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 like heavy-duty trucks (450/4500 series Trucks and vans)
- Salvaged or branded-title vehicles
- Gray market or lemon law vehicles
- Conversion or delivery vehicles
- Motorcycles, boats or aircraft
- Recreational Vehicles (RV). We only finance RV loans through our Authorized RV Dealers. Use the Recreational Vehicles (RV) Dealer Locator tool to find an RV dealership of your convenience.
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)