Buying a car is a major life moment—filled with excitement, sometimes a bit of anxiety, and a stack of paperwork. With Bank of America Auto Loans, you get the best of both worlds: the stability of a nationwide institution, and tools designed to make the journey smoother and more transparent .
As your financial friend with deep resources, Bank of America gives you a clear process, no hidden fees, and a lending system built to adapt to your needs—whether you’re shopping for a new set of wheels or refinancing an existing auto loan.
🚗 Why Bank of America Auto Loans Work for You
- Pre-Qualification Without Credit Impact
Get a personalized glimpse of your loan terms without affecting your credit score via a harmless soft pull - Multiple Loan Paths
Choose from:- New or Used Dealer Purchase
- Refinance of an existing loan
- Lease Buyout if you’ve fallen in love with your current vehicle
- Flexible Loan Amounts and Terms
Borrow as little as $7,500 with terms ranging up to 72 months (or potentially 84 months with approval) - 30-Day Rate Lock
Once approved, your rate, terms, and monthly payment are locked in for 30 days—giving you breathing room to shop - No Fees—Apply for Free
No origination charges, no application fees, and no penalties for paying off your loan early - Preferred Rewards Discounts
Bank of America customers may earn APR discounts up to 0.50% through their Preferred Rewards program - Multiple Application Options
Choose what works best: start online, call, or visit a branch to apply
💡 Things to Know Before You Apply
- $7,500 Minimum – Lower amounts aren’t eligible for loans or refinances
- Vehicle Limits – Cars must be under 10 years old with fewer than 125,000 miles
- Soft to Hard Pull – Pre-qualification uses a soft inquiry; applying triggers a full hard credit pull
- No Private-Party Loans – Only financing purchases from approved dealerships, CarMax, or Carvana
- Prestige Requirements – To earn rate discounts, account balances for Preferred Rewards must meet their tier thresholds
- Rates Vary – While “as low as” APRs are advertised, individual rates depend on credit history and loan details
📝 Step-by-Step: How to Get Started
- Pre-Qualify Online
Create or log into your BoA online banking, complete a simple form, and receive an estimate of your rate range - Lock Your Rate
Once you see an appealing offer, lock in your rate for 30 days; now you’re ready to shop with confidence - Shop at Approved Dealers
Visit participating dealerships, CarMax, or Carvana armed with your offer letter and approval code - Complete the Application
Finalize your loan at the dealership or a branch. A hard credit check happens now - Close the Deal
Sign the loan, take ownership, and start your loan journey - Repay Easily
Set up autopay, manage accounts online, and use the mobile app to track payments - Get Reappraisals
Bank of America does not offer refinancing of their own loans but supports refinancing through other lenders if beneficial
When you click, you will be redirected
