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Auto Loans

Auto Loan Frequently Asked Questions

  • Hide What are the auto 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 - $1,000,000
    • Loan to value restrictions apply
    • Down payment may be required
    • Title and state fees may apply
    • Powers of Attorney are not accepted
  • Show What types of loans do you offer?

    We currently offer the following types of auto loans:

    • Dealer purchases
    • Private party purchases
    • Refinance
    • Lease buyout
  • Show Are there any vehicles that Bank of America does not finance?

    We do not finance the following vehicles:

    • Commercial vehicles and/or vehicles for business use
    • Conversion or delivery, gray market, lemon law, salvaged, rebuilt or branded title vehicles
    • Boats, aircraft and motorcycles
    • Certain vehicles may not be eligible due to make or model elimination.
    • No independent dealer purchasesfootnote1
  • Show Can I refinance my existing auto loan through this process?

    We can refinance your auto loan with Bank of America or another financial institution. When completing the application, choose Refinance.

  • Show In which states is auto financing available?

    We offer financing in all 50 United States and the District of Columbia.

  • Show Must I be a legal citizen to apply for an auto loan?

    Applicants must be U.S. citizens or Legal Permanent Residents to apply for an auto loan.

  • Show Is there a required down payment for an auto loan?

    Auto loan down payment amounts are evaluated on a case-by-case basis.

  • Show Can I be approved before I pick out my car?

    Dealer purchase loans do not require collateral information for a loan decision. All other types require complete collateral description, including year, make and model, Vehicle Identification Number (VIN) and mileage.

  • Show Do you charge an application fee or any other fees?

    Bank of America does not charge an application fee for submitting a loan application. There is no loan document preparation fee for auto loans, but title and state fees may apply.

  • Show How long will my loan offer and interest rate be good for?

    Interest rates and loan approvals are locked in for 30 calendar days from the date of the original loan request.

  • Show What is a simple interest loan?

    Simple interest is a method of allocating monthly loan payments between interest and principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment. For example, if we receive a payment and it has been 29 days since your last payment, then you will be charged 29 days of interest on the unpaid principal balance of your loan. The remainder of your payment is credited to principal and reduces the unpaid principal balance on your loan.

  • Show What type of information do you collect from me?

    For all loan requests, you will be asked to provide personal information such as name, address, Social Security number, employment information, income, and US citizenship status. The following documents may be required prior to closing: purchase agreement/bill of sale, registration, title, lease buyout instructions, proof of income, federal tax returns, W-2s, and financial statements.
    You can apply for auto loan purchases before you find your vehicle from a franchise dealer. For refinances, purchases from individuals, and lease buyouts, specific vehicle information, such as make, model, year, mileage and vehicle identification number (VIN) is required.

  • Show How do I apply for an auto loan?

    Simply provide the required information and submit your request. Most decisions will be available within sixty seconds, but some applications will require a more detailed review. If your decision is not available within sixty seconds, you will be notified via email when the decision is ready.
    Apply online for an auto loan

  • Show What will happen if I do not have an email address to use?

    It is essential for the online lending process that you have an email address. You can obtain a free email address at several web-based services such as Hotmail, Yahoo, Google, and Lycos. This is not intended to be an exhaustive list or an endorsement of the services listed; it is provided as information only.

  • Show How soon will I know if my auto loan application has been approved?

    Most decisions will be available within 60 seconds, but some applications will require a more detailed review. If your decision is not available within 60 seconds, you will be notified via email when the decision is ready.

  • Show How do I check the status of my auto loan application?

    As part of the application process, you'll create a user ID and passcode that will allow you to sign in to our website to check the status of your application. You'll also be notified via email when your decision is ready.
    Click here to check the status of my application

  • Show From which dealers may I purchase?

