Get a fixed-rate loan for new cars, used cars and refinancing.
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Advertised as low as APRs (annual percentage rates) assume excellent borrower credit history. Your actual APR may differ based on your credit history, approved loan amount, term, state of residence and applicable discounts, such as Preferred Rewards. These discounts will be reflected in your individual APR quote if you are approved for a loan.
New car (dealer):
Example: A 5-year, fixed-rate new car loan for $ would have 60 monthly payments of $ each, at an annual percentage rate (APR) of {{rates.dealerNew}}%.
Used car (dealer):
Example: A 5-year, fixed-rate used car loan for $ would have 60 monthly payments of $ each, at an annual percentage rate (APR) of {{rates.dealerUsed}}%.
Refinance:
Example: A 5-year, fixed-rate refinance loan for $ would have 60 monthly payments of $ each, at an annual percentage rate (APR) of {{rates.refinance}}%.
Buy out your lease:
Example: A 5-year, fixed-rate lease buy-out loan for $ would have 60 monthly payments of $ each, at an annual percentage rate (APR) of {{rates.leaseBuyout}}%.
Private party:
Example: A 5-year, fixed-rate private party loan for $ would have 60 monthly payments of $ each, at an annual percentage rate (APR) of {{rates.privateParty}}%.
View our Bank of America auto loan eligibility requirements for more information.
Apply for a low rate on a new or used dealer purchase loan or refinance your existing loan.
With our no-fee application, you’ll quickly know your rate before you go to the dealer.
Your rate is good for 30 days, so you’ll have plenty of time to shop for that perfect vehicle.
Bank of America customers may be eligible for a Preferred Rewards discount of 0.25% to 0.50%3.
Apply online
There's no fee — most decisions take about 60 seconds.
Lock in your rate
Apply early so you know how much car you can afford. Your 30-day rate lock2 gives you plenty of time to shop.
Close the deal
With your approved rate in hand, you’ll be ready to complete your refinance or go find your new ride!
Once you apply you can check application status, upload and download loan documents online using our check status tool.
with our network of authorized dealers4
Save time by purchasing your next vehicle at a Bank of America authorized dealer. If you're approved, you'll receive an Approval Code that lets authorized dealers quickly retrieve your information and streamline your purchase.
Buying the vehicle that compliments your lifestyle is important.
Whether it’s a high-powered sports car for your fast-paced personality,
or the family-friendly minivan you need for your growing family.
Bank of America can help you feel more in control on the road to buying and financing your next vehicle.
You probably spend plenty of time researching what vehicle you really want using our online auto shopping tool or other resources, but researching your auto financing is just as important.
There are many factors that can impact how much your monthly payment will be.
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Bank of America logo
Auto Financing
How much?
How long to pay back?
Interest rate?
The auto financing process begins with being informed about the whole experience, and we’re here to make it as stress free as possible to help you get the auto financing you are looking for. There will be three main stages to the process.
First, the Getting Started stage, when you can research vehicles and financing options, then apply for auto financing online, in-person, or over the phone.
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Getting Started Stage
Use online resources to research vehicles and financing options
Apply for auto financing
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Vehicle financing provided by Bank of America. Credit and collateral are subject to approval. Terms and conditions apply. Automobile shopping content provided by automobile dealerships through a website provided by a third party not affiliated with Bank of America and is not available in all states. Bank of America is not responsible for any automobile content, products, or services.
Then, in the Loan Approval stage, you may work with a Loan Specialist to discuss the best terms for your financing, submit any additional documents needed, and if approved, close your purchase or refinance.
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Loan Approval Stage
Work with Loan Specialist
Submit any additional documents
Close your purchases or refinance
And finally, in the Servicing stage, when your financing is complete, you’ll receive your welcome package and first statement, and begin repaying your loan.
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Servicing Stage
Receive your welcome package
Receive your first statement
Begin repaying your loan
If you’re not sure yet which vehicle might be a good fit for you and your budget, Bank of America can help with that too!
Use our online tools to compare different vehicle models and prices, find authorized dealers in your area, and apply for a loan for a specific vehicle.
