Bank of America was founded in 1948 and has been helping customers with their financial needs ever since. In addition to personal and business banking, credit cards, mortgage, and investment services – Bank of America offers car financing and refinancing options.

Rank Chart
Loan Amount
New Car Term Length
Our Score
#1
$8,000 - ?
36 - 72 Months
6.1
#2
$5k-$100k
24-84
5.5
#3
$1k-$100k
36-84
5.0
#5
bank_of_america
Undisclosed
Undisclosed
4.3

The Good

  • Financing in all 50 states
  • Financial tools
  • Live chat option

Financial Tools

Bank of America offers car financing in all 50 states as well as the District of Columbia. Bank of America’s website features ample information to educate and inform borrowers, including New and Used Car Basics, budgeting advice, guidance on how to determine the trade-in value of an old vehicle, and more. The website also features calculators to help borrowers determine how much financing they’ll need and what their monthly payments will be.

Live Chat

Bank of America is the only car lender we reviewed that offers the option to live chat with a representative. Users can click the “Chat with Us” box and be connected to a Bank of America representative within moments. This is a quick, convenient way to ask questions.

Fast Approval

Users can submit an online loan application through the Bank of America website free of charge. Once the application is completed and submitted, most users will be notified of the loan amount, APR, and terms that they’ve been approved for within one minute. Bank of America also offers the option to speak directly with an auto loan associate at a branch location. Auto loan associates can walk borrowers through the application process and discuss all their options with them. As with the online application, borrowers will know immediately which financing options they qualify for.

The Bad

  • Financing restrictions
  • No APR range
  • Lack of transparency

Restrictions

Bank of America does not offer financing for commercial or business vehicles, motorcycles, non-standard vehicles, or hybrid-modified vehicles. Borrowers whose car financing needs fall into these categories will need to opt for another lender.

Lack of Transparency

Bank of America’s website does not feature all of the information that we find important to customers. This information can be important factors for customers who are looking for a company that fits their needs. It also makes it difficult for our team to rank their services without this information. We would like to see more information regarding application fees, loan amounts, APR, mileage limits, early-pay penalty fees, and bad credit loan options.

The Bottom Line

Bank of America’s website is easy to navigate and features ample information about car financing and refinancing. Bank of America offers access to representatives who can answer questions by phone, at local branches or via the Live Chat tool. However, Bank of America is lacking a great deal of information and therefore we cannot recommend using their auto loan services at this time.

Not looking for Bank of America Car Loans? Try these pages:

Bank of America Credit Cards

Bank of America Business Loans

Bank of America

Bank of America Mortgages

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2 Bank of America Reviews

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  1. User Score

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    June 10th, 2016 Chicago, IL

    Bank of America had my daughter’s car towed without any advance notice that she had missed a couple of car payments. Why did she miss the car payments you might ask? Because she called Bank of America to set up automatic withdrawal from her account. Although Bank of America “confirmed” that this was set up, low and behold her car gets towed. When she called Bank of America, it was one hand-off after another. One BOA representative checked her account and actually told her that a double payment was made a couple of months prior to the towing. Another BOA representative told her that she can’t setup automatic withdrawal over the phone and then proceeds to ask my daughter if she would like him to set up automatic withdrawal!!!! As my dad used to say, “It’s like the blind leading the blind”. And yes, this is a true story.

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  2. User Score

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    December 14th, 2015

    I spoke with an agent about purchasing a vehicle in Europe, he took about 30 minutes and then advised me to fill out the online application. I got an approval within 2 days but was then told that they cannot finance a vehicle in Europe. Well, they could have said that in the beginning. The girl who spoke with me was super rude and her reactions were those of a machine – she made no effort to help in any way and did make an effort to be rude. I am seriously considering dealing away with B of A for a number of reasons but this was to top of the cake! I’m now done.

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