reviews

Bank of America auto loans: 2025 review

Written by
Rebecca Betterton
Edited by
Kellye Guinan
Updated on Feb 13, 2025

At a glance

Bank of America: Bankrate 2025 Award Winner For Best All-In-One Experience

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4.4
Bankrate Score
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Availability
4.3
Affordability
4.0
Customer Experience
4.6
Transparency
4.5

About Bankrate Score

Full methodology

Bankrate’s take

Bank of America loans are made through dealerships, which can make shopping and financing convenient. The best Bank of America auto loan rates go to those who have preferred membership status with the bank.

Lender Details

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Loan amount

Starting at $7,500

Rates Icon

APR from

As low as 5.79%

Credit Good Icon

Min Credit Score

Not Specified

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Funds available in

As soon as same business day

Best for those financing through the dealer

If you plan to finance through a dealership rather than fully online, check out Bank of America. While the loan itself is handled at the dealership, the funding comes from the bank. The rates offered are competitive, but to get the lowest possible rate, you have to qualify for the discount awarded to preferred rewards members — which requires you to hold a high deposit or investment balance. If you’re looking to skip the dealership and don’t have $20,000 to keep in the bank for a rate discount, you may find better deals elsewhere.

Types of car loans that Bank of America offers

New/used car loans Refinancing Lease buyout
APR 5.79% 6.99% 6.99%
Loan amounts Starting at $7,500 Starting at $7,500 Starting at $7,500
Loan terms 48 - 72 months 48 - 72 months 48 - 72 months

New/used car loans

Financing for a new or used vehicle loan through Bank of America has a minimum loan requirement of $7,500 ($8,000 in Minnesota) and can be done online or in person. Loan decisions can be made within a minute of application if no additional details are needed. Bank of America no longer offers loans to purchase from a private seller.

Refinance loans

A Bank of America refinance loan must be at least $7,500 and can be done either online, over the phone or at a Bank of America branch office. It is a great option for drivers who previously held a loan with Bank of America or another lender, as well as those who can benefit from member rate discounts.

Lease buyout loans

If you have fallen in love with your leased vehicle and want to purchase it, Bank of America can help. The loan terms are the same as those offered for new and used purchases, with the same rates as refinance.

Where Bank of America stands out

  • Long shopping window: Borrowers have the ability to lock in their rate for 30 days after they initially qualify. This allows you to shop around with other lenders so you can ensure Bank of America is the best option and find the best car for your needs.
  • Nationwide coverage: The financial institution has brick-and-mortar branches across the country, and its products can be used by residents in all states and Washington, D.C.
  • Minimal fees: Some lenders enforce fees for loan applications or paying off a loan early. Bank of America enforces neither and is great for borrowers who intend to make extra loan payments. 

Where Bank of America falls short

  • High minimum loan amount: Bank of America has a minimum loan amount of $7,500. This is on the higher side and can make it the wrong option for borrowers who are refinancing a smaller amount.
  • Discount limitations: Rate discounts are not available to every type of borrower. Instead, only those who are preferred banking members with at least $20,000 in an investment or deposit account can secure a discount.
  • No prequalification: Unlike some other lenders on the market that allow you to view potential rates with only a soft credit inquiry, Bank of America does not. Borrowers who are interested in borrowing will undergo a hard credit check to see potential Bank of America car loan rates.

Bank of America customer resources

Following loan approval, you will be matched with a loan specialist who can directly assist you with your needs. If you prefer in-person communication, a loan with Bank of America can be a good option. You can schedule an appointment with a representative right on the website.

Customer questions can also be answered on its website via live chat or by phone. Bank of America customer assistance can be reached via phone Monday to Friday from 8 a.m. to 8 p.m. ET at 1-800-215-6195 for existing customers and 1-844-892-6002 for new customers.

Digital experience

Borrowers can easily apply for and manage their auto loans online. Bank account holders will be familiar with the navigation as it is the same ecosystem as banking. If you have questions, an FAQ center is available. There is also a well-rated app available that can help users track and make payments.

How this lender compares

While Bank of America can be a strong contender for current account holders or those with strong credit, it is best to compare additional auto loan lenders.

Bank of America vs. Regions Bank

Another bank-backed auto loan option, Regions Bank, is a solid option for borrowers who prefer in-person assistance and the reliability of a long-standing financial institution. Securing funding from Regions Bank is an especially good option for those looking to finance a more expensive vehicle, as the bank has a $125,000 loan maximum. However, unlike Bank of America, Regions only serves drivers in the South and Midwest. 

