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Auto Loan FAQs

Get the answers you need to common questions about new, used and refinance auto loans

  • Car loan eligibility requirements and conditions

    Show all answers Hide all answers car loan eligibility.
  • Applying for a car loan

    Show all answers Hide all answers getting a car loan.
  • Purchasing a car

    Show all answers Hide all answers purchasing a car.
    • If I get an auto loan from Bank of America, can I use it to buy a car from anyone?

      You have a few options when using Bank of America to buy a car:

      • Franchise dealers

        Franchise dealers sell new and used cars for auto manufacturers such as Ford®, General Motors®, Chrysler®, Honda® and others.
      • Approved independent dealers

        Independent dealers are not affiliated with auto manufacturers. Bank of America only finances vehicles purchased from the following independent dealers: CarMax®, Hertz Car Sales®, Enterprise Car Sales and Carvana.
      • Private party

        You can purchase a vehicle from another individual via a private party loan. Online Banking customers may apply online for a private party loan. If you’re not currently enrolled in Online Banking, please visit a financial center or schedule an appointment to apply for your loan. Please be aware that there are additional requirements for private party loans including:
        • The seller(s) must be the same as the registered owner(s) listed on the vehicle title
        • The vehicle must be purchased directly from the seller/owner (consignment sales are not eligible for financing)

      Regardless of who you purchase your car from, be sure to review what to do once approved.

    • What is the online car shopping process?

      You can save time and effort when you shop for your next vehicle online through our extensive participating dealer network. Choose your car and financing online, then visit the dealership to take a test drive and finalize the paperwork. You can even change your mind at any time about the vehicle you want. (Not available in all states.)

    • If I can get special rate financing at the dealership, why would I finance my car with Bank of America?

      Special rate programs can be very attractive if they're offered for the specific car you want and they provide you with appropriate loan terms, but sometimes the terms are too restrictive or you may want different terms.

      Dealers often offer cash rebates as an alternative to low interest rates. Choosing the cash rebate and financing with us may be a better option for you: By choosing the rebate, applying it to your down payment and combining that with low-rate financing from us, you can maximize your total savings.

  • Refinancing an existing car loan

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  • Buying out your lease

    Show all answers Hide all answers buying out your lease.
    • What is a lease buyout?

      A lease buyout is a purchase of the vehicle that you are currently leasing.

      Customers purchasing a vehicle that they’re currently leasing in their name are eligible for a lease buyout. Financing is not available for customers who wish to finance a vehicle leased by another individual or if the lease buyout request involves a name change.

    • What are the benefits of buying out your lease?

      A lease buyout allows you to keep driving the car that you know. It also may allow you to avoid end-of-lease fees such as mileage and/or excess wear and tear. Refer to the terms of your lease agreement, which can be obtained from your current leasing company, for details regarding any fees upon termination of your lease.

    • When can you buy out your lease?

      You may not have to wait until the end of your lease to do a lease buyout. Refer to the terms of your lease agreement, which can be obtained from your current leasing company, for details regarding any fees upon termination of your lease.

  • What to do once you're approved

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    • Purchasing from a franchise dealer

      Purchasing from a Bank of America authorized dealer can help streamline your car buying process.

      1. Find an authorized dealer near you.
      2. Choose your car and present your printed approval letter at the dealership. Your approval letter can be accessed at bankofamerica.com/loanstatus. Contact a loan specialist using the phone number provided to you with your approval if it does not appear.
      3. Sign documents and drive home in your new car.
      4. Don’t hesitate to contact a loan specialist using the phone number provided to you with your approval if you have questions at any point in the process.

      You can also purchase a vehicle from a dealer that’s not part of our authorized dealer program if the dealer sells cars for auto manufacturers such as Ford®, General Motors®, Chrysler®, Honda® and others.

      1. Speak with one of our loan specialists using the phone number provided to you with your approval.
      2. Submit documents requested by the loan specialist, including your dealer purchase agreement.
      3. Coordinate payment of funds to dealer with a loan specialist.
      4. Drive home in your new car.

      See the next steps for purchasing through the online car shopping process

    • Purchasing from an approved independent dealer

      Independent dealers are not affiliated with auto manufacturers. Bank of America only finances vehicles purchased from the following independent dealers: CarMax®, Hertz Car Sales®, Enterprise Car Sales and Carvana.

