Whether you’re buying new, going for a pre-owned gem, refinancing a ride, or finishing out a lease, Bank of America (BofA) Auto Loans aims to make it easy. Backed by years of experience and a vast network of nearly 11,000 partner dealerships, BofA gives you smart resources, competitive rates, and digital tools to manage your loan the way you want .
They offer more than just loans—think helpful calculators, a 30-day rate lock, no fees to apply, and perks for Preferred Rewards members. Let’s dive into what makes their loans work, what you should prepare, and how each part of the process fits together.
🔍 What Makes BofA’s Auto Loans Stand Out
- Dealer-friendly network – Finance at nearly 11,000 dealerships across the country. Private-party purchases aren’t included, but many big names are
- Soft‑pull prequalification – Check your potential financing options without impacting your credit score. Perfect for budgeting first
- Freedom to choose – Loans for new or used cars, refinance, EVs, lease buyouts, accessible vehicles, and even EV charging equipment
- Clear, fast online decisions – Apply online in just a few minutes. Decisions come through quickly, often in under a minute
- 30-day rate lock – Once approved, your rate stays fixed for 30 days—that’s enough time to shop with confidence
- Preferred Rewards benefits – If you’re part of their rewards program, you could shave 0.25%–0.50% off your APR
- No application or prepayment fees – Apply, repay early, or refinance without extra charges
🧾 What You Should Know Before You Apply
- Must finance through a dealer – Only authorized dealerships are supported—private-party purchases aren’t offered
- Prequalification is limited – Available only for dealer-based purchases. Refinance or lease buyout prequal isn’t included
- Minimum loan amounts apply – Loans start at $7,500 (or $8,000 in Minnesota) and can go as high as $1,000,000
- Rates depend on multiple factors – Final APR is based on your credit, loan type, vehicle, and possibly your relationship with BofA
- Breaking down loan costs – The total amount (plus taxes and fees), the interest rate (APR), and how long you’ll pay (term) all directly affect what you’ll pay each month and over time
- EV and charger financing included – If you’re getting an electric vehicle or buying a home charger, BofA can help fund the whole setup
- Your loan is locked for 30 days – Approved today? You have one month of peace-of-mind while you shop
🚗 How Bank of America’s Auto Loan Process Works
- Prequalify online
Fill out a short online form to see your approximate rate and loan terms—without a hard credit check - Pick your vehicle
Shop at an authorized dealership , knowing your rate and budget in hand. - Formal application
Complete details about the vehicle, your income, and address. A hard credit pull happens here. - Review the official offer
You’ll receive APR, term length, monthly payment and rate lock info. - Sign and fund
Sign digitally or in person; BofA sends funding to the dealer or handles refinance/lease payoff. - Shop and pick up
Head back to the dealership with peace-of-mind—your financing is solid. - Manage it digitally or by phone
Make payments, upload documents, request payoff quote, and refinance—all online or with help
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