Buying a car is a big decision, but getting the loan to pay for it shouldn’t be stressful. That’s where Bank of America Auto Loans come in. Whether you’re picking out your first car, trading in for something new, or refinancing what you already drive, Bank of America offers the kind of support and tools you’d expect from a major bank—with no surprises and no pressure.
What makes them stand out? It’s the combination of flexibility, digital convenience, and real savings potential—especially if you’re already a BofA customer. From checking your rates online (without hurting your credit score) to financing eco-friendly vehicles or buying out a lease, Bank of America makes the process feel less like a hassle and more like a smart financial move.
Why More Drivers Are Choosing Bank of America for Auto Loans
- Prequalify without risk – You can check your estimated loan terms online with a soft credit check—no commitment, no credit score impact.
- Broad financing options – Bank of America can finance new or used cars, lease buyouts, and even electric vehicle charging equipment.
- 30-day rate lock – Once approved, you’ve got a full month to shop with your rate secured.
- No application or prepayment fees – Apply for free, pay early if you want—no hidden charges.
- Discounts for loyal customers – If you’re part of BofA’s Preferred Rewards program, you may get up to 0.50% off your APR.
- Nationwide dealership network – Shop confidently knowing thousands of partner dealerships work directly with BofA.
- Straightforward digital tools – Apply, track your loan, and manage payments all in one place, online or via app.
Who Is Bank of America Auto Financing Best For?
✅ Shoppers who want a big-bank name and digital convenience
✅ Buyers who already bank with BofA and want APR discounts
✅ Drivers looking to purchase through a dealership with peace of mind
✅ EV buyers who want to finance more than just the car itself
✅ Anyone who wants to prequalify without risking their credit
Not ideal for:
✘ Those buying from private sellers
✘ People looking to finance less than $7,500
✘ Buyers who want direct, in-person applications (it’s all online)
Before You Apply—Here’s What to Know
- Loans are only for dealership purchases – Private sales and person-to-person purchases aren’t eligible.
- Minimum loan amount required – You’ll need to borrow at least $7,500 ($8,000 in MN).
- Prequalification applies only to purchases – Refinance or lease buyouts must go through the full application.
- Credit score affects your rate – While BofA doesn’t publish a minimum, better credit usually means better terms.
- You’ll still need to complete a full application – Prequalification is a starting point; a hard inquiry happens when you officially apply.
- Electric vehicle incentives are included – EVs and chargers can be financed with your loan.
How the Bank of America Auto Loan Process Works
- Start with prequalification
Use BofA’s online tool to see what rate you might get without impacting your credit. - Choose your car from a partner dealership
New or used, your vehicle must be purchased through an authorized dealership - Fill out the application
When ready, submit a full application with your vehicle info, income, and personal details. - Lock in your rate for 30 days
Once approved, your terms are valid while you shop. - Buy your vehicle
Complete the sale through the dealership and finalize your paperwork. - Manage your loan online
Log in anytime to view your balance, make payments, or adjust AutoPay settings. - Enjoy flexibility without penalties
Want to pay off early? No problem—there are no fees.
