Bank of America offers car loans through its auto lending program, which you can start by visiting a local branch, calling their auto loan line, or explore online through their website.
Bank of America handles auto loans in two ways: they finance cars you buy from a dealer (called indirect lending), and they refinance existing car loans you already have with another lender. You don't have to be an existing Bank of America customer to start, though having a checking or savings account there may speed up the process. The bank will look at your credit history, income, and the car itself — its age, mileage, and value — to decide whether to lend and at what interest rate.
The timeline from process to funding typically takes three to five business days if you're buying from a dealer, because the dealer handles some of the paperwork. If you're refinancing a loan you already have, it may take a week or longer because Bank of America has to contact your current lender, get your payoff amount, and arrange the transfer.
Key Takeaways
- Bank of America finances new and used cars through dealers and refinances existing loans; you can start online, by phone, or in person at a branch.
- The bank will review your credit score, income, employment history, and the vehicle's age and value before making a lending decision.
- Interest rates vary based on your credit profile and the loan term you choose, ranging from 36 to 84 months for most borrowers.
- You'll need a valid driver's license, proof of income (pay stubs or tax returns), proof of insurance, and the vehicle identification number (VIN) before you start.
- If you're refinancing, your current loan will be paid off directly by Bank of America, so you won't have a gap in coverage.
What Bank of America looks at when you explore
Bank of America uses your credit score as the primary factor in deciding whether to lend and what rate to offer. A higher credit score generally means a lower interest rate. The bank also pulls your credit report to see your payment history on other debts — missed payments, collections, or high balances on credit cards will work against you.
Beyond credit, the bank wants to see stable income. You'll need to provide recent pay stubs (usually the last two months) or tax returns if you're self-employed. They'll verify your employment by contacting your employer or checking employment verification databases. If you've changed jobs recently, be ready to explain the gap.
The car itself matters too. Bank of America won't finance vehicles that are too old — generally they have a cutoff around 10 to 15 years depending on mileage — or cars with very high mileage. They also won't lend more than the car is worth, so they'll use the National Automobile Dealers Association (NADA) guide or similar valuation tool to set a maximum loan amount.
How to start your process
You have three entry points: online at bankofamerica.com, by phone at 1-800-731-2424 (the auto lending line), or in person at any Bank of America branch. Online is usually fastest if you have all your documents ready. The phone line connects you to a representative who can answer questions but will still need to collect the same information.
Have these items ready before you start: your driver's license, Social Security number, current employment information, recent pay stubs or tax returns, proof of auto insurance (you'll need this before the loan closes), and the vehicle identification number (VIN) of the car you're buying or refinancing. If you're refinancing, also have your current loan account number and the lender's name.
If you're buying from a dealer, the dealer's finance office can submit the process to Bank of America on your behalf. This is common and saves you a step, though you should still review the terms before signing. If you're refinancing or buying privately, you'll submit the process yourself.
Interest rates and loan terms
Bank of America doesn't publish a single interest rate because rates vary based on your credit score, the loan term you choose, the vehicle's age and condition, and current market conditions. Generally, borrowers with credit scores above 700 receive better rates than those below 650, but the bank will work with borrowers across the credit spectrum.
Loan terms typically range from 36 months (three years) to 84 months (seven years). A shorter term means higher monthly payments but less total interest paid over the life of the loan. A longer term spreads payments out but costs more in interest. Bank of America's website has a loan calculator where you can enter an estimated loan amount and term to see a rough monthly payment, though your actual rate won't be known until after your process is reviewed.
You can lock in your rate once your process is approved, which protects you if market rates change before the loan closes. The rate lock typically lasts 30 to 45 days.
What happens after you're approved
Once approved, Bank of America will send you loan documents to sign. These include the promissory note (your promise to repay), the truth-in-lending disclosure (which shows your interest rate, total finance charge, and payment schedule), and other required paperwork. You can sign these electronically or in person at a branch.
For a new car purchase through a dealer, the dealer coordinates with Bank of America to get the funds released. The dealer handles the title transfer and registration paperwork, and you drive away once everything is signed. For a refinance, Bank of America contacts your current lender, pays off your old loan, and sends you new payment instructions.
Your first payment is typically due 30 to 45 days after the loan closes. You can set up automatic payments from your Bank of America account or any other bank account through their website or mobile app. Automatic payments sometimes may have access to for a small interest rate discount (usually 0.25 percent).
Refinancing an existing car loan with Bank of America
If you already have a car loan with another lender and want to move it to Bank of America, the process is similar to a new loan process but simpler in some ways. You don't need to worry about the car's condition or mileage as much — the bank mainly cares that the car has value and that you're not trying to borrow more than it's worth.
Refinancing makes sense if your credit score has improved since you took out your original loan, if interest rates have dropped, or if you want to change your loan term. For example, if you have five years left on a seven-year loan at 8 percent interest, refinancing to a new five-year loan at 5 percent could save you money each month and in total interest.
The bank will pay off your current loan in full, so there's no gap where you're without a lender. Your new loan with Bank of America starts when ready, and you'll make payments to Bank of America going forward. The whole process usually takes 7 to 10 business days from process to funding.
Documents you'll need at closing
| Document Type | Why Bank of America Needs It |
|---|---|
| Valid driver's license | Proof of identity and that you're legally allowed to drive |
| Proof of income (pay stubs or tax returns) | Verification that you have income to make monthly payments |
| Proof of auto insurance | Required by law; shows the car is insured before you take possession |
| Vehicle title or registration | Proof of the car's ownership and condition (for refinances) |
| VIN (vehicle identification number) | Used to verify the car's age, mileage, and value |
| Current loan payoff statement (for refinances) | Shows the exact amount owed to your current lender |
Frequently Asked Questions
Do I have to be a Bank of America customer to get a car loan?
No. You can open a loan without an existing account. However, if you already have a checking or savings account with Bank of America, the process process may move faster because they already have some of your information on file.
What's the minimum credit score Bank of America will lend to?
Bank of America doesn't publish a minimum, but they generally work with borrowers across the credit spectrum. If your score is below 600, you may face higher interest rates or be asked to provide a co-signer. The best way to know is to start an process and see what they offer.
Can I pay off my Bank of America car loan early without a penalty?
Yes. Bank of America does not charge prepayment penalties, so you can pay extra toward your principal or pay off the entire loan early without fees. This can save you money on interest if you have the cash available.
What if I'm buying a car from a private seller instead of a dealer?
Bank of America can still finance a private sale, but the process is slightly different. You'll need to submit the process yourself rather than having a dealer do it. You'll also need the seller's information and proof that the car has passed inspection or has a clean title.
How long does it take to hear back after I submit my process?
Most decisions come within one business day if you explore online or by phone. If you explore in person at a branch, you may get a decision the same day. Once approved, you'll receive loan documents within 24 to 48 hours.