Bank of America offers a variety of auto loan types:
- Dealer purchases (when you purchase a new or used vehicle at a dealership)
- Refinancing (when you replace your existing auto loan with a new one)
- Lease buyouts (when you decide to purchase your leased vehicle)
Note: Bank of America does not offer financing to purchase a vehicle from a private party (an individual seller).
Yes. The following vehicles are not eligible for financing:
- Vehicles older than 10 calendar years
- Vehicles with 125,000 miles or more
- Vehicles valued at less than $6,000 (based on franchise dealer invoice for new vehicles or the wholesale value from an official used vehicle value guide such as J.D. Power for used vehicles)
- Vehicles used for commercial and/or business purposes (we do offer small business auto loans through our Business Advantage)
- Commercial vehicles like heavy-duty trucks (450/4500 series Trucks and vans)
- Salvaged or branded-title vehicles
- Gray market or lemon law vehicles
- Conversion or delivery vehicles
- Motorcycles, boats or aircraft
- Recreational Vehicles (RV). We only finance RV loans through our Authorized RV Dealers adatext . Use the Recreational Vehicles (RV) Dealer Locator tool to find an RV dealership of your convenience.
Applicants must be at least 18, or have the ability to enter into a legal contract for auto financing in their state of residence. Applicants must also be a U.S. citizen or resident alien (permanent or non-permanent).
Yes. Bank of America auto loans are available in all 50 states and the District of Columbia.
Specific terms for your auto loan are determined by a variety of factors, but you should be aware of the following:
- The minimum amount we finance is $7,500 ($8,000 in Minnesota)
- Term limitations may apply
- Loan-to-value restrictions apply
- A down payment may be required
- Title and state fees may apply
The Annual Percentage Rate (APR) represents the annual cost of borrowing money. The APR for your auto loan is determined by factors such as but not limited to, personal income, collateral, and other information. Your auto loan's APR determines your payment amount and the total amount of interest paid during the life of the auto loan.
We offer flexible financing terms dependent on loan type and subject to collateral, terms and conditions. Our online application allows you to select certain term lengths; you can discuss other term lengths that may be available with your loan officer after your application is submitted.
No — Bank of America does not charge prepayment penalties for auto loans.
New auto loan rate: Vehicles qualify for new auto loan rates when they meet the following criteria:
- Never been titled or registered with the DMV or any other appropriate agency
- Odometer (if applicable) has less than 6,000 miles
Used auto loan rate: Any financing obtained on June 1 or after to purchase vehicles from the prior year will qualify for used auto loan rates.