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.
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.
|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
Bank of America Auto refinance rates are excellent for customers who:
Here’s a detailed look at some of the core features of the Bank of America Auto refinance process.
Before applying for a Bank of America auto refinance rates, ensure you check all the qualifications and requirements as defined in the table below:
|Bank of America Credit Score Range||580-850|
|Minimum Annual Income||Not disclosed|
|Loan Payoff amount||$7,500 - $100,000|
U.S. Permanent Resident
|Documents Required for verification
Recent pay stubs
Proof of income
Proof of identity
Proof of citizenship or residence permit
*As of January 2022
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:
Remember that applying will result in a hard credit inquiry.
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.
The final step is to send in any supporting documents and sign your contract.
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.
The auto refinance rates published here are based on the results of comparative research done by Way.com’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes
The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.
However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with way.com!
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.
Bank of America Auto refinance covers both new car refinancing and lease buyouts.
Bank of America offers a fixed APR for car refinancing starting from 3.69%.
No, Bank of America does not charge an origination fee for processing your refinance application.