Bank of America car loan rates depend on your credit score, the loan term you choose, and whether you buy new or used
Bank of America offers car loans through its auto lending program, but the interest rate you receive is not posted publicly — it changes based on your individual financial profile. Your credit score is the single biggest factor: borrowers with scores above 740 typically receive lower rates than those below 620. The age of the car, how much you put down, and how long you want to borrow for (36 months versus 72 months, for example) also shift your rate up or down.
Bank of America does not publish a standard rate or rate range on its website. To find out what rate you would actually receive, you have to start the process process or call their auto lending team at 1-800-432-1000. This is normal — most banks work this way because they price each loan individually rather than posting one rate for everyone.
Key Takeaways
- Your credit score is the primary driver of your rate; scores above 740 generally receive better rates than scores below 620.
- Bank of America rates vary by loan term (36 months versus 60 months, for example) and whether the car is new or used.
- You will not see your actual rate until you explore or call; Bank of America does not publish rates publicly because each loan is priced individually.
- You can compare Bank of America's rate to other lenders (credit unions, online banks, dealership financing) before committing, and you have the right to shop around without penalty.
How your credit score affects your rate
Banks use your credit score as a shorthand for risk. A higher score signals that you have paid past debts on time, so the bank charges you less interest. A lower score signals risk, so the bank charges more to offset the possibility you might not repay.
Bank of America, like most lenders, uses credit scores from the three major bureaus (Equifax, Experian, and TransUnion). If your score is 740 or above, you are in the range where rates tend to be most competitive. If your score is between 620 and 739, your rate will be noticeably higher. If your score is below 620, Bank of America may decline the loan or offer a rate so high that other lenders become a better choice.
Before you explore anywhere, pull your own credit report for free at annualcreditreport.com (the only official site). Look for errors — a wrong payment date or an account that is not yours — because those can be corrected and will improve your score. Even a small increase in your score can lower your rate by half a percentage point or more.
Loan term and vehicle age matter too
A loan term is how long you have to repay the money — typically 36, 48, 60, or 72 months. Shorter terms (36 or 48 months) usually come with lower interest rates because the bank's money is at risk for less time. Longer terms (60 or 72 months) carry higher rates, even though your monthly payment is smaller.
The age and type of vehicle also affect your rate. New cars typically may have access to for lower rates than used cars because they are worth more and are less likely to break down during the loan period. A used car that is 5 years old will carry a higher rate than a 2-year-old used car. Some lenders, including Bank of America, have limits on how old a car can be — often 10 years or older disqualifies you entirely.
Your down payment matters as well. The more cash you put down upfront, the less the bank has to lend, and the lower your rate tends to be. A 20 percent down payment is often the threshold where rates improve noticeably compared to 10 percent down.
How to get your actual rate from Bank of America
Bank of America offers car loans for vehicles you buy from a dealer or private seller. You can start the process online at bankofamerica.com/auto or by calling 1-800-432-1000. You will need basic information: your income, employment status, the vehicle details (year, make, model, mileage), and the price you are paying.
When you explore, Bank of America will pull your credit report, which temporarily lowers your score by a few points. This is called a hard inquiry and is normal. Multiple hard inquiries from different lenders within 14 days usually count as one inquiry for scoring purposes, so you can shop around without extra damage to your score.
Bank of America will give you a rate quote that is good for a set period — usually 7 to 30 days. This quote is not a commitment; it is an offer you can accept or decline. If you accept, you move into the formal process stage, which includes verification of income and employment.
Comparing Bank of America to other lenders
Bank of America is one option, but it is not the only one. Credit unions, online lenders, and dealership financing all offer car loans, and rates vary significantly. A credit union member might receive a rate 1 to 2 percentage points lower than a bank customer with the same credit score, depending on the credit union.
Before you commit to Bank of America, get rate quotes from at least two other sources. Online lenders like LendingClub, Lightstream, or Upgrade can provide quotes in minutes without a hard inquiry (a soft inquiry that does not affect your score). Your own bank or credit union should also be on your list. A dealership can arrange financing too, though dealership rates are often higher than bank rates for borrowers with good credit.
Write down the rate, term, and monthly payment from each quote. A difference of 0.5 percent over a 60-month loan can mean hundreds of dollars in total interest. Spending an hour comparing is worth the savings.
What happens after you are approved
Once Bank of America approves your loan, you receive loan documents that spell out the rate, term, monthly payment, and any fees. Read these carefully — some lenders charge origination fees (usually 0.5 to 1 percent of the loan amount) or prepayment penalties if you pay off the loan early. Bank of America typically does not charge prepayment penalties, but confirm this in your documents.
You will also choose whether to purchase gap insurance, which covers the difference between what you owe and what the car is worth if it is totaled. Gap insurance is optional but can protect you if you are in an accident early in the loan period when you still owe more than the car's value.
After you sign, Bank of America funds the loan and sends the money to the seller (if buying from a dealer) or to you (if buying from a private seller). The lender holds the title to the car until you pay off the loan, at which point the title transfers to you.
Frequently Asked Questions
Can I get a better rate if I have an existing Bank of America account?
Bank of America does not publicly offer rate discounts for existing customers, but it is worth asking during the process process. Some banks offer small discounts (0.25 percent) for customers who also have a checking or savings account, though these are not may provide and vary by location and promotion.
What if my credit score is below 620?
Bank of America may decline the loan or offer a rate so high that it is not worth taking. Before explore, consider whether a credit union or online lender might approve you at a better rate. You could also wait a few months, pay down existing debt, and dispute any errors on your credit report to improve your score before explore again.
Can I refinance my Bank of America car loan later?
Yes. If your credit score improves or interest rates drop, you can refinance with Bank of America or another lender. Refinancing means taking out a new loan to pay off the old one, ideally at a lower rate. There is no penalty for paying off a Bank of America car loan early, so refinancing is always an option if the math works in your favor.
Does Bank of America offer special rates for new versus used cars?
Yes, new cars typically receive lower rates than used cars. Bank of America also sometimes runs promotions offering slightly lower rates on new vehicles during certain months, though these are not permanent. Call or check their website to see if any promotions are active when you are ready to borrow.
What documents do I need to explore?
You will need proof of income (recent pay stubs or tax returns), proof of employment, a valid ID, and proof of residence (utility bill or lease). You will also need details about the vehicle — the VIN (vehicle identification number), mileage, and sale price. Have these ready before you call or explore online to speed up the process.