Bank of America Auto Loans Review

#5 in Auto Loans

Bank of America is a leading provider of financial products to individual consumers, businesses and large corporations. Part of the company's services include providing auto loan programs for new and used cars. Lease buyout and auto refinancing options are also available. Auto loans from Bank of America are only offered for private use and vehicles purchased from franchise dealerships.

Types of Auto Loans

Bank of America provides a complete range of auto financing options which includes loan refinancing and lease buyout.

  • New Auto Loans
  • Used Auto Loans
  • Auto Loan Refinancing
  • Lease Buyout Loans

Auto loans available through:

  • Franchise Dealerships

*** No independent dealer purchases. The general exceptions to this are CarMax®, Hertz Car Sales and Enterprise Car Sales. Bank of America normally only finances vehicles purchased at franchise dealerships.

Application

Like most of today’s modern banks and lenders, Bank of America allows customers to directly apply for an auto loan online. Pre-qualifying usually takes a couple of minutes and decisions could take even shorter. If your application requires a more detailed review you will be contacted via email. You may also apply at Bank of America local branches if you prefer the personal touch of face to face interaction with an agent.

Qualification

  • 18 years of age or over (19 years if in Alabama or Nebraska)
  • US citizen, resident alien, non-resident alien and residing in the US

Credit Score

Fair credit score or better

Steadily employed

Yes

Self-employed

Yes

New credit/ newly employed

Yes           

Loan Details

Auto shoppers can take advantage of Bank of America’s high loan limits. It also offers used auto financing for cars up to 11 years old, and up to 125,000 miles. This was one of the highest mileage limits we reviewed.

Minimum auto loan

$5,000

Maximum auto loan

$1,000,000

Used car model

Under 11 years old

Mileage

Up to 125,000 miles

Down payment

Yes

Funds release

24 hours

Auto Loan Fees

APR

2.24% APR

Application fee

No

Prepayment penalty

No

Origination fee

Yes

Auto Loans at Bank of America

Bank of America gives auto shoppers easy access to auto financing and refinancing loans with its online application portal. Also, due to the size of the company it's very easy to find a local branch if you want to talk directly with an auto loan representative. High loan limits and flexible payment options makes Bank of America one of our top choices for auto loan providers.

 

 

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