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Get prequalified Apply now

Auto loans to fit your needs. We’re here to help.

From prequalification to purchase, we have an option for you. Get started now.

Explore our financing options and find a budget that works for you

Prequalify¹

Get prequalified (with no impact to your credit score) to know how much you may be able to borrow and what your estimated monthly payments may be.

Quickly prequalify with no impact to your credit score
Easy and secure request form that takes less than a minute to complete
Instantly see how much you may be able to borrow so you can shop with confidence
Customize your estimated terms² and monthly payment options to fit you

Prequalification is only available for new or used dealer purchases and only if you have a Bank of America login³

Get prequalified

Apply

Ready to buy? Apply now and start shopping for a new or used dealer car purchase, a refinance, or lease buyout.

Quick, no-fee application and fast credit decision
Rate is guaranteed for 30 days from the date of original application approval⁴
Competitive rates

Our online application allows you to select term lengths of 48, 60 or 72 months; dependent on loan type and subject to collateral, terms and conditions. You can discuss other term lengths with your loan officer after your application is submitted.

View our Bank of America auto loan eligibility requirements for information about minimum amounts financed, applicant eligibility and more.

Rates as of December 21, 2024 for a 60-month term. More terms available.

Use our menu to view Preferred Rewards⁵ Tier rates.

Auto loans with APR as low as:

Preferred Rewards Tier

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®, 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.

% ^†

Dealer Used ⁶

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.

% ^†

Lease Buyout ⁸

Rates are unavailable right now. Please check back again later.

APR is the Annual Percentage Rate. Advertised “as low as” APRs 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. No loan documentation fee, but title and state fees may apply. Any applicable discounts, such as Preferred Rewards, will be reflected in the individual APR quote you will receive if you are approved for an auto loan.

Bank of America Preferred Rewards® members can receive an interest rate discount of 0.25% to 0.50% on an auto loan^⁵

Estimate your monthly auto loan payment

Enter a total loan amount into this auto loan calculator⁹ to estimate your monthly payment, or determine your loan amount by car price, trade-in value and other factors. Use the menu to view Preferred Rewards rates.

Rates are unavailable right now. Please check back again later.

Purchase

Loan Amount $ (value must be greater than $7,500)

The total amount you wish to finance for your auto loan, (for example, the price of the car plus taxes and fees and minus any down payment or trade-in value). The loan amount entered must be at least $7,500 ($8,000 in MN) and not to exceed $1,000,000.

Not sure? Determine loan amount

Car Price (value must be greater than $0)

Car price required

Trade-in Value

A dealer assigns a trade-in value to an auto, boat or other vehicle that a buyer wishes to exchange for a replacement vehicle. Trade-in value, also called trade-in allowance, is subtracted from the purchase price of the vehicle. Trade-in value is often based on the published book value of the vehicle. As a general rule, a vehicle with less wear and tear has greater trade-in value.

Amount Owed on Trade-in $

The amount you still owe on the auto you plan to trade in.

Down Payment

A down payment is the cash you deposit toward the purchase of equipment or a commercial vehicle. The larger the down payment, the less you are required to borrow. For equipment loans, a down payment of 20% of the equipment purchase price is generally required. The value of a trade-in can be used instead of a down payment when purchasing replacement equipment.

Cash Rebate and incentives

Dealers may offer a cash rebate as an incentive to buy an auto, boat or other vehicle. A cash rebate reduces the purchase price by the amount of the rebate. Some credit card companies offer a cash rebate card as an incentive for cardholders to make new purchases. There is usually limit on how large a rebate the cardholder may receive in a year.

Loan term (value must be greater than 0 months)

The period of a loan, generally measured in months or years. Auto loans generally range between 4 and 6 years.

Interest rate %

The cost for the use of a loan, usually expressed as a percentage of the loan and paid over a specific period of time. The interest rate does not include fees charged for the loan.

Loan type

The type of loan financing, such as Dealer New or Lease Buyout. Loan Types have different interest rates.

Preferred Rewards

Preferred Rewards discount will be applied to your result. If you have entered custom values, reset calculator to enable Preferred Rewards.

Click to Reset calculator to Bank of America rates for interest rate and loan term.

Estimated monthly payment

$---

Term -- months

Interest Rate --% APR

Loan Amount $--,---

Preferred Rewards discount Not applied

Today's date August 24, 2023

Your current loan

Refinance

Current Loan Balance ($)

The amount that you still owe on your existing auto loan.

Current monthly payment ($)

The amount paid each month toward the principal and interest amount of a loan.

Your current interest rate (%)

The cost for the use of a loan, usually expressed as a percentage of the loan and paid over a specific period of time. The interest rate does not include fees charged for the loan.

Your refinance loan

Refinance amount ($)

The amount you wish to finance for your auto loan.

Length of new loan (months)

The period of a loan, generally measured in years. Auto loans generally range between 4 and 6 years.

New loan interest rate %

The cost for the use of a loan, usually expressed as a percentage of the loan and paid over a specific period of time. The interest rate does not include fees charged for the loan.

Preferred Rewards

Preferred Rewards discount will be applied to your result. If you have entered custom values, reset calculator to enable Preferred Rewards.

