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 J.D. Power 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
You must be 18 years old or otherwise have the ability to legally contract for automotive financing in your state of residence, and either a U.S. citizen or resident alien (permanent or non-permanent).
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 $7,500 ($8,000 in Minnesota)
- 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 June 1 of the current year (Example: a 2021 model is considered used as of June 1, 2022)