Auto Loan FAQs

Bank of America offers dealer purchase financing for new or used vehicles.

Yes. The following vehicles are not eligible for financing:

• Vehicles older than 10 calendar years
• Vehicles with 125,000 miles or more
• Vehicles valued at less than $6,000 (based on franchise dealer invoice for new vehicles or the wholesale value from an official used vehicle value guide such as J.D. Power for used vehicles)
• Vehicles used for commercial and/or business purposes
• Commercial vehicles like heavy-duty trucks (450/4500 series Trucks and vans)
• Salvaged or branded-title vehicles
• Gray market or lemon law vehicles
• Conversion or delivery vehicles
• Motorcycles, boats or aircraft
• Recreational Vehicles (RV). We only finance RV loans through our Authorized RV Dealers ^{Footnote [1]} . Use the Recreational Vehicles (RV) Dealer Locator tool to find an RV dealership of your convenience.

Applicants must be at least 18, or have the ability to enter into a legal contract for auto financing in their state of residence. Applicants must also be a U.S. citizen or resident alien (permanent or non-permanent).

Yes. Bank of America auto loans are available in all 50 states and the District of Columbia.

Specific terms for your auto loan are determined by a variety of factors, but you should be aware of the following:

• The minimum amount we finance is $7,500 ($8,000 in Minnesota)
• Term limitations may apply
• Loan-to-value restrictions apply
• A down payment may be required
• Title and state fees may apply

The Annual Percentage Rate (APR) represents the annual cost of borrowing money. The APR for your auto loan is determined by factors such as but not limited to, personal income, collateral, and other information. Your auto loan's APR determines your payment amount and the total amount of interest paid during the life of the auto loan.

We offer flexible financing terms dependent on loan type and subject to collateral, terms and conditions. Our online application allows you to select certain term lengths; you can discuss other term lengths that may be available with your loan officer after your application is submitted.

No — Bank of America does not charge prepayment penalties for auto loans.

New auto loan rate: Vehicles qualify for new auto loan rates when they meet the following criteria:

• Never been titled or registered with the DMV or any other appropriate agency
• Odometer (if applicable) has less than 10,000 miles

Used auto loan rate: Any financing obtained on July 1 or after to purchase vehicles from the prior year will qualify for used auto loan rates.

Prequalification is a preliminary review that can help you find out how much you may be able to borrow and estimate what your auto loan terms may be prior to submitting a complete auto loan application. Prequalification requires your written instructions for a consumer reporting agency to release your credit information to Bank of America. Prequalification can be used as a tool you can use while you shop for your vehicle, but it's not a commitment to lend or a loan approval ^{Footnote [2]} .

Prequalification is only available for new or used dealer purchases.

A prequalification request may result in a soft credit pull, which is a check of your credit report for informational purposes, but it won't impact your credit score. When you submit your complete loan application and the lender checks your credit report to make a credit decision, that's called a hard credit pull which can impact your credit score.

Prequalification is only available if you have a Bank of America login. Get prequalified with no credit score impact.

Prequalification is allowed for individual requestors. Joint prequalification requests aren't available.

• Prequalification is an estimate of the auto loan terms you might qualify for; it is not a commitment to lend or a loan approval.
• A complete application requires additional information that is subject to Bank of America standard underwriting guidelines and credit policies. The decision will be based on, but not limited to: employment, housing expense, ability to repay, collateral, co-applicant information (if applicable) and any other information required.

You can apply for your auto loan online in just a few minutes.

You can also schedule an appointment to apply at your local financial center, or call 844-892-6002 to apply over the phone.

No, there's no charge to apply for an auto loan.

If you have frozen your credit report due to security concerns, you need to temporarily unfreeze it with all three credit bureaus (Equifax, TransUnion and Experian) to proceed with an auto application.

Refer to the instructions provided when you froze your report or contact the individual bureaus for more information.

You can access your saved application for 30 days. If you're an Online Banking customer, your saved application will be available in your shopping cart when you log in.

Most decisions are quick. In some cases, applications take longer if a more detailed review is needed. We'll contact you to let you know about your loan decision and next steps. Or, you can check your application status online any time.

Your loan offer and rate are guaranteed for 30 calendar days from the date of your original application approval.

You can securely check the status of your auto loan application online at any time. We'll also email you once a decision about your application has been made.

Yes, your purchase loan approval and interest rate are locked in for 30 calendar days from the date of your original loan approval. Once you have selected the vehicle you want and have the final purchase price, let us know and we'll assist you with changing the loan amount. Changes to the loan amount or collateral may affect your approval and loan terms.

Enrolled Preferred Rewards members, are eligible to receive an interest rate discount ^{Footnote [3]} on a new Bank of America auto loan.

