Customers complained that Bank of America had poor customer service was general disorganized on Trustpilot and the Better Business Bureau.

Case study: Rhys’ experience

profile pic

Rhys Subitch

I first got my auto loan with Bank of America back in 2017, and it’s been as easy to deal with as it was to get. Working freelance means not having the typical income verification that’s usually required for a loan. I was able to get a loan with Bank of America at the dealership with a down payment that was less than 10% of the amount, and at a rate that was better than what my credit union offered.

Since then, it’s been a steady ride. When I knew I wasn’t going to be able to work as much one month, I called in to ask for an extension on my due date. They easily moved that payment to the end of the month — a time when I don’t have many bills due. This saved my credit score, helping me avoid a late payment.

How do I apply?

Before you apply, make sure you meet BoA’s eligibility requirements.

Start your application by visiting the BoA website and navigate to the auto loans page. From here, follow these quick steps to finish the preapproval process.

  1. Select Apply Now to be taken to the application.Screenshot BofA 1
  2. Select your loan type and provide extra details BoA requests.Screenshot BofA 2
  3. Enter the loan amount and select the loan term you would like.Screenshot BofA 3
  4. Supply your personal, financial and contact information.Screenshot BofA 4Screenshot BofA 5
  5. Read the terms and conditions before agreeing.
  6. Review your application details and submit.

Bank of America will review your application and give you an approval decision. From here, you can get started finalizing your application and searching for your next car.

Your loan approval and interest rate are locked in for 30 days from the date you submit your original loan. To access your loan application, log in to your online account. You can access your saved application for 30 days.
More about Bank of America loans

What documents do I need to apply?

When you’re ready to apply, go to Bank of America’s site with the following information:

  • Full name and contact information
  • Social Security number and date of birth
  • Employment information and proof of income
  • Federal tax returns, W-2s and other financial statements
  • Citizenship status
  • Purchase agreement or bill of sale — optional
  • Registration and title — optional
  • Lease buyout instructions — if applicable

I got a Bank of America auto loan. Now what?

Now that you have your auto loan, it’s time to start making regular payments. Bank of America allows you to pay your monthly bill a few different ways:

  • Bill pay. If you use Bank of America’s online banking, you can schedule recurring or one-time bill payments from your checking or money market accounts.
  • By phone. Call Bank of America’s payment line to pay by phone 24/7.
  • By mail. Mail your auto loan payment and loan account number to Bank of America, N.A., P.O. Box 15220, Wilmington, DE 19886-5220.
  • In person. Pay your auto loan in person at any Bank of America branch.

If you don’t have a Bank of America deposit account, you can set up electronic payments from your account at another financial institution.

While Bank of America charges no origination or other loan fees, late or missed payments can result in extra costs to your loan. Check your loan contract to see what type of fees you might have to pay for late or returned check fees.

Bottom line

Buying a car or any big purchase can be overwhelming. If you’re looking to buy a new or used car and want a loan from a trusted bank, Bank of America offers simple auto loans with fast turnaround. And if you’re still unsure of where to turn, you can compare your car loan options before making a final decision.

Frequently asked questions

Car loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate car loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

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  1. Default Gravatar
    May 30, 2019

    How long should final approval/contract take to complete if for some reason co signer is requiring further verification?

    • Avatarfinder Customer Care
      May 31, 2019

      Hi Nichole,

      Thanks for your inquiry

      As per Bank of America Auto loan, most decisions are available in about 60 seconds. In cases where applications require a more detailed review, They’ll send you an email when the decision is ready.

      I hope this helps.

      Kind regards,

  2. Default Gravatar
    May 13, 2019

    Which credit bureau does Bank of America pull from?

    • Avatarfinder Customer Care
      May 14, 2019

      Hi Quang,

      Thank you for getting in touch with Finder.

      Currently, we do not have any info regarding which credit bureau BoA obtain info with. You may contact them directly on this matter.

      I hope this helps.

      Thank you and have a wonderful day!


  3. Default Gravatar
    January 27, 2019

    Will I get penalized if I refinance before the first payment on an auto loan?

    • Avatarfinder Customer Care
      January 28, 2019

      Hi Janet,

      Thank you for your comment.

      There’s no need to wait any minimum amount of time before refinancing your car loan as long as meet all the requirements for the new loan in order to refinance. You can refinance immediately after buying or even before you make your first monthly payment. Just be sure that you end up with a better deal and that refinancing doesn’t cause you to pay more for your vehicle.

      If you’re planning to refinance from the Bank of America lender, you must discuss with them your options. These are the general requirements needed to refinance:
      To refinance an existing loan, you need the following :

      – A new loan with better terms or pricing than your existing auto loan
      – Details about your current loan, including the current lender, your account number, and your loan balance
      – Information about your vehicle, including the make, model, year, and VIN
      – Documentation of your ability to repay, such as pay stubs or tax returns

      I hope this helps.


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