Whether you need auto loan refinancing or car insurance try Jerry to quickly compare rates. It’s way faster than researching it yourself and you’re likely to find a great deal.

Calculate your APR

Here’s a handy tool to help you calculate your approximate loan interest rate:

Loan Amount

Credit Rating

Average Annual Interest Rate	Average Monthly Payment
8.45	$362

Bank of America auto loans overview

Bank of America is a full-range financial service provider. Trusted by millions of customers, Bank of America offers banking and wealth management as well as auto loans.

There is no minimum required credit score to get an auto loan at this bank. However, the minimum financing amount is a major limitation. You may be required to make a down payment and fees may apply in Indiana and Ohio.

Here’s everything you need to know about Bank of America auto loans:

Starting APR: 2.29% (new), 2.49% (used)
Loan amounts: Minimum $7,500 ($8,000 in Minnesota); Maximum $100,000
Loan terms: Maximum 72 months (users can negotiate term between 12 and 75 months later on in the application process)
Minimum required credit score: N/A
Application fee: No
Prepayment penalty: No
Prequalification or preapproval: Yes
How to apply: Complete the online application form

Bank of America auto loan pros	Bank of America auto loan cons
Variety of approved sellers: Bank of America allows you to finance vehicles via franchise dealers, approved independent dealers (like Enterprise Car Sales), and private parties.	Restrictions on dealerships: While the bank’s list of approved dealers is large, your dealership must be on it.
Online list of approved sellers: Bank of America makes it easy to find participating dealers and select a vehicle online.	Customer service: Some customers report poor customer service from Bank of America.
Good terms: No prepayment fee is required, so you can put your money toward paying off the loan. Plus, no down payment is required (unless you have very poor credit).	Some fees may be added: Depending on the state, they may charge a loan origination fee. You may also face a late payment penalty fee. Bank of America can’t get you any discounts on vehicles like some other lenders can.

What kind of auto loans does Bank of America offer?

Loan types

Bank of America offers a variety of auto loans.

You can finance a new or used car purchased via a dealership
They can facilitate a private-party loan if you choose to buy a car directly from a private seller
The bank can help you with a lease buyout when you purchase your leased vehicle

Bank of America does offer refinancing of current auto loans.

Competitive interest rates

Your interest rate will depend on many factors, including the model of the vehicle, your credit score, and the type of loan.

BoA’s lowest available rates (limited to people with excellent credit) are 2.69% on a new car loan from a dealership. A rate as low as 5.79% is available to borrowers with good credit who buy a used vehicle from a private individual.

Interest rate discounts are available for qualifying Preferred Rewards members—but you must already be a member of that program before applying for an auto loan.

How much do they cost?

Rates will vary depending on your personal profile, credit score, and other factors. The average rate is under 3% for people with very good credit who purchase a new car via a dealership. Your interest rate is likely to increase if you choose to buy a used vehicle or buy through a private seller.

BoA’s rates are slightly better than most other lenders.

Who is eligible?

Bank of America does not have a minimum credit score or income requirement to be eligible for auto loans. But generally speaking, people with higher incomes and better credit are likely to receive a better offer (i.e., lower interest rates).

You must be 18 years old or otherwise have the ability to legally sign a contract for auto financing in your state. Bank of America states that borrowers must be U.S. citizens or resident aliens (permanent or non-permanent).

Getting a quote

Application requirements

To apply for a Bank of America auto loan, you must submit an application online. In most cases, it takes about 60 seconds to receive a decision from the bank. Keep in mind that this does not include time spent gathering documents or reviewing vehicles and dealerships.

There is no fee for pre-qualification with Bank of America. You will need your name, address, email address, income, employment information, proof of citizenship, and your SSN. If your credit report is frozen due to security concerns, you will need to unfreeze it prior to submitting an application.

Once you apply, Bank of America will respond with the loan amount and expected interest rate.

Depending on the loan specifics, here are some of the documents you may need to provide prior to closing the deal with the bank:

Purchase agreement/bill of sale
Registration
Title
Lease buyout instructions
Proof of income
Federal tax returns
W-2s
Financial statements

For refinance loans and lease buy-outs with Bank of America, you will need to provide specific vehicle information such as the make, model, year, mileage, and VIN.

Restrictions

Bank of America does not offer financing for:

Vehicles older than 10 years old
Vehicles with more than 125,000 miles
Vehicles worth less than $6,000
Commercial vehicles
Salvaged vehicles
Delivery or conversion vehicles
Recreation vehicles (including motorcycles)

Financing amount

Bank of America offers auto loans starting from $7,500, which is quite a bit higher than some other lenders. Keep in mind that other factors may raise your total loan amount above the vehicle’s sale price.

Taxes and licensing fees
Loan fees
Dealer fees
Add-ons like an extended warranty or gap insurance

Refinancing your Bank of America auto loan

Bank of America does offer auto loan refinancing, even if your original loan was not obtained through BoA. Refinancing is when you ask for a better contract due to changed circumstances.

About 80% of all car financing is arranged through dealerships, which gives dealers a huge advantage. It also means you might be overpaying on your interest rate.

Here are some reasons to consider refinancing:

Your monthly payments are expensive
Your interest rate is high
You have good credit to qualify for better loan terms

If your current loan’s payoff amount is more than the car’s current value, the bank may require you to pay the difference to refinance your loan.

MORE: Upside-down car loans.

What if Bank of America isn’t the right choice for you?

The bank will offer you a loan term depending on factors like your credit score, debt-to-income ratio, size of down payment, and employment. If you want to be sure you’re getting the absolute best deal on your auto loan, you need to shop around.

Jerry is the super app that helps you save on all your car-related expenses, including auto loan refinancing.

After a quick sign-up, Jerry will compare loans from dozens of different lenders to find you the best loan terms. There’s no cost to you and the process is incredibly fast. The best part is that Jerry will handle all the hard parts of refinancing (goodbye, paperwork!) so that you can sit back and enjoy the monthly savings.

Here are average rates from some of the most popular lenders:

Lender	Starting APR	Terms (months)	Loan amount
Bank of America	2.59%	48–72	$7,500+
Lightstream	2.49%	24–84	$5,000–$100,000
myAutoLoan	2.49%	24–72	$8,000+
Carvana	3.9%	36–72	$1,000–$85,000
Capital One	3.99%	36–72	$4,000–$50,000

FAQs

What credit score do you need to get a Bank of America auto loan?

Bank of America does not require a minimum credit score to be considered for a car loan. But generally, borrowers with the highest credit scores receive the lowest interest rates.