      Purchasing from CarMax® or Hertz Car Sales®?

      1. Choose your car and present your printed approval letter at the dealership. Your approval letter can be accessed at bankofamerica.com/loanstatus. Contact a loan specialist using the phone number provided to you with your approval if it does not appear.
      2. Sign documents and drive home in your new car.
      3. Contact a loan specialist using the phone number provided to you with your approval if you have questions at any point in the process.

      Purchasing from Enterprise Car Sales or Carvana?

      1. Speak with one of our loan specialists using the phone number provided to you with your approval.
      2. Submit documents requested by the loan specialist, including your dealer purchase agreement.
      3. Coordinate payment of funds to dealer with a loan specialist.
      4. Drive home in your new car.
    • Purchasing through a private party

      You can purchase a vehicle from another individual using a private party loan. Online Banking customers may apply online for a private party loan. If you’re not currently enrolled in Online Banking, please visit a financial center or schedule an appointment to apply for your loan.

      1. Speak with one of our loan specialists using the phone number provided to you with your approval.
      2. Submit documents requested by the loan specialist, including title or registration and the seller’s payoff letter from the seller’s existing financing source (if applicable).
      3. Receive a check made payable to the seller. (Any outstanding lien balance will be paid to the lien holder and any remaining funds will be sent by check or direct deposit for Bank of America checking customers.)
      4. Provide seller with the check and drive home in your new car.

      We will provide you detailed next steps on how to complete the title process once the loan is complete.

      Please be aware that there are additional requirements for private party loans including:

      • The seller(s) must be the same as the registered owner(s) listed on the vehicle title
      • The vehicle must be purchased directly from the seller/owner (consignment sales are not eligible for financing)
    • Purchasing through the online car shopping process

      Did you find your car through our online car shopping process? Here are the next steps:

      1. Connect with the dealership – they will call once they receive your information, or you can contact them using the dealership information provided with your loan approval.
      2. Provide the dealership with a copy of your printed approval letter. Your approval letter can be accessed at bankofamerica.com/loanstatus. Contact a loan specialist using the phone number provided to you with your approval if it does not appear.
      3. The dealership will have your information, including the car you’re interested in, and can make any updates instantly. This even includes changing your mind about the car you want to take home.
      4. Sign the documents and drive home in your new car.

      If you have any questions, or if you choose to purchase a car at another dealership, contact one of our loan specialists using the number provided to you with your approval.

      Not available in all states.

    • Refinancing an existing car loan

      1. Speak with one of our loan specialists using the phone number provided to you with your approval.
      2. Submit documents requested by the loan specialist, including current registration and 10 day payoff letter.
      3. Payment will be sent to lien holder.

      We will provide you detailed next steps on how to complete the title process once the loan is complete.

    • Buying out your lease

      1. Speak with one of our loan specialists using the phone number provided to you with your approval.
      2. Submit documents requested by the loan specialist, including current registration and lease buyout package obtained from your current leasing company.
      3. Payment will be sent to your current leasing company.
      4. You may need to speak with your current leasing company to finalize the termination of your lease.

      We will provide you detailed next steps on how to complete the title process once the loan is complete.

      Note: Customers purchasing a vehicle currently being leased in their name are eligible for a lease buyout. Financing is not available for customers who wish to finance a vehicle leased by another individual or if the lease buyout request involves a name change.

  • Managing your car loan

    Show all answers Hide all answers managing your car loan.
    • I closed on my loan with Bank of America; what happens next?

      Within 10-15 business days after your closing date, you'll receive a welcome package containing the following:

    • How do I sign up for Bank of America's Online Banking?

      You can enroll in Online Banking in just a few minutes. You may also want to consider downloading the top-rated Bank of America Mobile Banking app so you can easily manage your auto loan on the go.

    • When will I receive the first monthly statement for my auto loan?

      Your paper statement is mailed each month 20 days prior to your due date, unless you decide to set up automatic payments through Online Bill Pay, in which case you won't receive monthly paper statements. With Online Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.

      You can also sign up for electronic bills by signing in to Online Banking and selecting eBills from the Bill Pay navigation menu.

