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Buying or refinancing a car?

A low rate may be right around the corner.

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APR as low as

Up to
60 months

Advertised as low as APRs (annual percentage rates) assume excellent borrower credit history. Your actual APR may differ based on your credit history, approved loan amount, term, state of residence and applicable discounts, such as Preferred Rewards. These discounts will be reflected in your individual APR quote if you are approved for a loan.


Use our loan calculators to estimate how low your monthly car payment could be.

  • Auto purchase calculator
  • Auto refinance calculator
  • Purchase calculator
  • Refinance calculator
  • Purchase calculator
  • Refinance calculator

Enter a total loan amount into this auto loan calculator to estimate your monthly payment, or determine your loan amount by car price, trade-in value and other factors.

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Adjust the loan term, down payment amount and interest rate to see results based on the numbers you provide – and how any changes to those numbers may affect your payment.

Your estimated
monthly payment
Your estimated monthly payment
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for a $ loan

Eligibility requirements and conditions

What types of car loans do you offer?

Bank of America offers a variety of auto loan types:

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.

Use this auto refinance calculator to compare your current loan with a refinance loan.

Your current loan info

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Refinance loan info

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Select Your State

Please tell us where you bank so we can give you accurate rate and fee information for your location.

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Low rates

Get a low rate when you purchase or refinance.

Quick decision

Get a quick response with our easy, no-fee online application.

30-Day Rate Lock Guaranteefootnote 2

Your rate is good for 30 days, giving you time to make the right decision.

Customer discounts

Bank of America customers may qualify for a Preferred Rewards discount.

Fill out a quick online application now

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Dealer new:

Buying a new vehicle from a franchise dealership. Franchise dealers sell new and used cars for auto manufacturers such as Ford©, General Motors©, Chrysler©, Honda©, and others.

Dealer used:

Used cars can be sold by franchise dealers or independent dealers. Franchise dealers sell new cars for auto manufacturers such as Ford©, General Motors©, Chrysler©, Honda©, and others. Independent dealers are not affiliated with an auto manufacturer and may sell many different brands of vehicles. Bank of America does not finance vehicles purchased from independent dealers other than CarMax®, Hertz Car Sales®, Enterprise Car Sales and Carvana.

Refinance:

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.

Lease buyout:

Buying your leased vehicle.

How are rates calculated?

Your final loan interest rate and APR may be different from what you see displayed here.

  • The Annual Percentage Rates (APRs) on the Internet are "As Low As" APRs. Actual APRs may vary based on, among other factors, the vehicle you choose and your state of residence, and are subject to change.
  • The APR you will see after submitting the application is the APR based on the information received on your application, purchase type and your individual credit history and may include discounts depending on your eligibility.
  • APR is the total cost of credit to you, expressed as an annual percentage rate on the amount of credit provided. Your final APR may differ from your loan interest rate due to additional fees (such as a loan documentation fee) which may be applicable.

Example: A 5-year, fixed-rate loan for a $25,000 new car (including state taxes, fees, tag, title and any purchased service/insurance products), with 20% down, requires a $20,000 loan. Based on a simple interest rate of 2.69%, this loan would have 60 monthly payments of $356.63 each and an annual percentage rate (APR) of 2.69%.

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

Locate a Bank of America authorized dealer near you.

Go - Continue to locator page after entering a zip code.

Auto Loan Basics

5 things to know when buying a car

Before you take your first test drive, here's what you need to know to make sure the process goes smoothly and you get the best deal for your money.

In the market for a new car? If you're like many people, you may be excited about the prospect of a new car but anxious about the car buying process. There are a few ways you can get prepared before heading to the dealership that can help you save time and possibly money.

Here are 5 things you should know to help you be prepared before you set foot on an auto dealership lot.

  1. Know what rate you're approved for

    Determining how you'll finance your car should be one of your top priorities before you make your final car selection. In most instances, this includes two options: You can get financing terms ahead of time (through a bank or lending institution), or obtain financing at the dealership. If you choose to work with a bank or lending institution ahead of time, you may be able to save time at the dealership after you negotiate the price of the car you're interested in purchasing. If you do explore other financing options, having loan terms already in hand doesn't just make the process better, it gives you a point of comparison, so you'll know if your loan is the lowest rate or if there's a better deal out there.

    Here are some key facts to know if you're considering an auto loan:

    • The better your credit history, the better the interest rate you'll get.
    • An annual percentage rate (APR) of 0% may seem appealing, but the terms of the loan might result in a higher monthly payment due to a shorter repayment period.
  2. Know which factors impact your payment

    No matter where you choose to obtain your financing, it’s important to understand how the terms of your loan impact your monthly payment and total cost of the loan. For example, APR has a relatively small effect on monthly payments. In fact, there are two other inputs that have a bigger influence:

    • The loan and down payment: A smaller loan amount or a higher down payment can decrease your monthly payments.
    • The term: A longer repayment term can lower monthly payments, but you may end up paying more in total over the life of the loan.

    Learn more about how car loans work or use the Bank of America auto loan calculator to run the numbers specific to your situation.

  3. Know the pros and cons of 0% APR vs. a Cash Rebate

    Some dealerships have promotions that offer cash rebates or no-interest financing for a new vehicle purchase. While these offers may seem attractive, it's important to weigh their pros and cons first. Sometimes a cash rebate combined with a low-rate auto loan can be a smarter option vs. a 0% APR. A cash rebate used to reduce the overall cost of the vehicle may lower the loan amount resulting in savings over the life of the loan. If you qualify for a 0% APR auto loan be sure to find out what the repayment term is. Then use an auto loan calculator to compare a 0% APR loan at a higher loan amount vs. a low-rate auto loan with the rebate lowering the loan amount.

  4. Know if new or used is right for you

    It's the perennial question: Should you buy a new car or opt for used? You may be tempted to make this decision based purely on cost, but there's more than sticker price to consider. For example with used vehicles you might experience less depreciation, but have higher maintenance and repair costs.

    In contrast, new vehicles typically have potential for a lower interest rate on auto loans and lower maintenance and repair costs.

    Find out more about the differences between buying a new or used car.

  5. Know the differences between a loan and a lease

    Think of it like renting vs. owning. When you buy (own), you finance the entire cost of the vehicle, regardless of how long you plan to use it or how many miles you put on it. Leasing means you finance the cost of the car only while you lease (rent) it—you pay the difference between the value of the car when you first get it and when the lease ends.

    If you're still undecided, consider these factors:

    1. How much do you drive?
      There's a limit to how much mileage you can put on a leased car to avoid mileage fees.
    2. Do you take good care of your car?
      Leased cars need to be returned in good condition to avoid wear-and-tear penalties.
    3. Do you take good care of your car?
      Leased cars need to be returned in good condition to avoid wear-and-tear penalties.

No matter what type of car you're looking to buy, remember that it can pay to do your homework and be prepared before heading to the dealership.

Ready to get started? Apply to find out what auto loan rate you qualify for through Bank of America and be prepared before heading to the dealership.