While Bank of America doesn’t publish a required minimum, applicants with credit scores of 670 or higher typically qualify for better terms. Borrowers with lower credit scores may still be eligible but could receive higher interest rates or be asked for a larger down payment.
When it comes to financing your next vehicle, few names carry the trust and national presence of Bank of America. Whether you’re shopping for a new or used car, refinancing an existing loan, or looking to buy out a lease, understanding how a Bank of America auto loan works can help you make the smartest financial decision possible.
In this comprehensive guide, we’ll walk you through everything you need to know about applying for a Bank of America car loan, avoiding common mistakes, and deciding whether to go directly through the bank or arrange financing at the dealership.
Why Choose a Bank of America Auto Loan?
Bank of America (BofA) is a major player in the world of auto financing, offering a full suite of options for borrowers:
- New and used car loans
- Refinance auto loans
- Lease buyout financing
- Pre-approval tools
- Online loan management
Their auto loan program is designed to work seamlessly for a wide variety of credit profiles and offers flexibility in repayment terms, loan amounts, and vehicle types — whether you’re purchasing a sedan, truck, or SUV.
Popular search terms like “bank of america auto loan,” “bank of america car loan,” and “vehicle loan bank of america” reflect the growing consumer demand for transparent, nationally-backed lending options.
How to Apply for a Bank of America Auto Loan
Applying for an auto loan through Bank of America is a streamlined process. Here’s how it typically works:
1. Start with Pre-Approval
You can begin by checking your eligibility through Bank of America’s auto loan pre-approval tool. This doesn’t affect your credit score and helps you understand what rates and terms you might qualify for.
Searches for “bank of america auto loan application” and “how to get a bank of america auto loan” often lead here — it’s one of the fastest ways to secure your rate and set your budget.
2. Submit a Full Application
Once prequalified, complete the online application. You’ll need to provide:
- Personal and contact info
- Employment and income details
- Vehicle information (VIN, dealer, price)
- Desired loan amount and term
You can apply for a Bank of America auto loan online through their secure portal.
3. Provide Required Documents
This may include:
- Proof of income
- Insurance verification
- Driver’s license
- Signed purchase agreement or buyer’s order
When people ask, “What documents do I need for a Bank of America auto loan?” — these are the essentials.
4. Loan Finalization
Once approved, your interest rate is typically locked for a set period, giving you time to complete the vehicle purchase or refinance process. You’ll also receive instructions for submitting the signed loan documents.
Bank of America Auto Loan Options
Here’s a breakdown of the major financing products available through BofA:
1. New and Used Car Loans
You can finance cars purchased from franchised dealerships — including certified pre-owned (CPO) vehicles. A used car loan Bank of America program still provides highly competitive terms, especially for vehicles less than 10 years old and with under 125,000 miles.
2. Auto Loan Refinancing
Want to lower your monthly payment or replace your high-interest dealership loan? The Bank of America refinance auto loan option lets you keep your car but improve your terms. This is one of the most popular long-tail search queries related to BofA loans.
3. Lease Buyouts
If you’re coming to the end of a lease and want to keep your vehicle, Bank of America’s lease buyout loan gives you a way to purchase it outright — often with more flexibility than the dealership’s financing offer.

Auto Loan Management & Support
Customers appreciate that BofA makes it easy to manage their loan online. With your Bank of America account, you can:
- View balances and payment history
- Schedule or automate payments
- Update your contact info
- Access payoff quotes
If you search for “bank of america auto loan payment” or “bank of america auto loan customer service,” you’ll land on their intuitive tools and support center — a key part of why their auto loan reviews are often positive.
Getting It Directly from Bank of America vs. At the Dealership
You may have the option to secure a Bank of America vehicle loan either by applying directly with the bank or allowing the dealership to arrange financing. Here’s what you should know:
Applying Directly Through Bank of America
- You get clear, transparent loan terms.
- You may receive an interest rate discount if you’re a Preferred Rewards member.
- There’s no pressure to accept dealer markups or add-ons.
- You’re empowered to negotiate price like a cash buyer.
Searches like “bank of america auto loan direct vs dealership” often lead to this realization: going direct gives you more control.
Going Through the Dealership
- Some dealers offer to handle financing through BofA.
- It’s convenient, but be cautious — dealerships can inflate your interest rate even when using the same lender.
