In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Bank of America auto loans review

  • Avatar
Bank of America Auto Loans
Finder score
Min. Loan Amount
Max. Loan Amount
Starting at 5.39%

Our verdict

Dealership and private party financing with big loyalty discounts.

Bank of America is a good choice for current customers looking to snag a big discount — some may qualify for up to 0.5% off their APR. It offers a wide variety of loan amounts, too. And you may be able to buy out your current lease or refinance your current loan to snag a more competitive rate.

However, customer service is consistently cited as lackluster. BofA is also less upfront than other lenders about its maximum APR, so borrowers with fair credit may be stuck with much higher rates than advertised.

Before you commit, compare Bank of America to other car loans to find the best deal for your next ride.


  • APR discount of up to 0.5% with qualifying BofA account
  • Private party loans available
  • Streamlined dealership car-buying process
  • Offers loans for accessible vehicles


  • Limited financing for independent dealers
  • Not upfront about fees
  • Mixed customer reviews
  • Must apply in-person for private party loans

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question


Product details

Min. Loan Amount $5,000
Max. Loan Amount $100,000
APR Starting at 5.39%
Interest Rate Type Fixed
Requirements Ages 18+, US citizen or permanent resident, buying eligible vehicle

Bank of America reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.1 out of 5 stars, based on 404 customer reviews
BBB customer complaints 5,477 customer complaints
Trustpilot Score 1.4 out of 5 stars, based on 445 customer reviews
Customer reviews verified as of 06 October 2020

Although most of the recent complaints against Bank of America deal with mortgages, there is one common theme: Poor customer service. Many people have had problems with long wait times, incorrectly applied payments and other issues that customer service failed to handle. If you decide to borrow a car loan with Bank of America, be aware of these common complaints and the long wait times others have cited.

How Bank of America compares to other lenders

For more car loan options, select your credit score and state, then click Show me my personalized options.

Name Product Filter Values Minimum credit score APR Loan term Requirements
LightStream Auto Loans
Good to excellent credit
2 to 7 years
Must have a good to excellent credit profile, be a US citizen or a permanent resident with a valid green card, have a valid Social Security number, credit card verification requested upon loan approval and have a valid US address.
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Varies depending on the lender
3 to 6 years
Varies depending on the lender
Go to site
CarsDirect auto loans
No minimum credit score
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.
No minimum credit score
3.9% to 27.9%
1 to 6 years
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.

Bank of America rates, fees and terms

BofA offers more car loan options than most other banks, and it’s at least a little transparent about what its loans might cost you.

Loan typeStarting APR
New car5.39%
Used car2.69%
Private party sale5.49%
Lease buyout3.29%

You can borrow between $5,000 to $100,000 for your vehicle. Loan terms may last anywhere from 12 to 75 months, although its website only allows you to select a term of 48, 60 or 72 months. If you already have a BofA checking or savings account, you may also qualify for a rate discount of 0.25%, 0.35% or 0.5% — provided you sign up from autopay.

It isn’t upfront about its maximum APR or other fees, so discuss these with your loan officer before signing any paperwork. Until then, you can use our calculator to estimate your monthly payments to see how much car you can afford.

Bank of America requirements

To borrow from Bank of America, you and your car will need to meet a few criteria.

Personal requirements

BofA only has two basic requirements:

  • At least 18 years old
  • US citizen or permanent resident

But while it doesn’t specify a credit score or minimum income, lower rates tend to go to borrowers with better finances.

Vehicle requirements

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

Independent dealers outside of BofA’s network aren’t eligible for financing. In addition, the seller must be the same as the registered owner listed on the vehicle title — whether the seller is an individual or a dealership. And the vehicle must be purchased directly from the seller or current owner.

Case study: Rhys’ experience

profile pic

Rhys Subitch

I got my auto loan with Bank of America 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 and helped me avoid a late payment.

How the application works

Start your application by visiting the BofA website and navigating to the auto loans page. From here, you can apply with or without information about your potential purchase and review the terms of your application before you submit.

Bank of America will review your application and give you an approval decision. If approved, you can start finalizing your application or 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.

What sets it apart

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 — some checking account holders can qualify for an interest rate discount of up to 0.5%.

Bank of America offers simple auto loans with fast turnaround. But if you’re still unsure of where to turn, compare more auto loans before making a final decision.

Frequently asked questions

Our answers to other common questions about BofA auto loans.

What is the difference between a franchise dealership and an independent dealership?

Franchise dealerships sell new and used cars for auto manufacturers, while independent dealerships aren’t affiliated with an auto manufacturer and sell many different brands of vehicles.

How long will it take to receive proof my loan is closed and receive my title?

Once you pay off your loan in full, you’ll receive your lien release, paid-in-full letter and title within 7 to 10 business days after the bank receives and processes your payoff.

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.

Read the full methodology of how we rate car loan providers to get a better picture of what goes into each star rating.

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question

Kellye Finder


Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.



May 30, 2019

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


Bella Finder

May 30, 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,


Show more Show less


May 13, 2019

Which credit bureau does Bank of America pull from?


Jeni Finder

May 13, 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!



Show more Show less


January 27, 2019

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


Jhezelyn Finder

January 27, 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.



Show more Show less
Go to site