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Auto Loans

Auto Loans

Finding your best auto rate starts here

Which option best describes your auto loan needs?

APR is the annual percentage rate. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history.

What will my monthly car payment be? Calculate Getting a new car loan is simple Our competitive interest rates and multiple financing options can help you find just the right car for your budget. Annual percentage rates as low as 2.39% Apply now for a new car loan Preferred Rewards

Enroll in Preferred Rewards for a 0.25% to 0.50% interest rate discount.Footnote2 Learn more about preferred rewards

How much can I comfortably afford? Calculate Find a used car at a competitive rate When you're buying from a preferred dealer, our low used car loan rates can help you find your best deal. Annual percentage rates as low as 2.49% Apply now for a used car loan Preferred Rewards

Enroll in Preferred Rewards for a 0.25% to 0.50% interest rate discount.Footnote2 Learn more about preferred rewards

Could I save money by refinancing? Calculate Refinance and lower your loan rates Pay less over the life of your loan when you refinance with Bank of America. Annual percentage rates as low as 2.64% Apply now for refinance Learn more about refinancing Preferred Rewards

Enroll in Preferred Rewards for a 0.25% to 0.50% interest rate discount.Footnote2 Learn more about preferred rewards

Dealer Locator

Take the worry out of financing by purchasing your next car through Bank of America's dealer network. Once you've been approved via our online application, our phone support team will help you get an approved dealer letter to take to any one of our dealerships.

  • Having an approved loan allows you to negotiate with dealers on what really matters – the price of the car.
  • Getting approved is easy with our 3-step loan process and will save you time at the dealer
Auto Loan Rates & Current Car Loan Rates at Bank of America View and compare Bank of America's current auto loan rates for new and used cars and discover options that may help you save money.

Compare today's auto loan ratesMarch 06, 2015, 02:28 AM Eastern

Take a look at our current auto loan rates for new cars, used cars and refinancing. Compare auto loan rates and loan types or learn more about additional savings for customers.

Annual Percentage Rates (APR) for Virginia on loan amounts from $5,000 up to $100,000. Edit State

Loan type Up to 60 months
as low as...
Dealer newFootnote1 2.39%
Dealer usedFootnote1 2.49%
Private partyFootnote1 2.84%
RefinanceFootnote1 2.64%
Lease buyout 2.64%

Lease buyout

A lease buyout occurs when you opt to purchase your leased vehicle.

Refinance

Refinancing refers to paying off your existing loan with the proceeds from a new loan in order to take advantage of lower monthly payments, lower interest rates or save on financing costs.

Dealer used

Bank of America only finances new or used vehicles purchased from franchise dealers—in other words, dealers who sell new and used cars for auto manufacturers such as Ford®, General Motors®, Honda® and others.  Bank of America does not finance vehicles purchased from independent dealers not affiliated with an auto manufacturer.

Private party

Used cars may be purchased from a private party. Private party transactions are sales from one individual to another.

Dealer new

New cars may be purchased through our franchise dealers. Franchise dealers sell new and used cars for auto manufacturers such as Ford®, General Motors®, Chrysler®, Honda® and others.

Car Loan Eligibility Requirements and Conditions

Collateral

  • Maximum vehicle age 10 calendar years
  • Vehicles with greater than 125,000 miles are not eligible for financing
  • No hybrid-modified vehicles or non-standard manufacturer vehicles will be financed
  • No commercial vehicles
  • No vehicles used for commercial/business purposes
  • No salvage, rebuilt or branded title vehicles
  • No gray market or lemon law vehicles
  • No motorcycles
  • No cash out or title loan financing

Applicant(s)

  • Applicant(s) must be U.S. citizens or permanent legal residents

Seller(s)

  • No independent dealer purchasesFootnote1
  • Seller(s) and registered owner(s) listed on the title must be one and the same
  • Vehicle must be purchased directly from the seller/owner (no consignments)

Loan structure

  • Term limits may apply
  • Loan amounts $5,000-$1 million ($7,500-$1 million in Minnesota and South Carolina)
  • Loan-to-value restrictions apply
  • Down payment may be required
  • Title and state fees may apply
  • Powers of Attorney are not accepted
  1. Independent dealers are not affiliated with an auto manufacturer and may sell many different brands of used vehicles.

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Information for Virginia

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