All Loans > Auto Loans > Bank Of America Auto Loans Calculator
Important disclosure

Bank of America Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 27 November 2023
Fact checked

Bank of America auto loans overview

Bank of America logo
Whether you’re looking to purchase from a private seller or a dealer, Bank of America boasts auto loans with competitive rates and flexible terms. BoA can also help you refinance an existing loan or buy out a lease. Other than these, you can enjoy quick loan approval, rate discounts, and minimal loan fees.

Want to see what a BoA auto loan will cost? Try the Bank of America auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key Bank of America auto loan features

  • Minimum loan amount: $7,500 ($8,000 in Minnesota).
  • Maximum loan amount: Undisclosed.
  • Interest rates: From 6.29% APR.
  • Loan terms: Up to 72 months.
  • Loan fees: No application fee.
  • Discounts: Rate discounts through Preferred Rewards.

BANK OF AMERICA AUTO LOAN OPTIONS

New and used auto loans

Bank of America offers financing for pre-owned and new vehicles. For dealer purchases, new cars start at 6.29% APR, and used cars begin at 6.69% APR. Meanwhile, a private party purchase has rates starting at 9.49% APR and a lease buyout loan at 7.39% APR.

Auto refinance loans

You can also refinance existing car loans to lower your rate and monthly payments. Refinance loan rates begin at 7.39% APR, and you can choose terms of up to 72 months.

RV loans

If you’re up for recreational vehicles, you can finance new and used models, too. Remember though that Bank of America only finances RVs through its network of RV dealerships nationwide.

Bank of America auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$25,000

Term

60 months

Change
Bank of America

Bank of America auto loan

Bank of America auto loan
Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America auto loan
Featured
Achieva Credit Union

Achieva - New Auto Loan

Estimated Month Repayments
$437 Inclusive of fees
Interest Rate
1.89%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.
Featured
Bank of America

Bank of America auto loan

Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America auto loan

SeeLoans.com provides factual information about financial products. While SeeLoans.com attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on SeeLoans.com is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product, you will be dealing directly with that provider and not with SeeLoans.com. SeeLoans.com recommends reading the relevant product disclosure statement or product guide before taking up any financial product offer. Please view SeeLoans.com's Terms of Use for more information.

Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

HOW TO APPLY FOR A BANK OF AMERICA AUTO LOAN

Eligibility criteria

  • 18 years old or legal to obtain auto financing
  • U.S. citizen or resident alien (permanent or non-permanent)

Remember that the lowest APRs are offered to applicants with excellent credit history. So, make sure you maintain a healthy credit score before applying. This will help you secure better offers that can save you more over the life of the loan.

What you’ll need to have ready:

Personal details

When you apply for auto financing with Bank of America, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status

Documents
You may need to provide Bank of America with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

For refinance loans and lease buyouts, you also need to prepare more details. These include the make, model, year, mileage, and vehicle identification number (VIN). So, ensure you have these on hand to make the process easier.

Ways to apply for a Bank of America auto loan:

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 844-892-6002

Additional Bank of America auto loan details

  • Automatic payment: Available.
  • Rate discounts: Up to 0.50% APR discount by enrolling in the Preferred Rewards program.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: None.
  • Co-borrowers allowed: Yes.
  • Co-signers: Undisclosed.
  • Ways to repay: Online banking, over the phone, in a branch, and by mail.
  • Hardship program: Undisclosed.

Vehicle restrictions and limitations

  • Maximum vehicle age: 10 calendar years.
  • Maximum vehicle mileage: Less than 125,000 miles.
  • Other vehicle restrictions: Commercial and business vehicles, vehicles less than $6,000, salvaged or branded-title vehicles, gray market or lemon law vehicles, and conversion or delivery vehicles. BoA also doesn’t finance motorcycles, boats, and aircraft. RV loans can only be through the bank’s authorized RV dealers.

Pros and cons

Pros

  • Competitive interest rates.
  • Flexible terms.
  • Quick response time.
  • No application fee.
  • No prepayment penalties.
  • Easy online application.
  • Co-applicants allowed.
  • Up to a 0.50% interest rate discount through the Preferred Rewards program.
  • Available in 50 states.
  • Purchase, refinance, and lease buyout available.

Cons

  • Motorcycles, boats, and aircraft ineligible for financing.
  • $7,500 minimum loan amount.
  • Private-party purchases limited to BoA deposit or credit customers for at least six months.

Frequently asked questions

Can I purchase a commercial vehicle with a Bank of America auto loan?

No, they do not offer auto loans for commercial or business purposes.

Are Bank of America auto loan interest rates fixed or variable?

All loans have a fixed interest rate.

Will my credit score be affected by applying for a car loan with Bank of America?

All loans have a fixed interest rate.

What is the maximum term of a Bank of America auto loan?

The maximum loan term is 72 months.

How do I receive an interest rate discount on my auto loan?

You have to be enrolled in Bank of America’s Preferred Rewards program.

The Preferred Rewards program has multiple tiers (Gold, Platinum, Platinum Honors and Diamond). It is based on the 3-month average balance you hold with Bank of America.

The 3-month combined average daily balance in your qualifying Bank of America deposit accounts and/or your Merrill investment accounts will count toward the minimum balance required. This can include bank checking, savings, and CD accounts, as well as Cash Management Accounts and 529 Plans.

The lowest tier is Gold, where to qualify, you’ll need a 3-month daily average balance between $20k and $50k. The highest tier is Diamond, where you’ll need a 3-month average balance of $1 million to $10 million.

How much must I earn to qualify for Bank of America vehicle finance?

Bank of America does not disclose the minimum income required to qualify for vehicle finance. As a general rule of thumb, it’s recommended that you’ve been employed for at least 3 months, or receive a regular source of income, have a credit score of at least around 600 and have a low-debt-income ratio.

Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

.

Seeloans.com provides factual information in relation to financial products. While Seeloans.com attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on Seeloans.com is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with Seeloans.com. Seeloans.com recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see Seeloans.com’s Terms of Use and Services Guide.

© 2024 Seeloans.com