Bank of america credit score for auto loan

Get the answers you need to common questions about new, used and refinance auto loans

Car loan eligibility requirements and conditions

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Are there any types of vehicles Bank of America does not finance?

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 car value guide such as J.D. Power layer for used vehicles)
• Vehicles used for commercial and/or business purposes (we do offer small business auto loans through our Business Advantage product)
• 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, recreation vehicles (RV), boats or aircraft

Who is eligible to apply for an auto loan?

You must be 18 years old or otherwise have the ability to legally contract for automotive financing in your state of residence, and either a U.S. citizen or resident alien (permanent or non-permanent).

What qualifies a vehicle for a new vs. used auto loan rate?

Vehicle is considered new when it meets both of the following criteria:

• Never been titled or registered with the DMV or any other appropriate agency
• Odometer (if applicable) has less than 6,000 miles

Note - Prior year untitled vehicles must be considered used as of June 1 of the current year (Example: a 2021 model is considered used as of June 1, 2022)

Applying for a car loan

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How do I apply for an auto loan?

You can apply for your auto loan online in just a few minutes. There's no fee to apply and most decisions are available in about 60 seconds. In cases where applications require a more detailed review, we'll send you an email when the decision is ready.

You can also schedule an appointment at your local financial center to meet with us at your convenience or contact us at 844.892.6002 to apply over the phone.

You can also schedule an appointment at your local financial center to meet with us at your convenience or contact us at 844.892.6002 to apply over the phone.

What type of information do you collect when I apply for an auto loan?

When you apply for an auto loan with Bank of America, you'll be asked to provide personal information such as your name, address, Social Security number, employment information, income, U.S. citizenship status and email address.

Depending on the specifics of your loan request, the following documents may be required prior to closing: purchase agreement/bill of sale, registration, title, lease buyout instructions, proof of income, federal tax returns, W-2s and financial statements.

For refinance loans and lease buyouts, we require specific vehicle information such as make, model, year, mileage and vehicle identification number (VIN).

What should I do if I've frozen my credit?

If you have frozen your credit report due to security concerns, you will need to temporarily unfreeze with all three credit bureaus (Equifax, TransUnion and Experian) to proceed with an auto application. Please refer to the instructions provided when you froze your report or contact the individual bureaus for more information.

What is the auto loan benefit for Preferred Rewards members?

As a Preferred Rewards member, you are eligible to receive an interest rate discount on a new Bank of America auto purchase or refinance loan.

• Gold - 0.25%
• Platinum - 0.35%
• Platinum Honors - 0.50%

You must be enrolled in Preferred Rewards at the time of application to receive the discount. The discount will be reflected in the interest rate presented to you upon loan approval.

Purchasing a car

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If I get an auto loan from Bank of America, can I use it to buy a car from anyone?

You have a few options when using Bank of America to buy a car:

• Franchise dealers

  Franchise dealers sell new and used cars for auto manufacturers such as Ford®, General Motors®, Chrysler®, Honda® and others.

• Approved independent dealers

  Independent dealers are not affiliated with auto manufacturers. Bank of America only finances vehicles purchased from the following independent dealers: CarMax®, Enterprise Car Sales and Carvana.

• Private party

  You can purchase a vehicle from another individual via a private party loan. Online Banking customers may apply online for a private party loan. If you're not currently enrolled in Online Banking, please visit a financial center or schedule an appointment to apply for your loan. Please be aware that there are additional requirements for private party loans including:

• The seller(s) must be the same as the registered owner(s) listed on the vehicle title
• The vehicle must be purchased directly from the seller/owner (consignment sales are not eligible for financing)

Regardless of who you purchase your car from, be sure to review what to do once approved.

What is the online car shopping process?

You can save time and effort when you shop for your next vehicle online through our extensive participating dealer network . Choose your car and financing online, then visit the dealership to take a test drive and finalize the paperwork. You can even change your mind at any time about the vehicle you want. (Not available in all states.)

If I can get special rate financing at the dealership, why would I finance my car with Bank of America?

