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

I’ve been working hard to increase my credit score, but it’s only at 550. I want a car loan with Bank of America, but I’m not sure they’ll approve me with such a poor credit rating. What’s the minimum credit score I need to be approved for a loan with them?

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Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Bank of America doesn’t specify a minimum credit score needed to be approved for a car loan. So, with a credit score of 550, you might be approved—but it’s not a guarantee.
But there are other ways to increase the chances of being approved for an auto loan:
  • Get pre-approved
  • Have a strong down payment
  • Build your credit
  • Choose a car you can afford
If you’re considering a car loan with Bank of America, here are some of the advantages:
  • Widespread availability for auto loans—even if there’s no branch in your state
  • Several purchasing methods—buy a new or used car from a dealership, from a private party, lease buyouts, and auto refinancing
  • High minimum loan amount—Bank of America will only approve car loans of $7,500 or more, which is more than most competitors
  • Discounts—If you’re an existing BOA customer, you may be eligible for interest rate discounts up to 0.5%
Keep in mind: If you’re not approved for a loan with Bank of America, that’s not the end of the line—consider trying a credit union or Capital One, as both institutions are known to work with people who want to rebuild their credit.
As you rebuild your credit, a monitoring tool like
Credit Karma
can be handy!
View full answer 
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