Bank of America offers auto loans starting at 5.29% APR for new cars and 5.49% APR for used cars at dealerships. Loan terms of 48, 60, or 72 months are available, providing flexibility for various borrowers. With a 30-day rate lock once approved, you have peace of mind as you shop around. There are no loan documentation fees, though state title fees may apply. The advertised low rates are for borrowers with excellent credit, while final rates depend on your credit score, loan term, and eligibility for discounts such as their Preferred Rewards program.

How to Apply: Step by Step

The application process for a Bank of America auto loan is straightforward. First, you can get prequalified online in minutes, which won’t impact your credit score if you are an existing customer. After logging in, you’ll input your financial and vehicle information. If you don’t have a login, a full loan application is necessary. Once submitted, you usually get a quick credit decision. If approved, you’ll have up to 30 days to lock in your interest rate and shop for a vehicle, including from Bank of America’s network of over 1 million authorized dealers.

Pros of Bank of America Auto Loans

One major advantage is the competitive interest rates, starting as low as 5.29% APR for new cars. Bank of America also provides a generous 30-day rate lock, giving you time to find the right car. Another great feature is their Preferred Rewards program, offering discounts up to 0.50% on your interest rate if you qualify. The application process is quick and can often provide a decision in minutes, making it convenient for shoppers in a hurry.

Cons of Bank of America Auto Loans

While the rates are attractive, those with less than excellent credit may not receive the lowest advertised rates. Additionally, the best prequalification experience is reserved for existing Bank of America customers; new customers must use the full application process. The rates and terms can also vary by state, so you may need to provide your location information for an accurate quote.

Verdict: Is Bank of America Auto Loan Worth Considering?

Bank of America’s auto loan offering is especially solid for those with strong credit who want a low, fixed interest rate and a streamlined online application experience. The 30-day rate lock and Preferred Rewards discounts make it even more appealing. While it may not suit those with poor credit or without a Bank of America login, it remains a top contender for auto financing.