Bank of America Auto loan
Bank of America Auto loan
Auto loan benefits
Whether you’re buying a new or used car or refinancing, our comprehensive auto
loan services and benefits can help steer you in
the right direction.
0.15% APR discount
Bank of America customer? Shop with added confidence with our customer-exclusive 0.15% auto loan rate discount for private purchases and vehicle refinancing.
Bank of America offer:
Competitive auto loan rates
Access to funds in as little as 24 hours
Additional savings opportunities for Bank of America customers
Easy-to-use online tools
Multiple purchase types available including dealer, refinance,
private party and lease buyout
Our preferred auto dealers can help streamline the purchase
process and get you in your car faster Find a dealer
Car Loan Eligibility Requirements and Conditions
Maximum vehicle age 7 calendar years
Vehicles with 100,000 miles or greater are not eligible for
No hybrid-modified vehicles or non-standard manufacturer
vehicles will be financed
No commercial vehicles
No vehicles used for commercial/business purposes
No salvage, rebuilt or branded title vehicles
No gray market or lemon law vehicles
No cash out or title loan financing
Applicant(s) must be U.S. citizens or permanent legal residents
No independent dealer purchases Footnote1
Seller(s) and registered owner(s) listed on the title must be one and the same
Vehicle must be purchased directly from the seller/owner (no consignments)
Term Limits may apply
Loan amounts $7,500 – $1,000,000
Loan to value restrictions apply
Down payment may be required
Title and state fees may apply
Powers of Attorney are not accepted
Independent dealers are not affiliated with an auto manufacturer and may sell many different brands of used vehicles.
Bank of America
Traded as: NYSE: BAC
Dow Jones Industrial Average Component
S&P 500 Component
Industry: Banking, Financial services
Predecessor(s) : Bank America,NationsBank
Founded: 1998 (1904 as Bank of Italy)
Headquarters: Bank of America Corporate Center
100 North Tryon Street
Charlotte, North Carolina, U.S.
Area served : Worldwide
Key person: Charles O. Holliday
Brian T. Moynihan
(President & CEO)
Products: Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards,
Revenue: US$ 100.1 billion (2012)
Operating income: Increase US$ 3.072 billion (2012)
Net income : Increase US$ 4.188 billion (2012)
Total assets; Increase US$ 2.209 trillion (2012)
Total equity: Increase US$ 236.95 billion (2012)
Employees : 262,812 (2012)
Divisions Bank of America Home Loans, Bank of America Merrill Lynch
Subsidiaries: Merrill Lynch, U.S. Trust Corporation
Question: Are there any types of vehicles Bank of America does not finance?
Ans: 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 car value guide such as NADAguides layer for used vehicles)
Vehicles used for commercial and/or business purposes
Salvaged, rebuilt or branded-title vehicles
Gray market or lemon law vehicles
Conversion or delivery vehicles
Motorcycles, recreation vehicles (RV), boats or aircraft
Question: If I get an auto loan from Bank of America, can I use it to buy a car from anyone? Open
Ans: There are a few conditions that dealers and sellers need to meet. Please be aware of these requirements:
Purchases from independent dealers are typically not eligible for financing. An independent dealer is a car dealer that sells many different brands of used vehicles and is not affiliated with any auto manufacturer. (Exceptions to this condition: CarMax®, Hertz Car Sales and Enterprise Car Sales.)
The seller(s) must be the same as the registered owner(s) listed on the vehicle title
The vehicle must be purchased directly from the seller/owner (consignment sales are not eligible for financing)
Question: Who is eligible to apply for an auto loan?
Ans: The applicant (and any co-signer) must be at least 18 years of age (19 in Alabama or Nebraska) and must live in the U.S. as a U.S. citizen, resident alien or non-resident alien.
Question: Are there any specific terms and conditions I should be aware of before applying for an auto loan?
Ans: 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 $5,000 ($7,500 in Minnesota and South Carolina)
Term limitations may apply
Loan-to-value restrictions apply
A down payment may be required
Title and state fees may apply
A loan fee may apply in Indiana and Ohio
Powers of attorney are not accepted
Contact us to see which, if any, of these conditions apply to your specific situation.
