Bank of America’s auto loans provide a competitive option for those seeking financing for new or used vehicles. As of May 2026, rates start at 5.04% APR for new cars and 5.24% APR for used cars. The rates are fixed, typically over 60 months, and a 30-day rate lock lets you shop around confidently. Qualified Bank of America customers can get an extra rate discount of up to 0.50% through their Preferred Rewards program.

How to Apply: Step by Step

To start, use Bank of America’s online application and choose your loan type and term—commonly 48, 60, or 72 months. Submit personal info and vehicle details.

After applying, you’ll quickly receive a loan decision. If approved, your rate and terms are locked for 30 days, which gives you ample time to find the right car.

You may need to provide documents such as proof of income, personal identification, and vehicle purchase details. There’s no application fee charged.

Once approved, you can manage documents and check loan status online, streamlining the entire process. Customer support is available if you need help.

Bank of America also offers a prequalification option without impacting your credit, helping you plan your budget before committing.

Pros of Bank of America Auto Loans

The 30-day rate lock provides peace of mind while shopping for your vehicle, letting you secure your rate as you browse options.

Bank of America’s Preferred Rewards members enjoy up to a 0.50% additional discount, making their financing even more attractive to loyal customers.

Cons of Bank of America Auto Loans

Bank of America no longer offers refinancing or lease buyout auto loans, limiting flexibility for those seeking to rework existing loans.

Eligibility requirements and rates may vary by state, and the best APRs are typically reserved for those with excellent credit histories.

Verdict: Is This Loan Right for You?

Bank of America’s auto loan offer is best suited to new or existing customers seeking a reliable lender with competitive rates and a generous rate-lock period. While it lacks refinancing or lease buyout options, its straightforward process and potential customer discounts make it a practical and appealing choice for many car buyers.