    We do business with many dealers across the United States. Choose the franchise dealer of your choice. To find a preferred dealer that Bank of America currently works with, use the dealer locator on our website to find the closest dealership to you. Just let one of our representatives know which dealer you would like to purchase your auto from after you apply.
    Bank of America does not finance autos purchased through independent dealers. Independent dealers are not affiliated with an auto manufacturer and may sell many different brands of vehicles.

  • Show What is a franchise dealer?

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

  • Show 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 are offered for the car that you want and have the appropriate terms; however, sometimes the loan terms are restrictive and you may desire different terms. Dealers often offer cash rebates as an alternative to low interest rates. Choosing the cash rebate and financing with us may prove more attractive to you.

    Rebates plus low rates add up to savings

    Rebates and special financing are factory-sponsored discounts intended to clear out slow-moving inventory, requiring qualifying buyers to choose one or the other. This is where getting your financing first can make a big difference. By opting for the rebate, applying it to your down payment, and combining that with low rate financing with us, you'll get the maximum savings.

    0% Financing vs. Low Rate and Rebate (60-Month Term)
    Rate0% Annual Percentage Rate (APR) without rebate5.99% APR with $3,000 rebate 
    Loan Amount$18,000$15,000
    Monthly Payment$300.00$290.00
    Total Cost$18,000$17,395
    Total Savings$0$605

  • Show I have my new car and loan with Bank of America, what happens now?

    You will receive a Welcome Package in 10-15 days from the closing of your loan. The Welcome Package will contain the following:

    • Welcome to Bank of America letter.
    • Your account number, first payment draft date and confirmation of the payment amount.
    • Instructions on how to sign up for Automatic Payment.
    • Information about Bank of America Online Banking features and benefits.

    Contact information for Customer Service (1.800.215.6195) for your new auto loan.

  • Show Will I receive a coupon book or monthly statements in the mail?

    You will receive a monthly statement for your auto loan, unless you decide to set up Automatic Payments or receive e-Bills, in which case you will not receive monthly paper statements.
    You can also log into Bank of America Online Banking, once you have enrolled, and view your loan's monthly electronic statement 20 days before your due date. Up to 18 months of monthly statements are available for you to view.
    You can also sign up for electronic bills called E-Bills, and you will be sent e-mail notification to log in to Online Banking to view your statement and payment amount due.

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

    Once your loan is established, your paper statements will be mailed each month 20 days prior to your due date, unless you selected to set up Automatic Payments or receive e-Bills, in which case you will not receive monthly paper statements. The updated loan information will always be available at the Online Banking website.
    You can also log into Bank of America Online Banking, once you have enrolled, and view your loan's monthly electronic statement 20 days before your due date. Up to 18 months of monthly statements are available for you to view.
    You can also sign up for electronic bills called E-Bills, and you will be sent e-mail notification to log in to Online Banking to view your statement and payment amount due.

  • Show What payment alternatives do I have, in addition to mailing my payment every month?

    You have multiple payment options:

    • Sign up for Automatic Payment and take the worry out of making your payment every month. Automatic Payment can be set up to debit your Bank of America checking account or an account with a different financial institution. Payments will be automatically deducted from the designated Pay From account, for the same amount and on the same-day every month.
    • From Online Banking, transfer funds from your Bank of America checking account to be applied to your auto loan. This transfer can be a one-time payment or scheduled as recurring payments. In addition, you can make principal reduction payments using this transfer funds feature.
    • From Online Banking, you can also click on Pay Now on the Loan Summary tab and make a payment from your checking account, if it is with Bank of America or another financial institution. Your payment can be a one-time payment or scheduled as recurring payments. If your vehicle loan does not automatically appear as a Pay To option, call or email us and we will take the steps to make this option available to you.
    • You can also sign up for electronic bills called E-Bills, and you will be sent e-mail notification to log in to Online Banking to view your statement and payment amount due. You have the option to pay your bill at the time the E-Bill is sent or on your scheduled payment due date. Just sign in to Online Banking to view your E-Bill and set up your payment option.
    • Pay by Phone using our automated voice response system at 1.800.215.6195. Agent assisted loan payments are also available at this number for a fee.
    • Customers without a Bank of America deposit account may also be able to utilize the bill pay functionality of their financial institution.
  • Show How can I sign up for Automatic Payment for my auto loan?

