What types of car loans do you offer?
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.
Are there any types of vehicles Bank of America does not finance?
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 NADAguides 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, rebuilt or branded-title vehicles
- Gray market or lemon law vehicles
- Conversion or delivery vehicles
- Motorcycles, recreation vehicles (RV), boats or aircraft
Who is eligible to apply for an auto loan?
The applicant (and any co-signer) must be at least 18 years of age (19 in Alabama or Nebraska) and must live in the U.S. as a U.S. citizen, resident alien or non-resident alien.
Do you offer car loans in all 50 states?
Yes. Bank of America car loans are available in all 50 states and the District of Columbia.
Are there any specific terms and conditions I should be aware of before applying for an auto loan?
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 $5,000 ($7,500 in Minnesota and South Carolina)
- 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
- Powers of attorney are not accepted
If I decide to pay my auto loan off early, is there a prepayment penalty?
No – Bank of America does not enforce prepayment penalties for automobile financing accounts that it services.