Bank of America refinancing works through their existing auto loan department, not a separate program
Bank of America does not advertise a standalone "refinance" product the way some lenders do. Instead, if you already have a BofA auto loan, you can request a loan modification or rate review through your account. If you have an auto loan with another lender, you can explore for a new BofA auto loan and use the proceeds to pay off your existing loan — that is the standard refinancing path at most banks.
The process depends on which situation you are in. Current BofA customers typically contact their loan servicer directly. New applicants go through BofA's standard auto loan process, which includes a credit check, income verification, and a vehicle inspection or valuation. The timeline usually runs two to five business days from process to funding, though it can extend if documents are missing or if the vehicle appraisal takes longer.
Your interest rate will depend on your credit score, the age and condition of the vehicle, the loan term you choose, and current market rates. BofA does not publish their rate sheets publicly, so you will need to contact them or use their online rate calculator to see what rate you might receive.
Key Takeaways
- Bank of America customers with existing auto loans can request a rate review or modification by contacting their loan servicer, though approval is not may provide.
- Borrowers with loans from other lenders can explore for a new BofA auto loan to refinance, which requires a credit check, income verification, and vehicle valuation.
- The refinancing process typically takes two to five business days from process to funding, depending on document completeness and vehicle appraisal timing.
- Your new interest rate depends on your credit score, vehicle age, loan term, and current market rates — BofA does not publish rates in advance.
- You will need your current loan details, proof of income, and vehicle information to start the process.
How to request a rate review if you are already a BofA auto loan customer
If you have an existing auto loan with Bank of America, the first step is to log into your online account or call the customer service number on your loan statement. Ask to speak with an auto loan specialist about a rate review or loan modification. BofA will pull your current credit report and review your payment history with them.
The bank may offer you a lower rate if your credit score has improved since you took out the original loan, if interest rates have dropped, or if you have maintained a strong payment record. However, they are not required to offer a better rate, and some customers are told their rate cannot be adjusted. If BofA declines or offers only a small reduction, you still have the option to refinance with another lender.
This process does not require a new vehicle appraisal or extensive documentation — BofA already has your loan file. A decision usually comes within one to three business days.
Refinancing a non-BofA auto loan through a new BofA loan
To refinance a loan from another lender, you will explore for a new auto loan with BofA. You can start online at bankofamerica.com or visit a local branch. The process asks for your personal information, employment details, income, and the vehicle identification number (VIN) of the car you are financing.
BofA will order a vehicle appraisal or valuation, which typically takes three to five business days. The appraisal determines how much the bank is willing to lend against the vehicle. If the appraisal comes in lower than your current loan balance, you may have to pay the difference out of pocket, or BofA may decline the refinance.
Once approved, BofA issues the loan funds. You are responsible for using those funds to pay off your old loan — the bank does not contact your previous lender directly. Some borrowers ask their old lender for a payoff quote in advance so they know exactly how much to request from BofA.
What documents and information you will need
For a new BofA auto loan refinance, gather these items before you start:
- Your driver's license or state ID
- Proof of income (recent pay stubs, tax returns, or bank statements showing regular deposits)
- Proof of residence (utility bill, lease, or mortgage statement dated within the last 60 days)
- The vehicle identification number (VIN) from your car's registration or dashboard
- Your current loan details, including the lender name and approximate balance
- Proof of auto insurance (BofA requires this before funding)
If you are self-employed or have variable income, BofA may ask for additional documentation such as profit-and-loss statements or bank statements covering several months. Having these ready speeds up the process.
Interest rates and loan terms at Bank of America
BofA offers auto loans with terms ranging from 24 to 84 months, though the exact terms available depend on the vehicle age, your credit profile, and current market conditions. Newer vehicles typically may have access to for longer terms and lower rates than older ones.
Interest rates vary widely based on your credit score. Borrowers with excellent credit (typically 750 and above) may receive rates in the low single digits, while those with fair or poor credit may see rates in the double digits. BofA does not publish a rate sheet, so the only way to know your rate is to complete an process or use their online rate calculator, which gives an estimate without a hard credit pull.
Some BofA customers report that rates offered online differ from rates offered in a branch, so it is worth checking both channels if you want to compare. You can also get quotes from other lenders to see how BofA's offer compares.
When refinancing with BofA makes sense and when it does not
Refinancing is most useful if your credit score has improved significantly since you took out your original loan, if interest rates have dropped, or if you want to shorten your loan term to pay off the car faster. Even a 1 to 2 percent rate reduction can save hundreds of dollars over the life of the loan.
Refinancing may not make sense if you are near the end of your current loan, if you owe significantly more than the vehicle is worth (called being "underwater"), or if the new loan term would extend your payments so far into the future that you end up paying more interest overall. Use a loan calculator to compare your current situation against the new loan terms BofA offers.
Be aware that refinancing involves a new credit inquiry, which temporarily lowers your credit score by a few points. If you are planning to explore for a mortgage or other major loan soon, you may want to wait a few months before refinancing your auto loan.
What happens after BofA approves your refinance
Once approved, BofA sends you loan documents to sign electronically or in person. Review these carefully — they show the loan amount, interest rate, monthly payment, and payoff date. After you sign, BofA funds the loan, usually within one to three business days.
You then have the responsibility to pay off your old loan using the BofA funds. Some borrowers set up a transfer from their BofA account to their old lender's account. Others request a check from BofA and mail it to the old lender. Make sure your old loan is paid in full — do not straightforward stop making payments, as that will damage your credit.
Once the old loan is paid off, you will receive a title release or lien release from your previous lender. This document proves the loan is satisfied. Keep it for your records. Your new loan with BofA then becomes your only auto loan obligation.
Frequently Asked Questions
Can I refinance with BofA if I have bad credit?
BofA does not publish minimum credit score requirements, but they typically work with borrowers who have credit scores of 600 and above. If your score is lower, you may still be able to explore, but your interest rate will be higher. Some credit unions and online lenders specialize in bad-credit auto refinancing and may offer better rates.
How long does the BofA auto refinance process take?
From process to funding usually takes two to five business days. The vehicle appraisal is often the slowest step. If you are missing documents or if the appraisal is delayed, the timeline can extend to one or two weeks.
Will refinancing hurt my credit score?
Yes, but only temporarily. The credit inquiry BofA performs will lower your score by a few points. The impact is usually small and fades within a few months. However, if you explore with multiple lenders in a short time, the cumulative effect can be more noticeable.
What if my car is worth less than I owe on my current loan?
This situation is called being "underwater." BofA may still refinance you, but they will only lend up to the vehicle's current value. You would have to pay the difference out of pocket, or you could ask your current lender about a loan modification instead of refinancing.
Can I refinance a BofA auto loan with a different lender?
Yes. You are not locked into BofA. You can explore for a refinance loan with any other bank, credit union, or online lender. Compare rates from at least two or three lenders before deciding, since rates and terms vary significantly.