Last Updated: 04/18/2025
Bank of America Auto Refinance
Unaffiliated
in Auto Loan Refinancing from Bank of America
Last Updated: 04/18/2025
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Highlights
Amount Range
$7,500 - $100,000
APR (Fixed APR)
Starting at 3.69%(Verified 06/21/2024)
Disclaimer popup with additional information
Credit Score Range
580 - 850
Loan Term (Months)
12 - 75
Bank of America Auto Refinance Review
Bank of America auto refinance is an auto loan refinance offering by Bank of America, based in Charlotte, NC. Founded in 1784, Bank of America offers auto refinance loans in 50 states (and Washington, DC).
Key Takeaways
- Fair credit accepted. The credit score needed for Bank of America Auto Refinance is relatively low. Borrowers with a credit score as low as 580 may qualify for Bank of America Auto Refinance.
- Refinancing for large loan amounts. You can refinance auto loans of up to $100,000 with Bank of America Auto Refinance.
- Fast funding process. In some cases, you may be able to refinance the loan within one business day.
- Hard credit pull required. You can't check your rates or see if you prequalify for Bank of America Auto Refinance without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
- No origination fee. Bank of America Auto Refinance does not charge an origination fee for processing your loan application.
- Long loan terms. Bank of America Auto Refinance offers loan terms of up to 75 months. Most auto refinancing loans have a maximum term of 60 months.
Bank of America auto refinance Pros & Cons
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Bank of America auto refinance FAQ
How much can you borrow via Bank of America auto refinance?
Auto refinance loan amounts start at $7,500 and go up to $100,000.
What are the auto loan refinancing rates offered through Bank of America auto refinance?
Bank of America auto refinance offers a fixed APR car loan refinancing product that ranges from 3.69% APR.
What is the maximum loan term you can get with Bank of America auto refinance?
Bank of America auto refinance offers auto refinancing with terms ranging from 12 to 75 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.
Does Bank of America auto refinance charge an origination fee on auto refinance loans?
No, Bank of America auto refinance does not charge a loan origination fee for refinancing a car loan.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount.
Does Bank of America auto refinance charge a late fee?
Yes, auto refinance loans via Bank of America auto refinance are subject to late payment penalty fees .
Does Bank of America auto refinance charge prepayment fees?
No, there is no prepayment penalty.
What do you need to qualify for Bank of America Auto Refinance?
Applicants with a credit score of at least 580 and up to 850 may be eligible for Bank of America Auto Refinance. The minimum age to be eligible is 18 or the state minimum, whichever is higher. Bank of America Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Bank of America Auto Refinance.
To qualify, applicants may need to provide the following documentation:
- Recent pay stubs
- Proof of income
- Driver's license or other government photo ID
- Proof of identity
- Proof of citizenship or residence permit
What is the estimated funding time for a car loan refinance with Bank of America auto refinance?
Auto refinance loan applications are typically funded within 0 to 1 days of approval.
Does Bank of America perform a hard credit pull?
Yes, Bank of America auto refinance performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
Is Bank of America a legit company?
Bank of America was founded in 1784, it is a well-established company that has been in business for 242 years.
Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.
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