Bank of America offers a variety of auto loan types:
- Dealer purchases (when you purchase a new or used car at a dealership)
- Refinancing of current auto loans
- Lease buyouts (when you decide to purchase your leased vehicle)
- Private party (when you purchase a vehicle from another individual). You can apply for a private party loan by visiting a financial center.
Yes. The following vehicles are not eligible for financing:
- Vehicles older than 10 calendar years
- Vehicles with 125,000 miles or more
- Vehicles valued at less than $6,000 (based on franchise dealer invoice for new vehicles or the wholesale value from an official used car value guide such as NADAguides layer for used vehicles)
- Vehicles used for commercial and/or business purposes (we do offer small business auto loans through our Business Advantage product)
- Commercial vehicles
- Salvaged or branded-title vehicles
- Gray market or lemon law vehicles
- Conversion or delivery vehicles
- Motorcycles, recreation vehicles (RV), boats or aircraft
The applicant (and any co-signer) must be at least 18 years of age (19 in Alabama or Nebraska) and must live in the U.S. as a U.S. citizen, resident alien or non-resident alien.
Yes. Bank of America car loans are available in all 50 states and the District of Columbia.
Specific terms for your auto loan are determined by a variety of factors, but you should be aware of the following:
- The minimum amount we finance is $5,000 ($7,500 in Minnesota and South Carolina)
- Term limitations may apply
- Loan-to-value restrictions apply
- A down payment may be required
- Title and state fees may apply
- A loan fee may apply in Indiana and Ohio
No – Bank of America does not enforce prepayment penalties for automobile financing accounts that it services.
Vehicle is considered new when it meets both of the following criteria:
- Never been titled or registered with the DMV or any other appropriate agency
- Odometer (if applicable) has less than 6,000 miles
Note – Prior year untitled vehicles must be considered used as of March 1 of the current year (Example: a 2017 model is considered used as of March 1, 2018)