Bank of America Auto Refinance: Rates & Terms (2025) (original) (raw)
Last Updated: Oct 31, 2024
In Our Team’s In-depth Review, We Rate Bank of America 8.9 out of 10.0 for Its Low Rates and Rewards Program
RaShawn Mitchner Editor RaShawn Mitchner Senior Editor
RaShawn Mitchner is a MarketWatch Guides team senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on travel, entertainment, household services and more.
Senior Editor
Editor Daniel Robinson Editor Daniel Robinson Principal Researcher
Daniel Robinson is a writer based in Greenville, N.C. with expertise in auto insurance, loans, warranty options and more. Away from the keyboard, Daniel spends time with his wife and son, plays guitar and obsesses over the Beatles and Baltimore Orioles.
Writer
Editor Daniel Robinson Editor Daniel Robinson Principal Researcher
Daniel Robinson is a writer based in Greenville, N.C. with expertise in auto insurance, loans, warranty options and more. Away from the keyboard, Daniel spends time with his wife and son, plays guitar and obsesses over the Beatles and Baltimore Orioles.
Writer
Our Research Process
Here’s a breakdown of how we reviewed and rated the top auto loan providers
Learn more about MarketWatch Guides
24 Providers Reviewed
We've reviewed two dozen of the top auto loan providers, from large banks and credit unions such as Chase and PenFed Credit Union to auto loan specialists like AutoPay.
295 Research Hours
Our team has spent 295 hours diving into each lender's industry standing, availability, loan details, average rates and customer service.
950 Reviews Analyzed
Our team analyzed hundreds of reviews to better understand how customers feel about their auto loan providers throughout the entire loan experience.
925 Data Points Analyzed
We regularly collect data on lenders' loan offerings, including APRs and interest rates, fees and discounts, and minimum and maximum loan terms.
Filters
12 – 40 40 – 68 68 – 96 Custom Range: 12-96
550 – 593 593 – 637 637 – 680 Custom Range: 550-680
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The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
*All APR figures last updated on 7/23/2024 – please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.
Learn more about our methodology and editorial guidelines.
Bank of America Auto Refinance Review
We rate Bank of America auto refinance 8.9 out of 10.0 because of its customer service reputation and streamlined application process. While there are many negative customer reviews on the BBB’s site, almost none of them have to do with auto loan rates or auto refinancing.
| Overall Rating | 8.9 |
|---|---|
| Reputation | 9.7 |
| Availability | 8.5 |
| Loan Details | 8.8 |
| Rates | 8.9 |
| Customer Experience | 7.0 |
Bank of America is the second-largest financial institution in the United States. It offers several banking and lending products, including auto refinance loans. With a positive customer service reputation and low rates, Bank of America may be one of the best options for borrowers who want to refinance their auto loans at a big bank.
We at the Guides Auto Team will provide you with a complete guide to Bank of America auto loan refinancing, including how it works, who’s eligible and what the auto refinance application process is like. In addition to getting refinance rates from Bank of America, we recommend reaching out to providers with the best auto refinance rates — or to those with the best auto loan rates if you’re considering purchasing a vehicle instead.
About Bank of America
Year founded: 1998
Headquarters: Charlotte, N.C.
Better Business Bureau (BBB) rating: A-
While the bank’s history stretches back over a century, Bank of America Corp. has only been around since 1998, when NationsBank acquired BankAmerica. The financial institution provides a range of products, including:
- Checking accounts
- Savings accounts
- Credit cards
- Home loans
- Car loans
- Auto loan refinancing
- Lease buyouts
- Private party loans
Bank of America has a solid reputation, backed up by consumer studies and customer satisfaction ratings. The company is not accredited by the BBB, but holds an A- rating from the organization.
How Bank of America Auto Refinance Works
Bank of America offers auto refinance loans for new and used cars, excluding commercial and business vehicles. Auto refinancing rates start as low as 7.29% with a minimum loan amount of 7,500(7,500 (7,500(8,000 in Minnesota) for borrowers with good credit. If you want to refinance a bad credit car loan, consider adding a co-signer to your Bank of America auto loan to get the lowest rates possible.
Here’s a breakdown of what Bank of America offers for auto refinancing:
| Loan Amount Range | 7,500minimum(7,500 minimum (7,500minimum(8,000 in Minnesota) |
|---|---|
| APR | Starts at 7.29% |
| Loan Term Length | 48 to 72 months when you submit an online application |
| Prepayment Penalty | None |
| Application Fee | None |
*Rates as of 7/23/24. Bank of America’s rates may vary by location. The rate shown is for New York.
If you apply for a new car loan online, you can select terms of 48, 60 or 72 months. But if you call and speak to a loan officer, you may be presented with other term options.
Factors That Affect Auto Loan Refinance Rates
The APR you receive from Bank of America for your vehicle loan will depend on several factors, including:
- Your credit history
- Your location
- Loan term
- Loan amount
- Age of the vehicle
Source: Capital One
Preferred Customer Discount
Bank of America customers may qualify for an interest rate discount on their auto refinance loans through the Preferred Rewards program. The program includes three tiers — Gold, Platinum and Platinum Honors — based on the qualified combined balances of your Bank of America deposit and Merrill investment accounts.
As a Preferred Rewards member, you can receive a 0.25%, 0.35% or 0.5% interest rate discount on a refinance loan, depending on what tier you qualify for.
Who Is Eligible for Bank of America Auto Refinance?
