Bank of America's current auto refinance rates and terms

Bank of America offers auto refinancing through its auto loan division, but the rate you receive depends on your credit score, the age and mileage of your vehicle, and current market conditions. The bank does not publish a single "rate" online — instead, you get a personalized offer after you provide financial information and details about your car. Rates typically range from around 5% to 11% APR for borrowers with good to excellent credit, though rates for lower credit scores can be higher.

The loan terms available are usually 24, 36, 48, 60, or 72 months. Shorter terms mean higher monthly payments but less interest paid overall; longer terms spread the cost across more months but cost more in total interest. Bank of America refinance loans do not have a prepayment penalty, meaning you can pay off the loan early without extra fees.

One practical limitation: Bank of America will refinance vehicles that are no more than 10 years old and have fewer than 100,000 miles, though some flexibility exists for newer vehicles with lower mileage. If your car is older or has higher mileage, you may not be able to refinance through them at all.

Key Takeaways

  • Bank of America refinance rates are personalized based on your credit score and financial profile, not a fixed number you can see before explore.
  • The bank requires vehicles to be no more than 10 years old with under 100,000 miles, which eliminates older cars from refinancing.
  • You can choose loan terms from 24 to 72 months, and there is no penalty for paying off the loan early.
  • The actual rate you receive depends on market conditions at the time you explore, so rates change week to week.

How to get a rate quote from Bank of America

Start by visiting bankofamerica.com and navigating to the auto loans section, or call 1-800-333-0024 to speak with a loan officer. You will need basic information: your Social Security number, current income, employment status, and details about your existing auto loan (the lender, loan balance, and monthly payment). You will also need information about the vehicle itself — the year, make, model, current mileage, and whether you own it outright or still owe money on it.

Bank of America will pull your credit report as part of the process, which results in a hard inquiry. This temporarily lowers your credit score by a few points, but multiple inquiries within 14 days for the same type of loan (auto refinancing) typically count as a single inquiry for credit scoring purposes. If you are shopping rates at multiple lenders, do it within a two-week window to minimize the impact.

Once you submit your information, Bank of America usually provides a rate quote within one business day. If you accept the offer, the bank handles contacting your current lender, paying off the old loan, and setting up the new one. This process typically takes 7 to 10 business days from approval to funding.

What fees Bank of America charges (and doesn't)

Bank of America does not charge an origination fee, process fee, or prepayment penalty on auto refinance loans. Those are the three fees that often surprise borrowers, so their absence is genuinely useful. However, you may encounter other costs depending on your situation.

If your state requires a title transfer or lien holder change, your local DMV will charge a fee — typically $15 to $50 depending on the state. This is not a Bank of America fee; it is a government fee that applies regardless of which lender you use. Some states handle this electronically through the lender; others require you to visit the DMV yourself. Bank of America will tell you what your state requires.

If you have a gap between paying off your old loan and receiving the new funds, your current lender may charge interest for those extra days. This is rare with Bank of America's timeline, but it can happen if there are delays. Ask about this when you are reviewing the final paperwork.

When Bank of America refinancing makes financial sense

Refinancing through Bank of America makes sense if your new rate is at least 0.5% to 1% lower than your current rate and you plan to keep the car long enough to recoup any costs. For example, if you have 48 months left on your current loan at 8% APR and Bank of America offers you 6.5% APR, the monthly savings add up quickly — but only if you keep the car for at least another year or two.

Use a refinance calculator to compare your current monthly payment against the new one. Plug in your current loan balance, remaining term, and current rate, then compare it to the new loan balance, new term, and new rate. The difference in total interest paid over the life of the loan is what matters, not just the monthly payment. A longer term lowers your monthly payment but increases total interest, so do not extend the loan term just to lower the payment.

Refinancing also makes sense if your credit score has improved since you took out the original loan. If you had a lower score when you financed the car and your credit has improved, you may now may have access to for a significantly better rate. Check your credit report for errors before you explore — errors can artificially lower your score and cost you money.

Comparing Bank of America to other lenders

Bank of America is a large national bank, which means their rates are competitive but not always the lowest. Credit unions, online lenders, and smaller regional banks often offer better rates, especially if you have good credit or are a member of the credit union. The difference can be 0.5% to 2% APR, which translates to hundreds of dollars over the life of the loan.

The advantage of Bank of America is simplicity and speed if you are already a customer — they have your financial information on file, and the process is straightforward. If you are not a Bank of America customer, you may find better rates elsewhere. Shop at least two or three other lenders before deciding. Most lenders provide quotes within 24 hours, so comparing takes a few days but can save you real money.

Online lenders like LendingClub, Lightstream, and Upgrade often have faster approval and funding timelines than traditional banks. Credit unions like Navy Federal, Connexus, and PenFed offer competitive rates to members. Local banks and credit unions in your area may also offer refinancing — ask your current bank or credit union whether they refinance auto loans from other lenders.

What happens after you refinance with Bank of America

Once your new loan funds, Bank of America pays off your old loan in full. Your previous lender sends you a payoff confirmation, and the lien on your title is released. This process takes 7 to 14 days after funding. You will receive new loan documents from Bank of America with your new payment amount, due date, and payoff date.

Your new monthly payment begins on the date specified in your loan agreement — usually 30 days after funding. Set up automatic payments through your bank account or Bank of America's online portal to avoid missing a payment. Missing a payment on a new loan damages your credit score and can trigger late fees.

Keep your old loan documents for your records, even after the loan is paid off. You may need them for tax purposes, insurance claims, or if a dispute arises about the payoff. Bank of America will keep records on their end, but having your own copy protects you.

Frequently Asked Questions

Can I refinance a car I still owe money on?

Yes. Bank of America will refinance a vehicle with an existing loan as long as the car meets their age and mileage requirements. The new loan pays off the old one, and you start making payments to Bank of America instead. The vehicle must have equity or be close to it — if you owe significantly more than the car is worth, refinancing becomes difficult.

How long does the Bank of America refinance process take from start to finish?

From process to funding typically takes 7 to 10 business days. Getting a rate quote takes 1 business day. The longest part is usually the payoff of your old loan and the title transfer, which happens after funding. Plan for 2 to 3 weeks total from process to your first payment with Bank of America.

What credit score do I need to refinance with Bank of America?

Bank of America does not publish a minimum credit score, but they typically work with borrowers who have a score of 620 or higher. Borrowers with scores below 660 may face higher rates or may not be approved. The best rates go to borrowers with scores above 740. Check your credit report before explore to catch any errors that might lower your score.

Will refinancing hurt my credit score?

The hard inquiry from the credit check lowers your score by a few points temporarily. Closing your old loan and opening a new one also affects your credit mix and average account age, which can lower your score slightly. These effects are temporary — your score typically recovers within 3 to 6 months if you make on-time payments on the new loan.

What if my car is worth less than I owe on it?

If you are underwater on your loan (owe more than the car is worth), Bank of America may still refinance you, but the new loan will include the negative equity. This means you will owe the full amount on the new loan, not just the car's current value. Refinancing in this situation only makes sense if the new rate is significantly lower and you plan to keep the car for several more years.