Finding the right auto loan can save you thousands over the life of your loan, and Bank of America stands out with competitive rates, fast approvals, and no prepayment penalties. Whether you’re financing a new or used vehicle, refinancing an existing loan, or purchasing from a private seller, Bank of America offers flexible options with interest rate discounts for existing customers.
With loan approvals in as little as 60 seconds, a 30-day rate lock, and a seamless online process, Bank of America provides a straightforward way to finance a car without unnecessary fees. But how do their loan terms, rates, and requirements stack up against the competition? Let’s break it down.
Want to make sure you get the best auto loan?
Bank of America Auto Loans Review
Bank of America provides a straightforward auto loan process with financing options for new and used cars, lease buyouts, and refinancing. The application is entirely online, and approvals happen quickly, making it easy to secure financing without delays.
With loan terms that accommodate a range of budgets and borrowing needs, Bank of America makes it possible to shop for a car with confidence. Whether you’re comparing lenders or finalizing a purchase, their loan options offer flexibility and convenience.
Types of Bank of America Auto Loans
Bank of America offers several types of auto loans to fit different financing needs.
Dealer Purchase Loans
These loans allow you to finance a new or used car through a franchise dealership. Bank of America does not provide loans for purchases from independent dealers unless they are approved partners like Carvana, CarMax, or Enterprise Car Sales.
Auto Refinance Loans
If you already have a car loan, refinancing through Bank of America could help lower your interest rate or reduce your monthly payment. This option may also allow you to adjust your loan term for better financial flexibility.
Lease Buyout Loans
If you want to keep your leased vehicle instead of returning it, a lease buyout loan helps cover the cost of purchasing it from the leasing company.
Access Loans
Designed for those who need a wheelchair-accessible vehicle or other mobility modifications, Access Loans provide financing for new or used accessible cars, vans, and light-duty trucks.
Business Auto Loans
For small business owners, Bank of America offers financing for cars, vans, and light trucks used for business purposes. These loans can help businesses secure vehicles without draining cash flow.
Loan terms range between 12 and 60 months. Bank of America no longer offers auto loans for private-party purchases.
Bank of America Auto Loan Rates and Fees
Bank of America offers competitive auto loan rates, though your actual rate will depend on factors like your credit score, income, loan amount, and term length. As of 2025, starting APRs are:
- New car (dealer): 5.79% APR
- Used car (dealer): 5.99% APR
- Lease buyout: 6.49% APR
- Auto refinance: 6.99% APR
Preferred Rewards members can qualify for interest rate discounts:
- Gold Tier: 0.25% discount
- Platinum Tier: 0.35% discount
- Platinum Honors Tier: 0.50% discount
To be eligible for the Preferred Rewards program, you’ll need a Bank of America personal checking account and a three-month average combined balance of at least $20,000 in qualifying deposit and investment accounts.
There are no application or origination fees for auto loans, though title and state fees may apply depending on your location. For the most accurate rate details, checking with Bank of America directly is recommended.
Special Features
Bank of America auto loans come with several benefits that make financing a vehicle more convenient and cost-effective. From flexible repayment options to exclusive discounts for existing customers, these features can help borrowers save money and simplify the loan process.
- No Prepayment Penalties: Borrowers can pay off their auto loan early without extra fees, allowing them to save on interest without restrictions.
- 30-Day Rate Lock: Once approved, the interest rate is secured for 30 days, giving borrowers time to shop for a vehicle without worrying about rate changes.
- Preferred Rewards Discounts: Customers who qualify for the Preferred Rewards program can receive an interest rate discount of up to 0.50%, depending on their balance across eligible Bank of America and Merrill accounts.
- Fast Online Approval: The application process is quick and typically provides a loan decision within 60 seconds.
- No Application or Origination Fees: Bank of America does not charge application or origination fees, though title and state fees may apply based on location.
These features make Bank of America a strong option for borrowers looking for a straightforward auto loan with flexible terms and potential savings.
Bank of America Auto Loan Reviews
Bank of America auto loans receive mixed reviews from customers. Many borrowers appreciate the quick online application process, attractive rates, and straightforward loan options. Others have reported challenges with customer service and loan servicing issues, especially when managing payments or requesting adjustments.
The Better Business Bureau (BBB) currently rates Bank of America with an A+, indicating strong business practices and relatively few complaints compared to its customer base. However, as with any lender, experiences can vary, so researching customer feedback and comparing loan terms with other providers is always recommended.
Bank of America Auto Loan Application Requirements
Applying for a Bank of America auto loan is a straightforward process, but you’ll need to provide some essential information:
- Personal details: Home address, date of birth, citizenship status, and Social Security number.
- Financial information: Income details and housing situation.
- Loan specifics: Desired loan amount and vehicle details, if you’ve already chosen a car.
Applicants must be at least 18 years old and either U.S. citizens, resident aliens, or non-resident aliens.
Once approved, your interest rate is locked for 30 days, giving you time to shop for the right vehicle. If you’re unsure how much you can afford, Bank of America’s auto loan calculator can help estimate your monthly payment. For refinancing, their refinance calculator allows you to see potential savings. Loan officers are also available to assist after you’ve submitted your application.
Bank of America Auto Loan Application Process
Bank of America’s auto loan application is entirely online and takes just a few minutes. Most applicants receive a decision within 60 seconds. If additional review is required, you’ll be notified via email once a decision is made. Your approval will include loan details, including estimated monthly payments, so you can shop with a clear budget in mind.
For a smoother buying experience, consider purchasing from a Bank of America authorized dealership. Your approval comes with an approval code that allows authorized dealers to access your loan details and finalize your purchase quickly.
Unlike some lenders, Bank of America does not offer a pre-approval process. Submitting an application triggers a hard credit inquiry, which may temporarily lower your credit score.
Bottom Line
Bank of America auto loans offer competitive rates, quick approvals, and flexible loan options for new and used vehicles, refinancing, and lease buyouts. The ability to apply online in minutes and lock in your rate for 30 days makes the process convenient, while Preferred Rewards members can benefit from additional interest rate discounts.
However, loans are limited to franchise dealerships, and private-party purchases are not an option. Additionally, there’s no pre-approval process, meaning a hard credit inquiry is required upfront.
For borrowers who qualify for the best rates and plan to buy from an approved dealer, Bank of America provides a reliable auto loan option with minimal fees and a streamlined application process.
Still Searching?
Check out our other auto loan reviews below to continue exploring your options.