      Sign in to set up Bill Pay payments

    • Can I see current and past auto loan statements online?

      Yes. Simply sign in to Online Banking and select the Automobile Loan link provided under the Personal accounts heading on your accounts overview page. On your loan overview page, select the Statements & Documents tab. You can access up to 18 months of loan statements.

    • What options do I have for making payments to my auto loan?

      You have multiple auto loan payment options:

      • Pay using Bill Pay: If you're an Online Banking customer, you can sign in to set up payments through Bill Pay. With Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.
      • Pay by phone: You can call 800.215.6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
      • Pay by mail: You can mail your car loan payment to: Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220. Be sure to include your loan account number along with your payment.
      • Pay in person: You can always pay your auto loan in person at one of our financial centers.

      If you don't have a Bank of America deposit account, you may be able to set up electronic payments to your auto loan from your account at another financial institution.

    • How can I sign up for automatic payments to my auto loan?

      If you're an Online Banking customer, you can sign in to set up payments through Online Bill Pay. With Online Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.

      You can also use the paper signup form included with your welcome package. Include a voided check and mail or fax it to the location indicated on the form.

      After signing up, you'll receive a letter in the mail within 3-4 weeks confirming the start date for your automatic payments to be made. In order to avoid any late charges, please continue to make your payment as usual until you receive the confirmation letter.

      Important note: When scheduling automatic payments, you only need to enroll using one method (either the paper signup form or Online Banking). Submitting the paper form and also signing up in Online Banking can result in multiple payments being made from your account each month.

    • How can I get a letter showing the interest I paid last year?

      There are 2 easy ways to obtain a letter detailing the interest you paid last year on your car loan:

      • Sign in to Online Banking and select the Automobile Loan link provided under the Personal accounts heading on your accounts overview page. Then, in the column marked Manage your loan at the top of the page, select the Last year interest paid letter link. This will open the letter in your browser and you can print it for your records.
      • Contact us at 800.215.6195 and ask for a faxed or mailed copy of your interest paid last year information
    • How is simple interest calculated?

      Interest on your loan accrues daily. It is for this reason that the portion of your monthly payment allocated to interest may fluctuate to match the number of days in each month. To calculate the interest due on your loan, follow these steps:

      1. Obtain the new principal balance of your loan from your Online Banking Account Services page or the automated phone service.
      2. Multiply your principal balance by your interest rate. Divide your answer by 365 days (366 days in a leap year) to find your daily interest accrual or your per diem.
      3. Multiply this amount by the number of calendar days that have elapsed since the date of your last payment to find your interest due.

      Here is an example:

      1. $10,000 principal balance.
      2. $10,000 multiplied by 8.5% interest divided by 365 days in the year = $2.33 per diem.
      3. $2.33 multiplied by 33 days elapsed since the date of your last payment = $76.85. This portion of your payment will be allocated to interest accrued.
    • How do I email Bank of America with a question about my auto loan?

      Sign in to Online Banking and select the Contact us link from the Help & Support navigation menu.

    • Where can I get the payoff amount for my auto loan in Online Banking?

      Sign in to Online Banking and select the Automobile Loan link listed under Personal accounts on your accounts overview page. You can also select the Quick View link beneath the automobile loan listing on your accounts overview page.

    • How can I pay off my loan?

      You have multiple loan payoff options:

      • Pay using Bill Pay: If you're an Online Banking customer, you can sign in to make a payment through Online Bill Pay.
      • Pay by phone: You can call 800.215.6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
      • Pay by mail: You can mail your car loan payoff amount to: Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220. Be sure to include your loan account number along with your payment.
      • Pay in person: You can pay off your auto loan in person at one of our financial centers.

      If you don’t have a Bank of America deposit account, you may be able to set up an electronic payoff of your auto loan from your account at another financial institution.

    • Once I pay off my loan in full, how long will it take for me to receive proof that the loan is closed and get my title?

      In most situations you can expect to receive your lien release, paid-in-full letter and title (if the title is available) within 7-10 business days after we receive and process your payoff. If the title is electronic or other conditions apply, our letter will detail the process to obtain the title and ensure that the lien release is properly recorded.

    • Is my loan assumable by another party?

      No.

Get more with Bank of America auto loans

Get more with Bank
of America auto loans