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APR as low as
Up to
60 months
APR as low as
%

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Application by phone is not available for Wisconsin residents. Please apply online.

Monday through Friday, 9 a.m. to 12 a.m.;
Saturday 9 a.m. to 8 p.m. Eastern
 

Use our loan calculators to estimate how low your monthly car payment could be.

Calculate your estimated monthly payments or how much you can afford to spend on your next car using the Auto Purchase Calculator below.
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Use this refinance calculator to compare your current loan with a potential new loan.
Your current loan info
Information Layer: Current loan balance
a balance of $5,000 or more is required
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monthly payment required
based on your entries the current monthly payment should be at least $[MONTHPAYMENT]/mth
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a loan amount of $5,000 or more is required
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term required
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rate required
  Current loan New loan Difference
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Interest to be paid $X $X $X
Monthly payment comparison
$X/mo
Current loan
$X/mo
New loan
$X/mo
Difference
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Xmonths
Current loan
Xmonths
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Xmonths
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Interest to be paid
$X
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$X
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$X
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With a Bank of America® auto loan, get:

Low rates

Save with a low rate when you purchase or refinance.

Quick decision

Get a quick response with our easy, no-fee online application.

30-Day Rate Lock Guarantee

Your rate is good for 30 days, giving you time to make the right decision.

Customer discounts

Bank of America customers may qualify for a Preferred Rewards discount.
preferred rewards program

Fill out a quick online application now.

Apply now for an auto loan.  

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.

Auto Loan
Approved loan amount $20,000
Term 60 months
APR 2.69%
Payment $356.63

The following additional disclosures apply:

  • Credit subject to approval.
  • State & title fees may apply.
  • Assumes auto is new or less than one year old.
  • Interest rates assume excellent borrower credit history.
  • Rates and payment amounts will vary by state, collateral type and loan to value ratio.
  • Rates and terms are subject to change without notice.

Your final loan interest rate and APR may be different from what you see on the Bank of America.com website.

  • The annual percentage rates (APRs) on the internet are "as low as" rates/APRs. Actual APRs may vary based on, among other factors, the vehicle you choose, approved loan amount and your state of residence, and are subject to change.
  • The APR you will see after submitting the application is the APR based on the information received on your application, purchase type and your individual credit history, and may include discounts depending on your eligibility.
  • APR is the total cost of credit to you, expressed as an annual percentage rate on the amount of credit provided. Your final APR may differ from your loan interest rate due to additional fees (such as state & title fees) which may be applicable.
  • Auto loan interest rate discount of 0.25% to 0.50% is valid only for customers who are enrolled in Preferred Rewards or Banking Rewards for Wealth Management at the time of auto loan application and who obtain a Bank of America auto purchase or refinance loan. The maximum interest rate discount on a Bank of America auto loan is 0.50%. This discount is not reflected in our published rates on our website but will be reflected in the interest rate quoted upon loan approval. Discounts are only available on new auto loans through a financial center or online and are not available on dealer financing. Benefit is non-transferable. Subject to credit approval. Standard underwriting guidelines and credit policies apply.
close layer: Dealer new vehicle rates
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.

close layer: Dealer used vehicle rates
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.

close layer: Refinance vehicle rates
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.

close layer: Dealer new vehicle rates
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.

close layer: Dealer used vehicle rates
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.

close layer: Refinance vehicle rates
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.

close layer: Private party vehicle rates
Private party: 

Buying a used vehicle from a private party. Private party transactions are sales from one individual to another.

close layer: Leased vehicle buyout rates
Lease buyout: 

Buying your leased vehicle.

close layer: How are rates calculated?
How are rates calculated? 

Your final loan interest rate and APR may be different from what you see displayed here.

  • The Annual Percentage Rates (APRs) on the Internet are "As Low As" APRs. Actual APRs may vary based on, among other factors, the vehicle you choose and your state of residence, and are subject to change.
  • The APR you will see after submitting the application is the APR based on the information received on your application, purchase type and your individual credit history and may include discounts depending on your eligibility.
  • APR is the total cost of credit to you, expressed as an annual percentage rate on the amount of credit provided. Your final APR may differ from your loan interest rate due to additional fees (such as a loan documentation fee) which may be applicable.