Question: If I decide to pay my auto loan off early, is there a prepayment penalty?
In most states there is no prepayment penalty, but depending on the particulars of your specific loan situation, a prepayment fee may apply for loans that originate in Florida, Louisiana and Ohio.
What types of car loans do you offer?
Bank of America offers a variety of auto loan types:
Dealer purchases (new and used cars)
Refinancing of current auto loans
Lease buyouts (when you decide to purchase your leased vehicle)
If you would like to apply for a loan to purchase a vehicle from another individual (also known as a private party sale) you can do so by visiting a financial center.
Be sure to review the auto loan eligibility requirements and conditions before you begin the auto loan application process.
Do you offer car loans in all 50 states?
Yes. Bank of America car loans are available in all 50 states and the District of Columbia.
How do I apply for an auto loan?
You can apply for your auto loan online in just a few minutes. There’s no fee to apply and most decisions are available in about 60 seconds. In cases where applications require a more detailed review, we’ll send you an email when the decision is ready.
You can also schedule an appointment at your local financial center to meet with us at your convenience.
Does Bank of America charge a fee to apply for an auto loan?
No. Bank of America does not charge you an auto loan application fee or a loan document preparation fee. Depending on which state you live in, though, a title fee and state fees may apply. A loan fee may apply in Indiana and Ohio.
What type of information do you collect when I apply for an auto loan?
When you apply for an auto loan with Bank of America, you’ll be asked to provide personal information such as your name, address, Social Security number, employment information, income, U.S. citizenship status and email address.
We need your email address to be able to send you information about your application status or contact you regarding your experience with the online process. If you’re concerned about how your email address may be used for marketing and sharing information, you can visit the Privacy & Security section of our site and set your privacy choices.
Depending on the specifics of your loan request, the following documents may be required prior to closing: purchase agreement/bill of sale, registration, title, lease buyout instructions, proof of income, federal tax returns, W-2s and financial statements.
For refinance loans and lease buyouts, we require specific vehicle information such as make, model, year, mileage and vehicle identification number (VIN).
How soon will I know if my auto loan application has been approved?
Most decisions are available in about 60 seconds. In cases where applications require a more detailed review, we’ll send you an email when the decision is ready.
If I’m approved, how long is my loan offer good for?
Your rate is valid for 30 days from the date of original application submission.
How do I check the status of my auto loan application?
You can securely check the status of your car loan application anytime. We will also send you an email when a decision about your application has been made.
Can I get approved for an auto loan before I pick out my car?
Yes. Your purchase loan approval and interest rate are locked in for 30 calendar days from the date of your original loan submission, which means you know before you shop exactly how much car you can afford.
For all other types of auto loans (for example a car loan refinance or a lease buyout), you will need to provide a complete description of the vehicle including the year, make, model, vehicle identification number (VIN) and mileage.
What is the difference between a franchise dealer and an independent dealer?
Franchise dealers sell new and used cars for auto manufacturers such as Ford®, General Motors®, Chrysler®, Honda® and others. Independent dealers are not affiliated with an auto manufacturer and may sell many different brands of vehicles.
Bank of America does not normally finance vehicles purchased from independent dealers. The general exceptions to this are CarMax®, Hertz Car Sales and Enterprise Car Sales.
What is the benefit of purchasing through Bank of America’s authorized dealer network?
Bank of America’s authorized dealer network can help streamline your car buying process. Once you’ve been approved, you’ll get an approved dealer letter to take to any one of our network dealerships. Having an approved loan allows you to negotiate with dealers on what really matters: the price of the car.
Use our dealer locator tool to find authorized dealers in your area.
If I can get special rate financing at the dealership, why would I finance my car with Bank of America?
Special rate programs can be very attractive if they’re offered for the specific car you want and they provide you with appropriate loan terms, but sometimes the terms are too restrictive or you may want different terms.
Dealers often offer cash rebates as an alternative to low interest rates. Choosing the cash rebate and financing with us may be a better option for you: By choosing the rebate, applying it to your down payment and combining that with low-rate financing from us, you can maximize your total savings.