Bank of America Auto Loans review

Bank of America's auto loans suit people who already bank there. Displayed rates do not include the BofA Rewards discount of 0.10% to 0.50%, which is applied to your individual quote if you qualify, so existing customers can beat the advertised rate. The application is online with a fast credit decision and a 30-day rate lock. Online applications offer 48, 60 or 72 month terms depending on loan type, and other lengths can be discussed with a loan officer. Bank of America charges no loan documentation fee, though title and state fees may apply. Online Banking customers can prequalify with no credit score impact; others can still apply for a loan. You can also search over 1 million vehicles at Bank of America authorized dealers and qualify for financing before you go in. Rates are set by state, and the page we read asked for a state and did not display figures, so get a quote before you compare it.

Who it is for

Bank of America customers with Preferred Rewards

Price

No loan documentation fee; BofA Rewards discount of 0.10% to 0.50% off displayed rates.

No loan documentation fee, but title and state fees may apply.
Quoted from the vendor pricing page on November 13, 2026.

Key features

• 30-day rate lock with a fast online application and credit decision
• BofA Rewards interest rate discount from 0.10% to 0.50%
• Online terms of 48, 60 or 72 months, with other terms through a loan officer
• Prequalification with no credit score impact for Online Banking users
• Search over 1 million vehicles at Bank of America authorized dealers

Strengths and weaknesses

• Strength: No loan documentation fee
• Strength: Relationship discount of up to 0.50% for existing customers
• Strength: Open to applicants without a Bank of America login
• Weakness: Rates vary by state and did not display on the page we could read
• Weakness: Prequalification requires a Bank of America login
• Weakness: Title and state fees may still apply

Key facts

• Rate lock: 30 days
• Relationship discount: 0.10% to 0.50% (BofA Rewards)
• Online terms: 48, 60 or 72 months
• Documentation fee: None

Where it ranks

Bank of America Auto Loans is No. 6 in our Best Auto Loan Lenders verdict.