See our Regions Bank vs. Bank of America guide

Bank of America vs. Fifth Third Bank

Fifth Third Bank boasts the same in-person convenience as Bank of America but offers a wider range of repayment terms — up to months. This makes it an attractive choice for borrowers who plan to extend their loan term. However, the Cincinnati-based bank only provides direct loans in 11 states.

Do you qualify for a Bank of America auto loan?

To finance a vehicle with Bank of America, you must be a U.S. citizen or permanent resident and at least 18 years old. The vehicle itself has some specific requirements. 

How to get a Bank of America auto loan

There is no application fee when applying for an auto loan with Bank of America, and you can fill one out online, over the phone or in person at one of its branch offices. The process is simple and only takes a few steps to complete. You don’t even need to have your vehicle fully picked out when you apply. 

  1. Provide details about yourself and the loan: The first step to financing your vehicle with Bank of America is to fill out its online application with the loan amount and term you want, your personal and income details and whether you’re adding a co-applicant.  
  2. Lock in your rate: Bank of America has a 30-day rate lock which will enable you to shop around while having an idea of how much you can afford. 
  3. Finalize the deal: After you find a vehicle at an approved dealer, you can finalize the loan and walk out with your new keys and without the hassle of waiting in a finance office all day.    

How Bankrate rates Bank of America

Overall score 3.7
Availability 4.1 Bank of America offers a range of auto loans, but each has a high minimum amount.
Affordability 3.5 Starting Bank of America auto loan rates are middling, but it doesn't charge an application or origination fee.
Customer experience 4.8 Bank of America has an easy-to-navigate website and app, along with a 30-day rate lock option. But customer service assistance is not available seven days a week.
Transparency 2.5 Bank of America does not offer prequalification but does disclose some fees and starting rates.
Overall score 3.7
Availability 4.1 Bank of America offers a range of auto loans, but each has a high minimum amount.
Affordability 3.5 Starting Bank of America auto loan rates are middling, but it doesn't charge an application or origination fee.
Customer experience 4.8 Bank of America has an easy-to-navigate website and app, along with a 30-day rate lock option. But customer service assistance is not available seven days a week.
Transparency 2.5 Bank of America does not offer prequalification but does disclose some fees and starting rates.

Methodology

Bankrate's trusted auto loans industry expertise

Read our full methodology

48

years in business

26

lenders reviewed

20

loan features weighed

520

data points collected

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

What customers think

What people are saying across the web about Bank of America

Bank of America holds a very poor rating on Trustpilot, 1.3 out of 5 stars, based on 2,337 reviews. Although not all reviewers are auto loan borrowers, many complaints reference poor customer service and trouble making loan payments.

Here is what one frustrated driver shared in part:

“I have an auto loan with BOA I took my payment to a bank branch and added xtra principle to payment. They would not process it. Said I needed two checks. Believe that, here I am paying my bill on time at a branch and they won't accept. I will never do business with BOA AGAIN…” 

— trustpilot user

Another had inconsistency with loan payment dates:

“I have a car loan with Bank of America and I have it set to auto pay on a specific day of the month. Each month the payment is taken on a different date (not the date set up in my auto pay) and it can differ from one to 4 days earlier or later and it doesn't matter if the specified date is a weekday or a weekend. I will not do business with this organization once this loan is paid off. I will seek out a new institution to refinance my loan through.” 

— trustpilot user

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

Community Bank of America scores

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AUTO LOAN

Bank Of America

Dive into community reviews below and see what others think about Bank Of America.

3.9 Star Icon
28 ratings
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Score breakdown
5 stars
29%
4 stars
39%
3 stars
29%
2 stars
4%
1 star
0%
Score by category
Overall rating 3.9 / 5
Fees & closing costs 3.3 / 5
Funding time 3.8 / 5
Customer service 3.5 / 5
Application process 3.7 / 5
Online portal or mobile app 3.8 / 5
Verified Badge Icon

In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.

Community Reviews

See what users like you are saying about Bank Of America.
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Describe why you selected this lender
They have my main bank for many years
Describe your experience with customer service
I didn't need customer service help, the dealership called the bank and the loan was granted immediately
Loan purpose
New car loan
Score by category
Fees & closing costs 4 / 5
Funding time NA / 5
Online portal or mobile app 5 / 5
Customer service NA / 5
Application process NA / 5
Describe why you selected this lender
Because a family member used them and told me how good they were.
Describe your experience with customer service
The lady I talked to was able to help me out quick and fast. She was very professional.
Loan purpose
Used car loan
Score by category
Fees & closing costs 5 / 5
Funding time 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Application process 5 / 5
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