• Gold Tier - 0.25%
• Platinum Tier - 0.35%
• Platinum Honors Tier and higher - 0.50%

The discount will be confirmed and reflected in the interest rate presented to Preferred Rewards members upon loan approval. Learn more about Preferred Rewards

Yes, you can save time and effort when shopping local dealer ^{Footnote [1]} inventory for your next vehicle with our Digital Car Shopping ^{Footnote [4]} experience

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 direct to consumers, rather than through dealerships.
• Used vehicle dealers such as CarMax^®, Enterprise Car Sales^® and Carvana^® aren't affiliated with an auto manufacturer and sell a variety of vehicle brands.

Note: Bank of America doesn't offer financing to purchase a vehicle from private parties, or individual sellers.

Save time and worry by purchasing your next vehicle at a Bank of America Authorized Dealer ^{Footnote [1]} . When you purchase your next vehicle at a Bank of America Authorized Dealer, you'll complete all your paperwork at the dealership to finalize your loan. That means, there's no extra trip to the DMV to complete the title work. If you're not able to find your dealership, call us at the number you received when your loan was approved, and one of our loan specialists will be able to assist.

Note: Bank of America doesn't offer financing to purchase a vehicle from private parties, or individual sellers.

Yes, we offer financing to purchase new and used electric vehicles, as well as hybrid vehicles. Bank of America's electric vehicle financing is similar to financing for non-electric vehicles. See auto loan eligibility requirements and conditions

It's possible. You might be able to finance a charging station with your electric vehicle financing at a Bank of America network dealer. Contact your dealer for more information.

You may benefit from possible federal and state tax credits or incentives ^{Footnote [5]} . For more information, visit the U.S. Department of Energy Alternative Fuels Data Center

Bank of America auto loan approvals are valid for 30 days from the date of your original application approval. Consult with the manufacturer or dealership to determine your electric vehicle's estimated delivery date to decide when to apply.

IMPORTANT NOTE: Interest accrual begins as of the date the auto loan is funded even if you accept delivery of the vehicle at a later date.

Bank of America calculates the EV's value based on the manufacturer or franchised dealer invoice for new vehicles or the wholesale value from an official used vehicle value guide such as J.D. Power for used vehicles.

When you purchase your vehicle through a Bank of America Authorized Dealer ^{Footnote [1]} , the dealer will complete the title work on your behalf.
If you purchase your vehicle from any other dealership, we'll provide information on how to complete your title work.

If you need to title your vehicle in a new state:

1. Contact the new state DMV to understand what is needed.
2. The new state DMV can send the request for any necessary documents. If the DMV advises you to send the request, you may send it to:
   • Bank of America, N.A.
     FL9-300-03-14
     9000 Southside Blvd Bldg. 300
     Jacksonville, FL 32256
   • Fax: 1.904.312.6230
   • Email: Out_Of_States@bofa.com

Note: Original title cannot be provided without a request from the state DMV.

Costs, such as tax, tag and title fees vary by state. Check with your local title agency for specific fee information.

Within 10-15 business days after your closing date, you'll receive a welcome package sent via US Postal Service First Class mail containing the following:

• A letter welcoming you to Bank of America
• Information about your account including your account number, the date your first payment is due and confirmation of your monthly payment amount
• Instructions on how to sign up for automatic payments
• Information about Online Banking features and benefits
• Contact information for auto loan customer service

If you're already an Online Banking customer, you can access your welcome package information by going to My Documents from your auto account. To request that we resend your welcome package, call 800-215-6195, Monday through Friday, 8 a.m. – 8 p.m. ET.

It just takes a few minutes to enroll in Online Banking. To easily manage your auto loan from most anywhere, consider downloading our Bank of America Mobile Banking app.

Unless you set up automatic payments through Online Bill Pay, your paper statements will be mailed 20 days before your payment due date. If you set up automatic payments, you won't receive monthly statements by mail.

With Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.

You can also sign up for electronic bills by signing in to Online Banking and selecting eBills from the Bill Pay navigation menu.

Log in to set up Bill Pay payments

Yes. In the mobile app, select “automobile loans” under Loans. In Online Banking, select Mortgage, loans or lines of credit header. On the loan details page, select the Statements and Documents tab. You can access and save up to 18 months of loan statements while your account is open.

We offer a variety of auto loan payment options so you can select the one that works best for you:

• Using Bill Pay: In Online Banking, you can set up payments in Bill Pay. You can schedule one-time payments or recurring payments from your checking or money market accounts.
• By phone: To pay by phone, call 800-215-6195. Payments are accepted by phone 24/7. Please note that same-day payments cannot be canceled.
• By mail: You can mail your auto loan payment to: 
  Bank of America, N.A., PO Box 17237, Wilmington, DE 19886-7237
  . Be sure to include your loan account number along with your payment.
• In person: You can always pay your auto loan in person at one of our financial centers.
• By automatic payment: You can contact us at 800-215-6195 for assistance in setting up an automatic payment or complete the New Automatic Payment Sign Up section on the back of your monthly statement.

