Bank of America Auto Loan
📍 Available in: US
★★★★★ 4.7 / 5.0
Bank of America offers competitive auto financing for new and used vehicles, lease buyouts, and refinancing. Preferred Rewards banking clients receive between 0.25% and 0.50% APR rate discounts. Their pre-approval is valid for 30 days, locking in your rate while you negotiate price at participating or independent franchised dealerships.
Key Facts at a Glance
| APR / Rate | 5.29% - 11.49% |
| Coverage / Loan Limit | $7,500 - $100,000+ |
| Credit / Eligibility | Good to Excellent (680+) |
| Terms Available | 48 to 72 Months |
| Origination Fee | $0 |
Pros & Cons
✓ Pros
- ✓Lucrative interest rate discounts for existing Bank of America banking clients
- ✓30-day pre-approval gives you ample time to test-drive cars without rate fluctuation
- ✓National branch network allows in-person notary and document signing if desired
✕ Cons
- ✕Minimum loan amount of $7,500 ($8,000 in Minnesota)
- ✕Vehicle must be 10 years old or newer with under 125,000 miles
Key Features
30-Day Rate Lock GuaranteePreferred Rewards 0.25% - 0.50% APR DiscountNew, Used, Private Party & Lease Buyout OptionsDigital Application with Instant Decisioning