At a Glance
Rates & Fees
Key Features
Lowest advertised rates among major banks (5.44% new)
Preferred Rewards members get 0.25–0.50% APR discount
Finance new, used, and lease buyouts
Pros & Cons
Pros
- Best starting rate among major bank lenders
- Preferred Rewards discount for existing BofA customers
- Private party and dealer financing available
Tradeoffs
- Best rates require excellent credit + Preferred Rewards
- $7,500 minimum loan
- Relationship benefit limited to BofA account holders
How to Apply
Get pre-qualified with Bank of America to see an estimated rate before you shop for a vehicle, if the lender offers it.
Compare your pre-qualified rate against at least one other lender or your dealership's financing offer.
Gather proof of income, insurance, and identification, plus the vehicle's details (VIN, price, mileage) for the formal application.
Submit the full application through Bank of America directly; approval usually involves a hard credit inquiry.
Review the final APR, term, and total interest on the loan agreement before signing at the dealership or online.
How It Compares
Current product highlighted| Product | APR Range | Loan Amount | Vehicle Age Limit |
|---|---|---|---|
| Bank of America Auto Loan | 5.34%–18.99% | $7,500–$150,000 | New & used (up to 10 years old) |
| Consumers Credit Union Auto Loan | 3.99%–19.99% | $250–$500,000 | New & used (up to 10 years old) |
| PenFed Auto Loan | 5.19%–17.99% | $500–$150,000 | New & used |
| LightStream Auto Loan | 7.24%–15.89% | $5,000–$100,000 | Any age |
Rates and terms shown are illustrative as of 2026 and vary based on creditworthiness, vehicle, and loan term — always confirm current terms directly with the lender.