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Electric Car Loans & Vehicle Financing

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Bank of America is committed to environmental sustainability, offering streamlined auto financing for electric cars and other electric vehicles (EVs).

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EVolution: Bank of
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Electric Vehicle Show

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Read about Bank of America's commitment to environmental sustainability.

Why buy an electric car?

Driving an electric vehicle means you would be contributing to environmental sustainability since electric vehicles release fewer harmful carbon dioxide emissions. According to the US Environmental Protection Agency (EPA), greenhouse gas emissions from transportation layer account for about 28% of US total greenhouse gas emissions.

EVs may even be recharged using renewable energy, which can help increase energy independence.

Are there financial benefits to going electric?

You can benefit from possible federal and state tax credits or incentives. For more information, check out the U.S. Department of Energy Alternative Fuels Data Center layer.

The costs of owning an EV are typically less than a gasoline-powered vehicle. Savings may include a lower cost to charge your electric vehicle (when compared to fuel costs) as well as savings on maintenance costs, since EVs typically need less maintenance. EV electrical systems do require some periodic maintenance, however. Check out the Electric Cost Drive Calculator layer at to compare alternatives to fuel costs.

Is this the right time to buy electric?

Electric vehicles have become more affordable as technology improves and automobile manufacturers meet the increased demand with additional electric vehicles models in the market. In addition, the number of charging stations is growing every year to provide more options for your travel needs.

Financing an electric car or vehicle is really easy

Apply online

It only takes minutes for most customers, no fee to apply

Get a quick decision

Most applicants get a credit decision in 60 seconds

Your rate is locked

Apply to finance and lock your rate for 30 days upon approval

Go electric and lock in a fixed rate today

Fast application. Fast credit decision. 30-day rate lock.

Rates displayed do not include the additional Preferred Rewards interest rate discount up to 0.50%.

60-month auto loan options
Rates as low as
New car (dealer)
...% APR
Used car (dealer)
...% APR
...% APR
Buy out your lease
...% APR
Private Party
...% APR

More terms available

Our online application allows you to select terms of 48, 60 or 72 months; you can discuss other terms with your loan officer after your application is submitted.

View our Bank of America auto loan eligibility requirements for information about minimum amounts financed, applicant eligibility and more.

Shop vehicles in your area, calculate payments and apply online

Save time by shopping local dealer inventory online and applying for Bank of America financing. Then, finalize the paperwork at the dealer. Just shop, get approved for financing and drive.