View our Bank of America Auto loans Eligibility Requirements and Conditions
1 Assumptions: 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. 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. No loan documentation fee, but title and state fees may apply. 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.
2 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 normally finance vehicles purchased from independent dealers. The general exceptions to this are CarMax®, Hertz Car Sales® and Enterprise Car Sales®. All authorized dealers can be found using the dealer locator tool.
Approval valid for 30 days from the date of original approval.
† Example: A 5-year, fixed-rate loan for a $25,000 new car (including state taxes, fees, tag, title and any purchased service/insurance products), with 20% down, requires a $20,000 loan. Based on a simple interest rate of 2.69%, this loan would have 60 monthly payments of $356.63 each and an annual percentage rate (APR) of 2.69%.
* 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.
|Approved loan amount||$20,000|
The following additional disclosures apply:
Your final loan interest rate and APR may be different from what you see on the Bank of America.com website.
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.
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.
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.
Your final loan interest rate and APR may be different from what you see displayed here.
Example: A 5-year, fixed-rate loan for a $25,000 new car (including state taxes, fees, tag, title and any purchased service/insurance products), with 20% down, requires a $20,000 loan. Based on a simple interest rate of 2.69%, this loan would have 60 monthly payments of $356.63 each and an annual percentage rate (APR) of 2.69%.
Take the worry out of financing by purchasing your next car through Bank of America's dealer network. Once you've been approved via our online application, our phone support team will help you get an approved dealer letter to take to any one of our dealerships.
Locate a Bank of America authorized dealer near you.
Before you take your first test drive, here's what you need to know to make sure the process goes smoothly and you get the best deal for your money.
In the market for a new car? If you're like many people, you may be excited about the prospect of a new car but anxious about the car buying process. There are a few ways you can get prepared before heading to the dealership that can help you save time and possibly money.
Here are 5 things you should know to help you be prepared before you set foot on an auto dealership lot.
Determining how you'll finance your car should be one of your top priorities before you make your final car selection. In most instances, this includes two options: You can get financing terms ahead of time (through a bank or lending institution), or obtain financing at the dealership. If you choose to work with a bank or lending institution ahead of time, you may be able to save time at the dealership after you negotiate the price of the car you're interested in purchasing. If you do explore other financing options, having loan terms already in hand doesn't just make the process better, it gives you a point of comparison, so you'll know if your loan is the lowest rate or if there's a better deal out there.
Here are some key facts to know if you're considering an auto loan:
No matter where you choose to obtain your financing, it’s important to understand how the terms of your loan impact your monthly payment and total cost of the loan. For example, APR has a relatively small effect on monthly payments. In fact, there are two other inputs that have a bigger influence:
Some dealerships have promotions that offer cash rebates or no-interest financing for a new vehicle purchase. While these offers may seem attractive, it's important to weigh their pros and cons first. Sometimes a cash rebate combined with a low-rate auto loan can be a smarter option vs. a 0% APR. A cash rebate used to reduce the overall cost of the vehicle may lower the loan amount resulting in savings over the life of the loan. If you qualify for a 0% APR auto loan be sure to find out what the repayment term is. Then use an auto loan calculator to compare a 0% APR loan at a higher loan amount vs. a low-rate auto loan with the rebate lowering the loan amount.
It's the perennial question: Should you buy a new car or opt for used? You may be tempted to make this decision based purely on cost, but there's more than sticker price to consider. For example with used vehicles you might experience less depreciation, but have higher maintenance and repair costs.
In contrast, new vehicles typically have potential for a lower interest rate on auto loans and lower maintenance and repair costs.
Find out more about the differences between buying a new or used car.
Think of it like renting vs. owning. When you buy (own), you finance the entire cost of the vehicle, regardless of how long you plan to use it or how many miles you put on it. Leasing means you finance the cost of the car only while you lease (rent) it—you pay the difference between the value of the car when you first get it and when the lease ends.
If you're still undecided, consider these factors:
No matter what type of car you're looking to buy, remember that it can pay to do your homework and be prepared before heading to the dealership.
Ready to get started? Apply to find out what auto loan rate you qualify for through Bank of America and be prepared before heading to the dealership.