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Use our online tools to:
Compare vehicle models
Compare vehicle prices
Find authorized dealers
Apply for a loan for a specific vehicle
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Vehicle financing provided by Bank of America. Credit and collateral are subject to approval. Terms and conditions apply. Automobile shopping content provided by automobile dealerships through a website provided by a third party not affiliated with Bank of America and is not available in all states. Bank of America is not responsible for any automobile content, products, or services.
Our auto loan calculator can help you figure out how much financing you may need, and even calculate your monthly payments.
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Our auto loan calculator can help you figure out how much financing you may need, and even calculate your monthly payments.
Bank of America offers financing for new or used vehicles that are purchased from most franchise dealers, and a few independent dealers.
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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 finance vehicles purchased from independent dealers other than CarMax®, Hertz Car Sales®, Enterprise Car Sales and Carvana. All authorized dealers can be found using the dealer locator tool.
We also offer financing for lease buyouts, purchases from a private party, and refinances.
When you’re ready, you can apply on your mobile device, online at bankofamerica.com, on the phone or in a financial center.
You’ll then be able to check the status of your application and upload and electronically sign any documents needed to process your loan.
When applying online, make sure to check the box to agree to electronic delivery. Regardless of how you apply, many decisions only take sixty seconds.
We'll contact you when the application review is complete.
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We'll contact you when the application review is complete.
You may see advertising about interest rates with an annual percentage rate (or APR) with “rates as low as.” The only way to truly know your rate is to complete an application.
If approved, there are many factors, such as state of residence, loan amount and term, credit history and the type of vehicle that may cause your actual APR to differ from the advertised rate.
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State of residence
Loan amounts
Terms of the loan
Credit history
Type of vehicle
Qualified discounts can also adjust your APR. If you are eligible for Bank of America’s Preferred Rewards program, make sure to enroll before you apply for auto financing.
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Preferred Rewards logo
Learn more at https://www.bankofamerica.com/preferred-rewards/
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Auto loan preferred interest rate discount of 0.25% to 0.50% is valid only for customers who are enrolled in Preferred Rewards or Banking Rewards for Wealth Management at the time of auto loan application and who obtain a Bank of America auto purchase or refinance loan. The maximum preferred interest rate discount on a Bank of America auto loan is 0.50%. This preferred interest rate discount is not reflected in our published rates on our website but will be reflected in the interest rate quoted upon loan approval. Discounts are only available on auto loan applications submitted by you to Bank of America and not applications submitted through dealerships. Benefit is non-transferable. Subject to credit approval. Standard underwriting guidelines and credit policies apply.
Once approved, if you’re purchasing from an authorized dealer, we’ll send you an approval letter to take to the dealer.
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Bank of America works with thousands of automobile dealerships across the country to assist our customers with the financing of their new and used vehicles. Bank of America is not affiliated with these dealerships and does not require any particular dealership for your vehicle buying experience. Consequently, Bank of America makes no warranties and representations and is not otherwise responsible for any aspect related to the purchase of your vehicle and associated products and services from these authorized dealerships.
The dealer will prepare the financing contracts for you to sign. Then you can drive off in the five hundred horsepower dream car or that vehicle with room for half the soccer team.
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Rate valid for 30 days from the date of original application admission.
If you are applying for a private party purchase, lease buyout or refinance, we’ll prepare the loan contract for you to sign.
Once we receive your signed contract, we’ll complete the financing.
With the Bank of America team at your side, you’ll feel more in control every step of the way.
We want to help make an auto financing plan that suits your budget, and put you on the road to owning the best vehicle for your life style.
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What would you like the power to do?®
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Bank of America logo
Mobile and Online Banking requires enrollment. Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice. Bank of America, N.A., Member FDIC. © 2019 Bank of America Corporation
What are your auto loan eligibility requirements?
How long does it take to get approved for my auto loan?
Can I refinance my existing auto loan through Bank of America?
Your car payment covers more than the cost of the car—and a lower payment may not always save you money.
Before deciding to refinance your auto loan, consider these 6 critical factors.