Bank of America
Auto Loans

Is B of A The Way
For Your Next Auto Loan?

Bank of America auto loans can be a great source of money for your next auto loan, but they are not for everyone and not for every situation.

Although, they can be competitive for A+, A, B and upper level C tier credit customers, they still may not be your best option, even if you do all your banking with them.

On the other hand, for the right customer under the right circumstances Bank of America auto loans are a great way to go.

With the information on this page, you'll be able to decide for yourself if B of A is the right way for your next auto loan or if you are better off saving the credit inquiry and looking elsewhere.

Here's What
You'll Find Below:

General Guidelines and Restrictions
Preferred Customer Credit Criteria
Preferred Auto Loan Structures
How To Get Their Best Auto Loan Rates
Summary of Bank of America Auto Loans
Bank of America Customer Service and Payoffs

The following sections are based on my dealership experience with B of A and may not accurately reflect what you as a direct consumer may experience, but should be close. For more info please read my disclaimer

Close Disclaimer

I am not affiliated with Bank of America and do not get paid to refer customers to their site. I also do not hold a grudge against Bank of America and did not build this page to discourage anyone from using their services.

I assume no responsibility for the accuracy of the information on this page and it should be used for general informational purposes only.

Any information pertaining to auto lenders and/or their auto loan guidelines is based on information, rates and terms that can change at any time.

Although, every effort is made to keep this information current, I can make no guarantees as to the accuracy of any of the auto lenders information reviewed on this site.

It is strongly recommended to check directly with the specific auto lender for their current program guidelines and available rates.

In addition, certain restrictions may apply to certain available auto loan programs, again please see lender for details.

There are many variables that may affect your auto loan approval (your approvals rates, terms, restrictions, etc.) and/or turn down, such as, but not limited to:

* Credit score * credit history * age of vehicle * miles on vehicle * type of vehicle * state of residence * term of the loan * loan structure
and/or * whether the loan is secured direct from lender or indirect from the dealership.

For a complete auto lender rate comparison visit: Current Auto Loan Rates

Bank of America
Auto Loans - Guidelines

Vehicles That Do Not Qualify

  • No Motorcycles.
  • No commercial vehicles.
  • No vehicles for business use.
  • No conversion, delivery, gray market, or lemon law vehicles.
  • No salvaged, rebuilt, or branded title vehicles.
  • No Isuzu or Saab vehicles.
  • Your approval can't be used with independent dealers.

General Conditions

  • Must finance more than $7,500 and not more than $100,000.
  • Must finance $12,000 or more for 61-66 month financing.
  • Must finance $15,000 or more for 67-75 month financing.
  • Must have gross combined income of $18,000 or greater for all applicants.
  • No vehicles over 100,000 miles.
  • Vehicles must be 5 years old or newer. 7 years old or newer if you are applying direct.

Bank of America
Auto Loans - Credit Criteria

As mentioned above, Bank of America loans to A+, A, B and very upper level C tier credit.

Customers that fit with one of those credit tiers will need a minimum credit score of 620.

Their rate sheet displays three tier levels:

  • Tier 1 = 730+ credit scores
  • Tier 2 = 700 - 729 credit scores
  • Tier 3 = 620 - 699 credit scores

If your credit score places you into the Tier 3 category, it's important to note that they do not like to see much of a slow paying history.

Usually the type of credit they will approve in this tier, are customers with good overall credit, but maybe their score has been dragged down by small medical collection accounts or maybe some of their credit card balances are a little high and that is bringing their score down some.

All in all, they are an auto lender that caters to better credit.

How’s your credit score? 0-600 Poor, 601-680 Fair, 700-774 Good, 775+ Excellent. Find out your Score now FREE!

Bank of America
Auto Loan Structures

When a dealer is sending a deal to them, they are looking for the loan to value to be in the 110% range (of a new cars invoice, or a used cars wholesale value) plus:

An Example: If a vehicle had a $10,000 wholesale blue book value, then B of A would be willing to loan $11,000 (110%), plus the extras from above.

This is a tougher and more limited (used to do 150% plus extras) structure than they used to offer and can make it hard to do a no money down loan.

This is especially true if there is any negative equity (from a trade in) to be rolled into the new loan.

B of A is also limiting some of their advances on select vehicles like trucks and SUV's. So be prepared to put some money down.

They are also limiting their max finance term to 75 months and this is only available for new and near new vehicles. The 75 month term is only offered to those with the larger 700+ credit scores. Other restrictions may apply, i.e. advance %, overall credit history, etc.

How To Get The Best
Bank of America Auto Loan Rates


Check your credit report and score to ensure that you will qualify for their tier 1 rates. If you find that your score is a little shy, then pay down some credit card accounts to give your score a boost.

Check your Credit Report and Score – Fast, Free & Easy at


Negotiate a good deal and put 20% or more down. The equity discount that Bank of America offers is typically the largest discount and will fall in the .50% range.


Finance for the shortest term you can comfortably afford. This not only helps you get to a more equitable position faster, but will also get you a nice discount on your finance rate. These discounts will fall in the .25% to .50% range.

Bank of America
Auto Loans - Summary

All in all, B of A offers some excellent rates and terms for new vehicles. You can feel confident in knowing that you are getting a very competitive rate, especially if you are able to get rates in the mid 4% to low 5% range.

You can access the B of A website here. Don't forget to bookmark this site so that after you get your approval you can learn some very valuable time and money saving car buying tips.

Their rates aren't terrible for used vehicles, but with good credit you should be able to do better. Check out my Bank Auto Loan Rates page to compare auto lenders rates.

As for Bank of America auto loans for private party and lease buyout rates, I'm not impressed at all. You should be able to easily find better rates for either one.

Bank of America
Customer Service and Payoffs

If you're looking for some quick contact information, here you go:

Customer Service and Payoffs


Speech & hearing impaired (TTY):


Monday – Friday

9 a.m. – 8 p.m. ET


9:30 a.m. – 6 p.m. ET

Mail Payments To:

Bank of America Auto Loans

PO Box 15220

Wilmington, DE 19886-5220

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