Bank of America Auto Refinance

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

• APRs starting at 3.69%. There are average starting rates for an auto refinancing loan. If you have good credit you may qualify for a loan with better rates.
• 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.
• Vehicle requirements. Vehicles must have less than 125,000 miles and a maximum age of 10 years.
• 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

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?

Bank of America Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement. Bank of America Auto Refinance will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Bank of America Auto Refinance. Their rates fall within the limits of The Military Lending Act.

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
• Proof of identity
• Proof of citizenship or residence permit

What is the maximum mileage to refinance with Bank of America?

Bank of America is an option for high-mileage vehicles. They will consider car loan applications for vehicles with up to 125000 miles on the odometer.

What is the maximum car age to refinance with Bank of America?

Only vehicles that are 10 years old or less can qualify for an auto refinance.

What is the estimated funding time for a car loan refinance with Bank of America auto refinance?

Auto refinance loan applications are typically approved (or denied) within 1 hour and funded within 0 to 1 days of approval.