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%.

close layer: Eligibility requirements and conditions
Eligibility requirements and conditions 

Collateral

  • Maximum vehicle age is 10 calendar years old for all purchase types (dealer, refinance, and lease buyout)
  • Vehicles with 125,000 miles or greater are not eligible for financing
  • No commercial vehicles
  • No vehicles used for commercial/business purposes
  • No salvage, rebuilt or branded title vehicles
  • No gray market or lemon law vehicles. No conversion or delivery vehicles
  • No motorcycles, recreation vehicles (RV), boats, or aircraft

Applicant(s)

  • Applicant(s) must be US Citizens, Resident Alien, or Non Resident Alien and residing in the US
  • 18 years of age or older (19 years if in AL or NE)

Seller(s)

  • No independent dealer purchases. Independent dealers are not affiliated with an auto manufacturer and may sell many different brands of used vehicles (exceptions for CarMax®, Hertz Car Sales, and Enterprise Car Sales)
  • Seller(s) and registered owner(s) listed on the title must be one and the same
  • Vehicle must be purchased directly from the seller/owner (no consignments)

Loan structure

  • Term limits may apply
  • Minimum loan: $5,000 ($7,500 in SC and MN)
  • Loan-to-value restrictions apply
  • Down payment may be required
  • Title and state fees may apply
  • Pre-payment fee may apply in FL, LA, and OH
  • A loan fee may apply
  • Powers of Attorney are not accepted
close layer: Loan amount
Loan amount: 

The amount you wish to finance for your auto loan.

close layer: Interest rate
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.

close layer: Loan term
Loan term: 

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

close layer: Cash rebate
Cash rebate: 

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.

close layer: Trade-in value
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.

close layer: Down payment
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.

close layer: Current loan balance
Current loan balance: 

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

close layer: Monthly payment
Monthly payment: 

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

close layer: Interest rate (APR)
Interest rate (APR): 

The cost for the use of a loan, usually expressed as a percentage of the loan and paid over a specific period of time. Bank of America does not charge any loan documentation fees; however, the interest rate does include any state fees charged for the loan.

close layer: Dealer locator
Dealer Locator 

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.

  • Having an approved loan allows you to negotiate with dealers on what really matters – the price of the car.
  • Getting approved is easy with our 3-step loan process and will save you time at the dealer

Locate a Bank of America authorized dealer near you.

Go - Continue to locator page after entering a zip code.
close layer: Auto Loan Basics
Auto Loan Basics 

5 things to know when buying a car

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.

  1. Know what rate you're approved for


    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:

    • The better your credit history, the better the interest rate you'll get.
    • An annual percentage rate (APR) of 0% may seem appealing, but the terms of the loan might result in a higher monthly payment due to a shorter repayment period.
  2. Know which factors impact your payment


    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:

    • The loan and down payment: A smaller loan amount or a higher down payment can decrease your monthly payments.
    • The term: A longer repayment term can lower monthly payments, but you may end up paying more in total over the life of the loan.

    Learn more about how car loans work or use the Bank of America auto loan calculator to run the numbers specific to your situation.

  3. Know the pros and cons of 0% APR vs. a Cash Rebate


    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.

  4. Know if new or used is right for you


    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.

  5. Know the differences between a loan and a lease


    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:

    1. How much do you drive?
      There's a limit to how much mileage you can put on a leased car to avoid mileage fees.
    2. Do you take good care of your car?
      Leased cars need to be returned in good condition to avoid wear-and-tear penalties.
    3. Are you expecting major life changes?
      When you own your car, you can sell it to accommodate changing circumstances, like having a baby or moving to a new city. Although some manufacturers let you sell or transfer a leased car, you'll often have to pay a fee to terminate a lease agreement early.

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.