- They may bundle extended warranties or GAP insurance into the loan.
Always compare what the dealer offers to your Bank of America auto loan pre-approval. The difference in cost over the life of the loan could be thousands of dollars.
Common Mistakes to Avoid
Even with a strong lender like BofA, borrowers can make costly missteps. Here are the most common ones — and how to steer clear:
1. Skipping Pre-Approval
Without pre-approval, you’re more vulnerable to upselling and higher interest rates. Start your journey with a Bank of America auto loan pre-approval to stay in control.
2. Financing Add-Ons Through the Dealer
Add-ons like service contracts, tire packages, or paint protection often cost more through dealers. Compare outside options, such as Noble
Quote’s extended vehicle protection, which may offer more coverage at a better price.
3. Over-Focusing on Monthly Payment
Dealers love to ask, “What monthly payment are you comfortable with?” Instead, look at the total cost over the life of the loan. Lower monthly payments often mean longer terms and more interest.
4. Confusing Interest Rate with APR
The annual percentage rate (APR) includes fees, giving you a clearer picture than just the interest rate alone.
5. Not Shopping the Loan
Even if you think you’re getting a BofA loan at the dealer, confirm the terms match what you’d get by applying directly. Ask: “What is the interest rate on a Bank of America auto loan?” and compare it to your offer.
Is a Bank of America Auto Loan Right for You?
If you’re asking, “Is a Bank of America auto loan right for me?” here are a few indicators that it could be a great fit:
- You want to buy from a dealership, not a private seller.
- You prefer managing your finances online or through your existing BofA accounts.
- You’re a Preferred Rewards member and can unlock rate discounts.
- You’re refinancing a car with a high-interest dealer loan.
- You want straightforward lending without surprise fees.
Just make sure your vehicle qualifies: BofA typically requires the car be under 10 years old, with fewer than 125,000 miles, and purchased from an eligible dealership.
Final Thoughts
A Bank of America auto loan offers flexibility, convenience, and access to competitive terms — especially if you’re a Preferred Rewards customer or someone who prefers digital banking. But like any major financial decision, it pays to do your homework.
By applying directly, staying vigilant with loan terms, and avoiding common financing pitfalls, you can drive away with both the car and the confidence that you secured a solid deal.
Need help protecting your new vehicle?
Check out Noble Quote’s Learning Center for resources on extended warranties, repairs, and auto protection plans that pair perfectly with your new car loan.
Frequently Asked Questions About Bank of America Auto Loans: What Real Drivers Need to Know
What credit score do you need for a Bank of America auto loan?
Can I apply for a Bank of America auto loan online?
Yes, Bank of America allows you to apply entirely online. You can get prequalified without affecting your credit score, complete the full application digitally, and even upload documents through their secure platform.
How do I get pre-approved for a Bank of America auto loan?
You can start the pre-approval process by visiting Bank of America’s auto loan page and using their prequalification tool. It’s a soft credit check that gives you an estimate of your rate and loan amount without affecting your score.
Does Bank of America finance used cars?
Yes. Bank of America offers loans for used cars purchased through franchised dealerships. The vehicle must typically be less than 10 years old and have fewer than 125,000 miles.
Can I refinance my existing car loan with Bank of America?
Yes. You can refinance your current auto loan to potentially lower your interest rate, change your loan term, or reduce your monthly payment — even if the original loan was through a different lender.
What’s the difference between a Bank of America auto loan from a dealer and one directly from the bank?
When you apply directly, you receive transparent terms and rate lock options. When financing is arranged through a dealer, even if it’s with Bank of America, the dealer may add fees or mark up the interest rate.
Are there any fees with a Bank of America auto loan?
No. There are no application fees or prepayment penalties. However, late payment fees may apply if you miss your scheduled due dates.
How long does it take to get approved for a Bank of America auto loan?
Prequalification is instant. After submitting your full application and documents, approval typically takes 1–2 business days.
Can I use a Bank of America auto loan to buy from a private seller?
No. Bank of America only finances vehicles purchased from eligible dealerships. Private party sales are not supported.
What documents do I need for a Bank of America auto loan?
You’ll need to provide your driver’s license, proof of income (such as pay stubs or tax returns), proof of insurance, and the vehicle’s purchase agreement from the dealership.
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