Special rate programs can be very attractive if they're offered for the specific car you want and they provide you with appropriate loan terms, but sometimes the terms are too restrictive or you may want different terms.

Dealers often offer cash rebates as an alternative to low interest rates. Choosing the cash rebate and financing with us may be a better option for you: By choosing the rebate, applying it to your down payment and combining that with low-rate financing from us, you can maximize your total savings.

Buying out your lease

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What is a lease buyout?

A lease buyout is a purchase of the vehicle that you are currently leasing.

Customers purchasing a vehicle that they're currently leasing in their name are eligible for a lease buyout. Financing is not available for customers who wish to finance a vehicle leased by another individual or if the lease buyout request involves a name change.

What are the benefits of buying out your lease?

A lease buyout allows you to keep driving the car that you know. It also may allow you to avoid end-of-lease fees such as mileage and/or excess wear and tear. Refer to the terms of your lease agreement, which can be obtained from your current leasing company, for details regarding any fees upon termination of your lease.

What to do once you're approved

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Purchasing from a franchise dealer

Purchasing from a Bank of America can help streamline your car buying process.

1. Find an authorized dealer near you.
2. Choose your car and present your printed approval letter at the dealership. Your approval letter can be accessed at bankofamerica.com/loanstatus. Contact a loan specialist using the phone number provided to you with your approval if it does not appear.
3. Sign documents and drive home in your new car.
4. Don't hesitate to contact a loan specialist using the phone number provided to you with your approval if you have questions at any point in the process.

You can also purchase a vehicle from a dealer that's not part of our authorized dealer program if the dealer sells cars for auto manufacturers such as Ford®, General Motors®, Chrysler®, Honda® and others.

1. Speak with one of our loan specialists using the phone number provided to you with your approval.
2. Submit documents requested by the loan specialist, including your dealer purchase agreement.
3. Coordinate payment of funds to dealer with a loan specialist.
4. Drive home in your new car.

See the next steps for purchasing through the online car shopping process

Purchasing from an approved independent dealer

Independent dealers are not affiliated with auto manufacturers. Bank of America only finances vehicles purchased from the following independent dealers: CarMax®, Enterprise Car Sales and Carvana.

Purchasing from CarMax®?

1. Choose your car and present your printed approval letter at the dealership. Your approval letter can be accessed at bankofamerica.com/loanstatus. Contact a loan specialist using the phone number provided to you with your approval if it does not appear.
2. Sign documents and drive home in your new car.
3. Contact a loan specialist using the phone number provided to you with your approval if you have questions at any point in the process.

Purchasing from Enterprise Car Sales or Carvana?

1. Speak with one of our loan specialists using the phone number provided to you with your approval.
2. Submit documents requested by the loan specialist, including your dealer purchase agreement.
3. Coordinate payment of funds to dealer with a loan specialist.
4. Drive home in your new car.

Purchasing through a private party

You can purchase a vehicle from another individual using a private party loan. Online Banking customers may apply online for a private party loan. If you're not currently enrolled in Online Banking, please visit a financial center or schedule an appointment to apply for your loan.

1. Speak with one of our loan specialists using the phone number provided to you with your approval.
2. Submit documents requested by the loan specialist, including title or registration and the seller's payoff letter from the seller's existing financing source (if applicable).
3. Receive a check made payable to the seller. (Any outstanding lien balance will be paid to the lien holder and any remaining funds will be sent by check or direct deposit for Bank of America checking customers.)
4. Provide check to the seller to take delivery of your car.

We will provide you detailed next steps on how to complete the title process once the loan is complete.

Please be aware that there are additional requirements for private party loans including:

• The seller(s) must be the same as the registered owner(s) listed on the vehicle title
• The vehicle must be purchased directly from the seller/owner (consignment sales are not eligible for financing)

Purchasing through the online car shopping process

Did you find your car through our online car shopping process ? Here are the next steps:

1. Connect with the dealership - they will call once they receive your information, or you can contact them using the dealership information provided with your loan approval.
2. Provide the dealership with a copy of your printed approval letter. Your approval letter can be accessed at bankofamerica.com/loanstatus. Contact a loan specialist using the phone number provided to you with your approval if it does not appear.
3. The dealership will have your information, including the car you're interested in, and can make any updates instantly. This even includes changing your mind about the car you want to take home.
4. Sign the documents and drive home in your new car.

