With a presence across all 50 states, Bank of America provides the reach of a big bank, as well as big bank recognition. But that’s not all. By choosing Bank of America for your auto loan, you could benefit from low rates and flexible features.
Bank of America Auto Loans
Bank of America offers auto financing on a range of loan types. By choosing a Bank of America auto loan, you could finance a new or used vehicle purchased from a dealer, or a used vehicle from a private seller. You could also take advantage of refinancing on your current auto loan, or a lease buyout should you decide to purchase your leased vehicle.
The rate you pay on your auto loan will be determined by the type of loan you choose, alongside other important factors. These could include your credit history, your approved loan amount, your loan term, your state of residence, and any applicable discounts, such as Preferred Rewards.
To be eligible for an auto loan from Bank of America, you must be at least 18 years of age (19 in Alabama or Nebraska), and you must live in the U.S. as a U.S. citizen, resident alien or non-resident alien. When you apply, you will be asked to provide personal information, and certain documentation to back up your application.
For refinance deals and lease buyouts, you will need to provide specific vehicle information such as the make, model, year, mileage and vehicle identification number (VIN).
The following vehicles are not eligible for financing with Bank of America:
• Vehicles older than 10 calendar years,
• Vehicles with 125,000 miles or more on the clock,
• Vehicles valued at less than $6,000,
• Vehicles used for commercial and/or business purposes,
• Commercial vehicles,
• Salvaged or branded-title vehicles,
• Gray market or lemon law vehicles,
• Conversion or delivery vehicles,
• Motorcycles, recreation vehicles (RV), boats or aircraft.
What You Need To Know
• Bank of America offers auto loans starting at $7,500 ($8,000 in Minnesota).
• Term limitations and loan-to-value restrictions may apply.
• You may be required to provide a down payment on your loan.
• You may be required to pay title and state fees.
• You will not pay an auto loan application fee (a loan fee may apply in Indiana and Ohio).
• If you choose to pay off your loan early, you will not pay a prepayment penalty.
• When you apply, you will usually receive a decision within 60 seconds. In some cases, a more detailed review will be needed.
• You can apply in advance for your auto loan. Your purchase loan approval and interest rate are locked in for 30 days from the date of your original loan application, allowing you to shop around knowing exactly how much vehicle you can afford.