Note: If you don't have a Bank of America deposit account, you may be able to set up electronic payments of your auto loan from your account at another financial institution.

You can set up payments in Online Banking through Bill Pay. You can schedule recurring or one-time bill payments from your checking or money market accounts.

Or, you can set up automatic payments using the paper signup form in your welcome package. Include a voided check and mail or fax it to the location indicated on the form.

After signing up, you'll receive a letter in the mail within 3-4 weeks confirming the start date for your automatic payments to be made. To avoid late charges, continue to make your payment as usual until you receive the confirmation letter.

Important note: When scheduling automatic payments, you only need to enroll using one method (either the paper signup form or Online Banking). Submitting the paper form and also signing up in Online Banking can result in multiple payments being made from your account each month.

Important: As a reminder, once your account is paid off, please cancel all future payments if you are using a bill pay service.

You can obtain a letter detailing the interest you paid last year on your auto loan online or by calling to request it:

• Log in to Online Banking and go to your accounts overview page. Then select Automobile Loan under Personal accounts. Then go to Manage your loan and select Last year interest paid letter. There, you'll be able to open the letter and download or print it for your records.
• Or, you can call us at 800-215-6195 and ask for a faxed or mailed copy of your interest paid last year information.
• Bank of America will notify clients that may have qualified vehicle accounts under federal law about the interest paid on their auto loans for 2025. Active clients will be notified through their account statements while other clients will receive a mailed communication in January 2026.

Important: The amount of interest shown may not be fully deductible. Limits based on the amount of interest received and whether the interest paid qualifies as qualified passenger vehicle account interest under federal law may apply. Other factors such as the use of the vehicle, year, make, model, place of assembly, and vehicle identification number may also affect eligibility. Please consult a tax advisor about the deductibility of any payments made.

The interest on your auto loan is calculated using daily simple interest. To calculate the interest due on your loan, follow these steps:

1. In Online Banking, you can find the new principal balance of your loan in the Account Services page, or by calling the automated phone service.
2. Multiply your principal balance by your interest rate. Divide your answer by 365 days (366 days in a leap year) to find your daily interest accrual or your per diem.
3. Multiply this amount by the number of calendar days that have elapsed since the date of your last payment to find your interest due.

Here is an example:

1. $10,000 principal balance.
2. $10,000 multiplied by 8.5% interest divided by 365 days in the year = $2.33 per diem.
3. $2.33 multiplied by 33 days elapsed since the date of your last payment = $76.85. This portion of your payment will be allocated to interest accrued.

From your desktop or laptop computer, go to the Help & Support tab, select Contact us, then select the applicable topic and product to see the phone number to contact us.

In the mobile app, tap Menu and scroll to Contact Us under Help and Support menu. This will open Erica, our virtual assistant, who will be able to assist.

You can request a 10-day payoff quote through Online Banking by following the steps below:

1. In Online Banking, select your Auto Loan
2. Then, select Manage your loan, to view the “10-day payoff quote.”
3. The page will show your payment information, estimated payoff amount and payoff good through date.
4. Then, you can save or print your 10-day payoff quote.

Or, you can call us at 800-215-6195 to obtain your payoff quote from our automated system 24/7, or visit a financial center.

We offer a variety of auto loan payoff options so you can select the one that works best for you:

• In Online Banking: Pay the payoff amount in Bill Pay.
• By phone: You can call 800-215-6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
• By mail: You can mail your auto loan payoff amount to: 
  Bank of America, N.A., PO Box 17237, Wilmington, DE 19886-7237
  . Be sure to include your loan account number along with your payment.
• In person: You can pay off your auto loan in person at one of our financial centers.

If you don't have a Bank of America deposit account, you may be able to set up an electronic payoff of your auto loan from your account at another financial institution.

Important: As a reminder, once your account is paid off, please cancel all future payments if you are using a bill pay service.

The process to payoff and release the lien can take up to 10 – 12 business days. Once completed, in most situations, you can expect to receive your lien release, paid-in-full letter and title (if the title is not electronic) within 7-10 business days. If the title is electronic or other conditions apply, our paid-in-full letter will detail the process to obtain the title and ensure that the lien release is properly recorded.

Note: Bank of America is unable to expedite your state's titling office process. To avoid unnecessary delays, please ensure your mailing address is accurate. Steps below:

• In Online Banking, select Profile & Settings, and go to Your Contact Info to view your address. If you need to make changes, you can edit your address there.
• In the mobile app, tap Menu, then select Settings under Profile. You can view your Contact Info and edit your mailing address, if needed.

No.