Anyone 18 or older with U.S. citizenship or residency can apply to refinance their current loan with Bank of America. The financial institution only provides auto financing for vehicles less than 10 years old and with fewer than 125,000 miles. Additionally, Bank of America doesn’t cover:
- Vehicles valued at less than $6,000
- Vehicles used for commercial or business purposes
- Salvaged or branded-title vehicles
- Gray market or lemon law vehicles
- Conversion or delivery vehicles
- Motorcycles, recreational vehicles (RVs), boats or aircraft
Bank of America doesn’t list any minimum income or minimum credit score requirements. Borrowers with good or excellent credit history are more likely to be approved for auto refinancing, while those with poor credit may be turned down.
Bank of America Auto Loan Application Process
Bank of America has a two-step application process for potential borrowers. The auto loan process is typically completed online but can also be completed by speaking with a Bank of America customer service representative.
- Apply online: You’ll be asked to provide personal information such as your Social Security number, employment information and U.S. citizenship status. For refinance loans, you’ll also be required to give vehicle information such as your vehicle identification number (VIN) and mileage. After you supply the necessary information, Bank of America will run a credit check and immediately decide on your refinance loan.
- Sign and send necessary documents: Once you’ve been approved for refinancing, a Bank of America loan specialist will reach out to you with details on your approval. Be ready to submit documents requested by the loan specialist, including registration and a 10-day payoff letter.
Your loan approval and interest rate are locked in for 30 calendar days from when you submit your refinance application.
Bank of America Auto Refinance Reviews
Bank of America auto loan reviews from customers can be found on the company’s main BBB page. The bank holds a nearly 1.1-star rating out of 5.0 from more than 1,100 reviews on the site.
The bank has responded to and closed over 7,200 complaints in the last three years. While this may seem like a considerable number, it’s minimal compared to the 67 million users who are enrolled in Bank of America’s financial services.
In the J.D. Power 2021 U.S. Consumer Financing Satisfaction Study℠, the company scored fifth place for customer satisfaction among those who financed luxury vehicles, earning 861 out of a possible 1,000 points. It ranked below average in the same study for financing of mass-market vehicles. The study looks at overall customer satisfaction regarding the application and approval process, billing and payment process and customer service experience for financial institutions.
Our team reached out to Bank of America for a comment on its scores and negative reviews but did not receive a response.
Positive Bank of America Reviews
Happy Bank of America customers typically mention the company’s high-quality customer service. Several positive customer reviews also say the company has a great mobile app that’s easy to use to make payments when needed.
Negative Bank of America Reviews
While negative reviews are in the majority on the BBB’s website, almost none of them reference Bank of America’s auto refinancing specifically. Common complaints for all of the company’s financial products include frequent issues with disputed charges and overdraft fees not being reimbursed.
Bank of America Auto Refinance Review: Conclusion
We rate Bank of America auto refinance 8.9 out of 10.0 because of its competitive refinancing rates and streamlined application process. While there are many negative customer reviews on the BBB’s site, almost none of them have to do with auto loan rates or auto refinancing. We recommend you search around and compare options to find the best auto refinance loans for you.
Recommendations for Auto Refinance
While Bank of America is a solid financial institution to refinance your auto loan with, it’s wise to shop around for the best rates before making a decision.
Auto Approve: Top Choice for Refinancing
Auto Approve was founded in 2016 to connect customers with the best auto loan refinance rates. While the company is not a direct lender, it works with a network of banks, finance companies and credit unions across the U.S. to provide consumers with loan offers. Auto Approve’s APR starts at 5.29% for those with excellent credit.
Read more: Auto Approve review
RateGenius: Top Choice for Good Credit
RateGenius provides some of the best auto loan refinance rates in the industry for those with a good credit score. For those with a minimum approval credit score of 640, RateGenius offers starting APRs of 4.67% on cars, trucks, and SUVs.
Keep reading: RateGenius review
Bank of America Auto Refinance: FAQ
Yes, Bank of America can be a great option for refinancing your current auto loan. The company’s interest rates start at 7.29% for most borrowers with good to excellent credit.
Bank of America doesn’t have a minimum credit score requirement. However, you are more likely to be approved for auto refinancing if you have a good or excellent credit score (670 or higher).
You should wait to refinance your auto loan until six months have passed in your loan term. This will allow you time to get your credit score up to be eligible for a better interest rate and monthly payment.
Our Methodology
Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best auto loan companies. We collected data on dozens of loan providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the companies that scored the most points topping the list.
Here are the factors our ratings take into account:
- Reputation (30% of total score): Our research team considered ratings from industry experts and each lender’s years in business when giving this score.
- Availability (20% of total score): Companies that cover a variety of circumstances are more likely to meet borrowers’ needs.
- Loan Details (15% of total score): We considered the types of loans, term lengths and loan amounts that are available from each lender to determine this score.
- Rates (25% of total score): Auto loan providers with low APRs scored highest in this category. Available discounts were also taken into account.
- Customer Experience (10% of total score): This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness and helpfulness of each lender’s customer service team.
*Data accurate at time of publication.
Meet the Team
RaShawn Mitchner Senior Editor
RaShawn Mitchner is a MarketWatch Guides team senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on travel, entertainment, household services and more.
Learn more about RaShawn Mitchner
Daniel Robinson Principal Researcher
Daniel Robinson is a writer based in Greenville, N.C. with expertise in auto insurance, loans, warranty options and more. Away from the keyboard, Daniel spends time with his wife and son, plays guitar and obsesses over the Beatles and Baltimore Orioles.