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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.
$5,000
Min. Loan Amount
$100,000
Max. Loan Amount
Starting at 3.54%
APR
| Product Name | Bank of America Auto Loans |
|---|---|
| Min. Loan Amount | $5,000 |
| Max. Loan Amount | $100,000 |
| APR | Starting at 3.54% |
| Interest Rate Type | Fixed |
| Requirements | Ages 18+, US citizen or permanent resident, buying eligible vehicle |
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:
The seller also needs to meet a few conditions:
Bank of America offers auto loans to residents of all 50 states.
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%.
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 3.39%. Its car loans include:
There is also no origination fee for a 12- to 60-month repayment plan, giving you more value for your money.
*Minimum loan amount of $7,500 in Minnesota and South Carolina.
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.
| Loan type | Starting APR |
|---|---|
| New car loan from dealer | 3.54% |
| Used car loan from dealer | 3.74% |
| Used car loan from private party | 5.99% |
| Refinancing | 4.29% |
| Lease buyout | 4.59% |
From its fast approval to its variety of options, here are a few perks of taking out an auto loan from BoA:
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.
Rhys Subitch
Writer/Editor
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.
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.
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
When you’re ready to apply, go to Bank of America’s site with the following information:
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:
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.
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.