Click to Reset calculator to Bank of America rates for interest rate and loan term.

Enter your loan information to see results.

Monthly payment comparison

Current loan 0/mo

New loan 0/mo

Difference 0/mo

Months remaining

Current loan 0 months

New loan 0 months

Difference 0 months

Interest to be paid

Current loan 0

New loan 0

Difference 0

Ready to get started?

Prequalify Apply now

No matter where you are on your auto-purchase journey we can help get you there.

Legal Information and Disclosures

The following example(s) reflect representative credit terms made available to applicants and are for informational purposes only. They may not reflect the loan amount, term, APR and estimated payment for your loan.

New Car (Dealer):

† A 5-year, fixed-rate new car loan for $49,000 would have 60 monthly payments of $ each, at an annual percentage rate (APR) as low as %.

Used Car (Dealer):

† A 5-year, fixed-rate new car loan for $32,000 would have 60 monthly payments of $ each, at an annual percentage rate (APR) as low as %.

Refinance:

† A 5-year, fixed-rate new car loan for $ 29,000 would have 60 monthly payments of $ each, at an annual percentage rate (APR) as low as %.

Lease Buyout:

† A 5-year, fixed-rate new car loan for $ 26,000 would have 60 monthly payments of $ each, at an annual percentage rate (APR) as low as %.

1

Prequalification is a preliminary review with no impact to your credit score. Prequalification is not an application, and it is not a commitment to lend or a loan approval. Prequalification requires your written instructions for a consumer reporting agency to release your credit information to Bank of America. To obtain financing, you will need to submit a complete application including additional information that is subject to Bank of America standard underwriting guidelines and credit policies. Additional information that will be requested and reviewed in an application includes, but is not limited to, employment, housing expense, ability to repay, collateral, coapplicant information if applicable, and any other information required. Prequalification is only available for dealer purchase of new or used vehicles (not available for refinance or lease buy out loans).

Prequalification will only present amounts between $10,000 and $85,000.

Certain vehicle types may not be eligible for financing, for example Commercial vehicles like heavy-duty trucks (450/4500 series Trucks and vans). Additional terms and conditions may apply, such as vehicle make, age and mileage. Please visit our Frequently Asked Questions for additional information.

2

During prequalification, APR shown is an estimate of the rate you may qualify for, and subject to change at any time. Once you apply, if approved the rate is guaranteed for 30 days from date of original application approval.

3

Prequalification is only available to customers with a Bank of America login. All other customers may apply for an auto loan online, by phone, or by visiting a financial center.

4

Rate is guaranteed for 30 days from the date of original application approval.

5

Preferred Rewards Program Eligibility. You can enroll, and maintain your membership, in the Bank of America Preferred Rewards® program if you have an active, eligible personal checking account with Bank of America® and maintain the balance required for one of the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Balances include your combined, qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:

a three-month combined average daily balance in your qualifying deposit and investment accounts, or
a current combined balance, provided that you enroll at the time you open your first eligible personal checking account and satisfy the balance requirement at the end of at least one day within 30 days of opening that account.

Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Bank of America Private Bank clients qualify to enroll in the Diamond Tier regardless of balance, and may qualify for the Diamond Honors tier based on their qualifying Bank of America, Merrill and Private Bank balances. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. For details on Bank of America employee qualification requirements, please call Employee Financial Services or refer to the Bank of America intranet site. Employees of companies participating in the Bank of America Employee Banking and Investing Program may be eligible to participate on customized terms. Refer to CEBI Program for details.

Preferred Rewards members who apply for an Auto purchase or refinance loan receive an interest rate discount of 0.25% for Gold tier, 0.35% for Platinum tier, and 0.50% for Platinum Honors and higher based on their Preferred Rewards tier at the time of auto loan application. The maximum Preferred Rewards interest rate discount on a Bank of America auto loan is 0.50%. This interest rate discount is not reflected in all our published rates on our website but will be confirmed and reflected in the interest rate quoted upon loan approval. Discounts are only available on auto loan applications submitted by you directly to Bank of America through its website, Financial Centers, or Bank call centers. Discounts are not available for motor vehicle leases or for applications sourced from car dealerships, car manufacturers, or third-party branded/co-branded relationships. Benefit is non-transferable. Subject to credit approval. Standard underwriting guidelines and credit policies apply.

6

Bank of America finances vehicles purchased from franchised dealers, electric vehicle only manufacturers, and many used vehicle only dealers.

Franchised dealers such as Ford®, Toyota®, and Mercedes Benz® sell new and used vehicles for auto manufacturers.
Electric vehicle only manufacturers such as Tesla® and Rivian® sell vehicles directly to consumers.
Used vehicle only dealers such as CarMax®, Enterprise Car Sales® and Carvana® are not affiliated with an auto manufacturer and sell a variety of vehicle brands.

7

Any reduction in monthly payment will be based on a number of factors including your current interest rate and term of payment vs. your Bank of America interest rate and term. Please note that 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. 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.

8

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.

9

Important note about this calculator: The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation. The final APR may differ from the APR in the above results due to additional fees that may be applicable.

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.

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