Best for existing BofA customers — Preferred Rewards stacks a rate discount up to 0.50%.
Get started at Bank of America, N.A. → Pre-qualify (where available) with a soft credit pull — no score impact.
ClearValue Rating: 4.2 / 5 — our editorial assessment (how we rate)
Editorial confidence (30%), cost (25%), value (25%), accessibility (20%) — scored consistently across every product, independent of compensation.
Existing BofA / Merrill Lynch customers who qualify for Preferred Rewards relationship pricing.
Bank of America's published APR floor starts from 6.69% for Platinum Honors Preferred Rewards customers (maximum 0.50% relationship discount applied — BofA disclosure verified June 2026). The minimum loan amount is $7,500 across terms of 12–75 months. For comparison, the national average bank rate for a 60-month new-car loan was 7.14% and for a 48-month new-car loan 7.47% as of May 2026 (Federal Reserve G.19 commercial bank survey).
Bank of America Auto Loan — Best for existing BofA customers — Preferred Rewards stacks a rate discount up to 0.50%. Best for: Existing BofA / Merrill Lynch customers who qualify for Preferred Rewards relationship pricing.. Compare it against alternatives before applying; the right fit depends on your situation, credit, and goals.
The Preferred Rewards program tiers clients by combined deposit and investment balance across Bank of America and Merrill Lynch accounts. Higher tiers receive an interest-rate discount on new auto loans — up to 0.50% at the Platinum Honors level, per Bank of America's current program disclosure. The discount applies at loan origination. Verify current tier thresholds and discount amounts at bankofamerica.com.
Bank of America requires a minimum loan amount of $7,500. For lower-priced vehicles, lenders with lower minimums (such as Capital One, which starts at $4,000, or PenFed, which starts at $500) may be more appropriate. Source: Bank of America auto loan disclosures at bankofamerica.com.
No. ClearValue Lending is a small business funding platform — not a lender, broker, or financial advisor. This review presents publicly available editorial information about Bank of America Auto. Loans are originated by Bank of America, N.A. Rates, fees, eligibility, and terms are determined solely by Bank of America. Verify current terms at bankofamerica.com.
Yes. Bank of America offers online pre-qualification through its dealer search tool using a soft inquiry — no credit-score impact. A formal application with a hard pull occurs when you proceed to finalize financing. This lets you see estimated rate ranges and participating dealers before committing to a full application. Source: Bank of America auto loan disclosures at bankofamerica.com.
Yes. Like most bank auto lenders, Bank of America prices used-car loans higher than new-car loans because a used vehicle carries more collateral risk over the loan term. Bank of America doesn't publish a separate fixed used-car rate table — the quote depends on the vehicle's age and your credit tier. For context, the national average bank rate for a 60-month new-car loan was 7.14% as of May 2026 (Federal Reserve G.19 commercial bank survey); used-car rates at most banks typically run 1-2 percentage points above the new-car rate. Confirm your specific used-car quote directly with Bank of America.
Yes — Bank of America refinances existing auto loans originated with other lenders, subject to the same $7,500 minimum and Preferred Rewards discount tiers as a purchase loan. Refinance rates are quoted individually based on the vehicle's age, remaining term, and your credit profile rather than a single published refinance rate. Compare a Bank of America refinance quote against your current loan's rate before committing, since refinancing only helps if the new rate — after any fees — is meaningfully lower.
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