    There are multiple ways to sign up for Automatic Payment for your Bank of America auto loan.

    • Log into Online Banking and use the electronic signup process located on the Services tab for your loan.
    • Use the paper Automatic Payment signup form included with your Welcome Package. Include a voided check and mail or fax it to the location indicated on the form.
    • Print a form from the Online Banking Services tab for your vehicle loan and mail or fax it along with a copy of your voided check to the location indicated on the form.
    • For each of the options above, you will receive a letter in the mail within 3-4 weeks confirming the start date for the Automatic Payment to be drafted. Until you receive the confirmation letter, continue to make your payment to avoid any late charges.
  • Show How can I get a letter showing the Interest Paid Last Year?

    You may get an Interest Paid Last Year letter for your auto loan from several sources:

    • For immediate written confirmation of interest paid last year, sign in to Bank of America Online Banking, select your loan from the Accounts Overview page, and click on the View/Print Letter link to the right of Interest Paid Last Year information on the Summary tab. Then, simply print the letter.
    • Dial our automated phone service, authenticate yourself, and choose the "Interest Information" option offered at the beginning of the menu selection choices. You will then receive a verbal confirmation of your Interest Paid Last Year.
    • Contact Customer Service at 1.800.215.6195 and ask for a faxed or mailed copy of your Interest Paid Last Year information.
  • Show Can I email my service requests instead of calling?

    Yes, you may contact Bank of America Customer Service via email from within the Online Banking website. Click on the "Mail" link on the header, select your loan from the dropdown list of accounts under "Send a Message Regarding", choose the Subject for your email, and then type a clear description of your request. You will receive a response within 2 business days.

  • Show Where can I get the payoff amount for my auto loan in Online Banking?
    • A 10-day payoff amount is provided by logging into Bank of America Online Banking, select your loan from the Accounts Overview page, and click on the "10-Day Payoff" link on the Summary tab for your loan. By paying this amount, you will ensure your loan is paid off in full and any overage will be returned to you in an overpayment check, along with your title information and lien release.
    • If you plan to pay off your loan by transferring funds to your loan account within Online Banking today, you can obtain a same-day payoff amount on the Summary page for your loan. For any other payment arrangements, use the 10-day payoff amount.
  • Show How can I pay off my loan in Online Banking?
    • If your deposit account is with Bank of America, you can make a same-day payoff using Transfer Funds from a Bank of America deposit account to the vehicle loan account. The same-day payoff amount is displayed on the Account Summary tab in Online Banking.
    • With optional Online Banking Bill Pay, you can schedule a same-day payoff or a future dated payoff from a Bank of America account or an account at another financial institution. The same-day payoff and 10-day payoff amounts are displayed on the Account Summary tab in Online Banking.
    • Customers without a Bank of America deposit account may also utilize the bill pay functionality of their financial institution.
  • Show Once I pay 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.

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

    Simply go to www.bankofamerica.com and choose "Enroll" from the Home Page. Based on your accounts with Bank of America, your options include the following:

    • If you only have a Bank of America auto loan, choose the option for Mortgage, Line of Credit or Loan accounts. Enter the requested information and your Passcode will be mailed to you. Once received, log into Online Banking and follow the prompts. Once initial login is completed, you will be able to review your auto loan account information online.
    • If you have other accounts with Bank of America, follow the prompts to establish Online Banking enrollment.
    • If you already have access to Online Banking for your other account relationships, your auto loan will be added to your Online Banking profile automatically and you should be able to review your auto loan account information online at any time.
    • Contact Customer Service at 1.800.215.6195 and our agents can sign you up for Online Banking and issue you a temporary Passcode to provide immediate access.
  • Show Is my loan assumable by another party?

    No, your loan is not assumable by another party.