If you have any questions, or if you choose to purchase a car at another dealership, contact one of our loan specialists using the number provided to you with your approval.

Not available in all states.

Refinancing an existing car loan

1. Speak with one of our loan specialists using the phone number provided to you with your approval.
2. Submit documents requested by the loan specialist, including current registration and 10 day payoff letter.
3. Payment will be sent to lien holder.

We will provide you detailed next steps on how to complete the title process once the loan is complete.

Buying out your lease

1. Speak with one of our loan specialists using the phone number provided to you with your approval.
2. Submit documents requested by the loan specialist, including current registration and lease buyout package obtained from your current leasing company.
3. Payment will be sent to your current leasing company.
4. You may need to speak with your current leasing company to finalize the termination of your lease.

We will provide you detailed next steps on how to complete the title process once the loan is complete.

Note: Customers purchasing a vehicle currently being leased in their name are eligible for a lease buyout. Financing is not available for customers who wish to finance a vehicle leased by another individual or if the lease buyout request involves a name change.

Titling your car

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What do I need to do to title my car?

You will need to complete the title process for your vehicle within 20 days of loan closing. Here are the steps you'll need to follow:

1. Obtain the title, lien release or both from the seller, the state titling agency or lien holder of your vehicle.
2. Take the title, lien release or both along with the title application you will receive from us to your Department of Motor Vehicles (DMV) or state titling agency. Note: You will be responsible for any costs associated with completing the title process.
3. Transfer the registered ownership of the vehicle into your name(s) as listed on your Bank of America documents. Important: Only the borrower(s) listed on the loan documents can be the registered owner(s) listed on the title.
4. Ensure we're listed as the lienholder on the title as follows:
   Bank of America, N.A.
   PO Box 2759
   Jacksonville, FL 32203

What if I purchase my car from a dealer?

If you purchase your car from a dealership and the dealer is handling the title work, provide the dealer with the lien holder address listed in step 4. It's imperative that the dealer place our lien on the title; please remind them of this step. You will be required to process your title work at your expense if the dealer does not.

Managing your car loan

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What options do I have for making payments to my auto loan?

You have multiple auto loan payment options:

• Pay using Bill Pay: If you're an Online Banking customer, you can log in to set up payments through Bill Pay. With Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.
• Pay by phone: You can call 800.215.6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
• Pay by mail: You can mail your car loan payment to: Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220. Be sure to include your loan account number along with your payment.
• Pay in person: You can always pay 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 electronic payments to your auto loan from your account at another financial institution.

How can I sign up for automatic payments to my auto loan?

If you're an Online Banking customer, you can log in to set up payments through Online Bill Pay. With Online Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.

You can also use the paper signup form included with 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. In order to avoid any late charges, please 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.

How can I get a letter showing the interest I paid last year?

There are 2 easy ways to obtain a letter detailing the interest you paid last year on your car loan:

• Log in to Online Banking and select the Automobile Loan link provided under the Personal accounts heading on your accounts overview page. Then, in the column marked Manage your loan at the top of the page, select the Last year interest paid letter link. This will open the letter in your browser and you can print it for your records.
• Contact us at 800.215.6195 and ask for a faxed or mailed copy of your interest paid last year information

How is simple interest calculated?

Interest on your loan accrues daily. It is for this reason that the portion of your monthly payment allocated to interest may fluctuate to match the number of days in each month. To calculate the interest due on your loan, follow these steps:

1. Obtain the new principal balance of your loan from your Online Banking Account Services page or 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.

How can I pay off my loan?

You have multiple loan payoff options:

• Pay using Bill Pay: If you're an Online Banking customer, you can log in to make a payment through Online Bill Pay.
• Pay by phone: You can call 800.215.6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
• Pay by mail: You can mail your car loan payoff amount to: Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220. Be sure to include your loan account number along with your payment.
• Pay 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.