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Bank of America Auto Refinance Review 2023

Refinance Your Auto Loan Fast and Easy with Way!

√ Save up to $1850 per Year

√ APR as low as 2.99%

√ View your pre-qualified rates* in under a minute!



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Bank of America Auto Refinance Review – Introduction

Bank of America is one of the country’s most popular lending institutions, based in Charlotte, North Carolina. It is one of the Big Four banks in America and commands nearly 10% market share in total bank deposits.

Bank of America’s auto loan division has been a dependable provider of auto loans and refinancing in all 50 states in the country. Bank of America Auto Refinance should be high up on your list if you’re considering refinancing your existing car loan!

If you’re looking for a breakdown of everything they offer, look no further. The Way.com Refinance team has done an in-depth review of Bank of America auto refinance, including the eligibility criteria, benefits, and drawbacks. Read on to get the lowdown on your refinance options and whether it’s a good fit for you.

Pros and Cons of Bank of America Auto Refinance: A Snapshot

Bank of America is a trusted auto refinance lender and hence is a bit selective regarding eligibility criteria. Bank of America auto refinance is best for customers with a good track record of payments and a moderate to excellent credit score. However, people with bad credit scores may not find what they’re looking for here.

There is no pre-approval process when applying for Bank of America auto refinance. Therefore, things often move quickly and the entire process can wrap up within one business day. However, a disadvantage of this is that you cannot first check if you meet their eligibility – and a hard credit inquiry can affect your credit score.

Benefits Drawbacks
Low interest rates starting from 3.69% for qualified customers No pre-approval process for Bank of America auto refinance
Preferred members get a rate reduction of 0.25% No procedure for soft credit inquiry. You will have to go through a hard credit pull at the time of applying - which may affect your credit score
Refinances high loan amounts (up to $100,000) for longer terms (up to 75 months) Charges a late fee on delayed payments
Does not report to credit bureaus Need to provide social security number when applying
Will refinance vehicles up to 10 years old Minimum annual income requirements have not been disclosed
No origination or prepayment fees  
Available in all 50 states.  
Entire process can be completed in 1 business day  
Refinances Bank of America loans as well  

*As of January 2022

See what you could save on auto refinance

Bank of America Auto refinance rates are excellent for customers who:

  • Want a quick approval process
  • Have high loan payoff amounts
  • Have older vehicles with high mileage
  • Want longer loan terms

Unique features of Bank of America Auto Refinance

Here’s a detailed look at some of the core features of the Bank of America Auto refinance process.

  • Decent credit score required: You need a credit score between 580-850 to qualify for Bank of America auto refinance rates.
  • Longer loan terms: Bank of America auto refinance offers up to 75-month terms compared to the average of 60 months from other lenders.
  • No origination or prepayment fees are required
  • Affordable refinance interest rates: The lowest Bank of America auto refinance rates start at 3.69%
  • Hard credit inquiry: There is no option for Bank of America auto refinance pre-approval; the application starts with a hard inquiry.
  • Large loan amounts serviced: Bank of America will refinance loans ranging from $7,500 to $100,000
  • 60-second refinance decision: You can know if you’ve qualified in under a minute.

Bank of America Auto refinance requirements

Before applying for a Bank of America auto refinance rates, ensure you check all the qualifications and requirements as defined in the table below:

Criteria Description
Minimum Age 18
Bank of America Credit Score Range 580-850
Minimum Annual Income Not disclosed
Loan Payoff amount $7,500 - $100,000
Immigration Status

 
U.S. Citizen

U.S. Permanent Resident
Military Status

 

 

 
Active-Duty Military

Military Dependent

Veterans

Non-Military
Documents Required for verification

 

 

 

 
Recent pay stubs

Proof of income

Driver's license

Proof of identity

Proof of citizenship or residence permit

*As of January 2022

See what you could save on auto refinance

  • If you are a serving member of the armed forces, the Bank of America Auto refinance rates offered to you will be covered under the Military Lending Act.
  • Bank of America auto refinance also covers lease buyouts.

How to apply for Bank of America auto refinance: Steps to follow

Step 1: Online Application

Applying for Bank of America auto refinance is pretty straightforward. Head over to their website and click the ‘Apply’ button, after which you will be redirected to the online application page. Before you do so, ensure you meet the general criteria like:

  • Age, preferred loan amount, and credit score
  • Valid physical street address in the United States
  • Have a good history on your current auto loan

Remember that applying will result in a hard credit inquiry.

Step 2: Input details to complete the refinance process

It generally takes less than a minute to know whether you qualify for refinancing from Bank of America. If successful, input the rest of your details to complete your loan application. You can access rate discounts through the Preferred Rewards program if you are already a Bank of America member.

Step 3: Sign your contract

The final step is to send in any supporting documents and sign your contract.

Bank of America Auto Refinance Review: The Way.com Summary

Overall, Bank of America is an excellent refinancing option for those of you who have a good payment history and have been up to date on all your credit card payments. Customers with low credit scores may have to give this a pass because of the lack of a soft credit inquiry. However, folks with Bank of America accounts and previous auto loans taken from the bank can benefit from their affordable refinancing options.

Bank of America Auto Refinance: Frequently Asked Questions

How to contact: Bank of America Auto Refinance phone number

Bank of America auto refinance has an excellent customer support team that is always ready to answer any questions you may have. Reach them at 800-215-6195.

Does Bank of America Auto refinance cover lease cars?

Bank of America Auto refinance covers both new car refinancing and lease buyouts.

Does Bank of America auto refinance have a fixed or variable APR?

Bank of America offers a fixed APR for car refinancing starting from 3.69%.

Does Bank of America charge an origination fee?

No, Bank of America does not charge an origination fee for processing your refinance application.


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