Low APRs tailored to your credit profile, plus terms up to 72 months.
Get an automatic APR discount if you’re part of the Preferred Rewards program.
Apply online, upload documents securely, and manage your loan anytime.
One of the country’s largest banks, with reliable support and national reach.
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Finance a New or Used Vehicle+
Apply online for competitive rates when buying from a licensed dealership. Quick approvals and flexible terms up to 72 months.
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Refinance to Lower Monthly Payments+
Already have an auto loan? You may reduce your rate or monthly payment by refinancing with Bank of America.
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Unlock Benefits with Preferred Rewards+
BoA clients in the Preferred Rewards program receive up to 0.50% off APR on auto loans—automatically applied if eligible.
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Manage Your Loan Digitally, Anytime+
Track balances, schedule payments, and make updates using the BoA mobile app or online portal 24/7.
Bank of America is one of the most prominent players in the U.S. auto lending space, offering financing for a wide variety of vehicle purchases with strong digital tools and loyalty perks. Whether you’re buying from a dealership, refinancing an old loan, or purchasing from a private seller, BoA adapts to different needs and credit profiles.
Why Choose Bank of America for Your Auto Loan?
- Starting APRs around 5.29% for qualified borrowers
- Flexible terms from 12 to 72 months
- No application or prepayment penalties
- Fast online process with instant decisions in many cases
- Up to 0.50% APR discount for Preferred Rewards members
- Support for private party purchases, lease buyouts, and refinancing
- National reach and financing available in all 50 states
Types of Auto Financing Offered
1. Dealer Purchase Loan
Financing for new or used vehicles from licensed dealers. Funds go directly to the dealership.
2. Auto Loan Refinance
BoA helps replace a high-interest car loan with a lower-rate one, possibly saving thousands over time.
3. Lease Buyout Loan
If you’re leasing a vehicle and want to buy it, BoA can finance the residual value.
4. Private Party Auto Loan
For purchases from individuals. While it requires title verification and additional documentation, it’s a rare option among big banks.
5. Lease Purchase Financing
Useful if you’re nearing the end of a lease and want to retain your car.
Realistic Auto Loan Simulations
Scenario A: Excellent Credit (700+)
- Car Price: $26,000
- Down Payment: $4,000
- Loan: $22,000
- APR: 5.29%
- Term: 60 months
- Monthly Payment: ~$417
- Total Interest: ~$3,020
Scenario B: Moderate Credit (~640)
- Car Price: $20,000
- Down Payment: $2,000
- Loan: $18,000
- APR: 8.99%
- Term: 60 months
- Monthly Payment: ~$375
- Total Interest: ~$4,500
Scenario C: Self-Employed Borrower (~660)
- Car Price: $23,000
- Down Payment: $3,000
- Loan: $20,000
- APR: 7.99%
- Term: 60 months
- Monthly Payment: ~$406
- Total Interest: ~$4,360
Scenario D: Preferred Rewards Platinum Tier (~720)
- Car Price: $28,000
- Down Payment: $5,000
- Loan: $23,000
- APR: 4.99% (includes 0.25% loyalty discount)
- Term: 60 months
- Monthly Payment: ~$434
- Total Interest: ~$3,040
Comparing Bank of America to Other Lenders
| Feature | Bank of America | Capital One | Wells Fargo |
|---|---|---|---|
| Online Application | ✔ | ✔ | ✘ (dealer only) |
| Soft Pull Prequalification | ✔ | ✔ | ✘ |
| Loyalty Rate Discounts | ✔ (0.25–0.50%) | ✘ | ✘ |
| Private Seller Loan | ✔ | ✘ | ✘ |
| Lease Buyout Support | ✔ | ✘ | Partial |
| Minimum Used Loan Amount | $7,500 | ~$4,000 | $5,000 |
Bank of America stands out for combining strong digital tools with unique benefits like private seller support, Preferred Rewards discounts, and prequalification with no hard inquiry.
Want to improve your approval chances or know what documents to submit? Continue to Page 2 for real examples, smart strategies, and step-by-step guidance.
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