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Buying the vehicle that complements your lifestyle is important. Whether it’s a high-powered sports car for your fast-paced personality, or the family-friendly electric vehicle you need for your growing family, Bank of America® can help you feel more in control on the road to buying and financing your next vehicle. You probably spend plenty of time researching what vehicle you really want, using our Online Auto Shopping tool, or other resources.

But researching your auto financing is just as important. There are many factors that can impact how much your monthly payment will be. The auto financing process begins with being informed about the whole experience, and we’re here to make it as stress-free as possible, to help you get the auto financing you’re looking for.

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Bank of America® logo
Auto Financing
How much?
How long to pay back?
Interest rate?

There will be three main stages to the process.

Onscreen disclosure:
Vehicle financing provided by Bank of America. Credit and collateral are subject to approval. Terms and conditions apply. Automobile shopping content provided by automobile dealerships through a website provided by a third party not affiliated with Bank of America and is not available in all states. Bank of America is not responsible for any automobile content, products, or services.

First, the Getting Started stage, when you can research vehicles and financing options. Then, apply for auto financing online, in person, or over the phone.

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Getting Started Stage

• Use online resources to research vehicles and financing options
• Apply for auto financing

Onscreen disclosure:
Vehicle financing provided by Bank of America. Credit and collateral are subject to approval. Terms and conditions apply. Automobile shopping content provided by automobile dealerships through a website provided by a third party not affiliated with Bank of America and is not available in all states. Bank of America is not responsible for any automobile content, products, or services.

Then, in the Loan Approval stage, you may work with a Loan Specialist to discuss the best terms for your financing, submit any additional documents needed, and if approved, close your purchase or refinance.

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Loan Approval Stage

• Work with Loan Specialist
• Submit any additional documents
• Close your purchase or refinance

And finally, in the Servicing stage, when your financing is complete, you’ll receive your welcome package and first statement, and begin repaying your loan.

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Servicing Stage

• Receive your welcome package
• Receive your first statement
• Begin repaying your loan

If you’re not sure yet which vehicle might be a good fit for you and your budget, Bank of America can help with that, too. Use our online tools to compare vehicle models and prices, find authorized dealers in your area, and apply for a loan for a specific vehicle.

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Use our online tools to:

• Compare vehicle models
• Compare vehicle prices
• Find authorized dealers
• Apply for a loan for a specific vehicle

Onscreen copy:
Vehicle financing provided by Bank of America. Credit and collateral are subject to approval. Terms and conditions apply. Automobile shopping content provided by automobile dealerships through a website provided by a third party not affiliated with Bank of America and is not available in all states. Bank of America is not responsible for any automobile content, products, or services.

Our auto loan calculator can help you figure out how much financing you may need, and even estimate your monthly payment. Bank of America offers financing for new or used vehicles that are purchased from most franchised dealers, and a few independent dealers.

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Franchise dealers sell new and used 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. All authorized dealers can be found using the dealer locator tool.

We also offer financing for refinances, lease buyouts, and purchases from a private party.

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Before considering a lease buyout loan, you should review your lease agreement for the terms and conditions under which the lease can be terminated if it hasn’t yet expired, particularly if there are any fees or expenses that may be due pursuant to the terms of the lease. Requests to cancel a loan will be processed as a loan payoff and require the outstanding loan balance to be paid in full including any accrued fees and interest. Refinancing may increase the total number of monthly payments and/or the total amount paid when compared to your current situation. Although your refinanced monthly payment may be lower, you should carefully consider the amount of any costs associated with refinancing such as any state taxes and titling fees as well as the potential increase in interest charges you may pay and the additional years needed to pay off your loan by refinancing. You should also consider whether refinancing may terminate any ancillary products included in the loan you are refinancing such as GAP insurance/waivers.

When you’re ready, you can apply on your mobile device, online at bankofamerica.com, on the phone, or in a financial center. Regardless of how you apply, many decisions only take sixty seconds. You’ll then be able to check the status of your application, and upload and electronically sign any documents needed to process your loan. Just make sure to agree to electronic delivery when applying.

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Option to select “Electronic Communication” and “Submit Application” on mobile.

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Electronic Communication
SUBMIT APPLICATION

We’ll notify you when the application review is complete. You may see advertising about interest rates with an annual percentage rate, or APR, “with rates as low as.”

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Mobile screen showing “rates as low as” text

The only way to truly know your rate is to complete an application. If approved, there are many factors, such as state of residence, loan amount and term, credit history, and type of vehicle that may cause your actual APR to differ from the advertised rate.

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• State of residence
• Loan amount
• Terms of the loan
• Credit history
• Type of vehicle

Qualified discounts can also adjust your APR. If you are eligible for Bank of America’s Preferred Rewards Program, make sure to enroll before you apply for auto financing.

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Bank of America Preferred Rewards name treatment
Preferred Rewards members can get an additional interest rate discount of:
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Gold tier 0.25%
Platinum tier: 0.35%
Platinum Honors tier: 0.50%
Learn more at https://www.bankofamerica.com/preferred-rewards/

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Auto loan preferred interest rate discount of 0.25% to 0.50% is based on reward tier and valid only for enrolled Preferred Rewards members at the time of auto loan application who obtain a Bank of America auto purchase or refinance loan. The maximum preferred interest rate discount on a Bank of America auto loan is 0.50%. This preferred interest rate discount is not reflected in our published rates on our website but will be reflected in the interest rate quoted upon loan approval. Discounts are only available on auto loan applications submitted by you to Bank of America and not applications submitted through dealerships. Benefit is non-transferable. Subject to credit approval. Standard underwriting guidelines and credit policies apply.

Once approved, if you’re purchasing from an authorized dealer, we’ll provide an approval letter to take to the dealer.

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Customer handing dealer a letter stating “Approval letter”

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Bank of America works with thousands of automobile dealerships across the country to assist our customers with the financing of their new and used vehicles. Bank of America is not affiliated with these dealerships and does not require any particular dealership for your vehicle buying experience. Consequently, Bank of America makes no warranties and representations and is not otherwise responsible for any aspect related to the purchase of your vehicle and associated products and services from these authorized dealerships.

The dealer will prepare the financing contracts for you to sign.

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Rate valid for 30 days from the date of original application submission.

Then you can drive off in that 500-horsepower dream car, or that electric vehicle with room for half the soccer team. If you’re applying for a private party purchase, lease buyout, or refinance, we’ll prepare the loan contract for you to sign. Once we receive your signed contract, we’ll complete the financing.

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Desktop computer with option to click “E-SIGN DOCUMENT”

With the Bank of America team at your side, you’ll feel more in control every step of the way. We want to help make an auto financing plan that suits your budget, and put you on the road to owning the best vehicle for your lifestyle.

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What would you like the power to do?®

Bank of America logo®

Disclosure:
Mobile and Online Banking requires enrollment. Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice. Bank of America. N.A., Member FDIC. © 2022 Bank of America Corporation.