What Bank of America offers for auto refinancing
Bank of America allows existing customers to refinance their auto loans through its standard loan products, but it does not operate a dedicated refinance program with a separate process path. If you have a Bank of America checking or savings account, you can contact the bank about refinancing an auto loan you hold elsewhere, or refinancing an existing Bank of America auto loan to different terms.
The process works through Bank of America's auto lending department, which evaluates your request based on your credit history, income, and the vehicle's value. You will need to provide documents about your current loan (if refinancing from another lender) and details about the vehicle itself. The bank then issues a new loan that pays off the old one, and you begin making payments under the new terms.
Bank of America does not publish its refinance rates publicly online. Rates depend on your credit score, the loan term you choose, and current market conditions. You have to contact the bank directly or visit a branch to receive a rate quote.
Key Takeaways
- Bank of America refinances auto loans for existing customers, but you must contact the bank directly—there is no online rate quote tool or dedicated refinance process.
- You will need your current loan documents (if refinancing from another lender), proof of income, and the vehicle's details to move forward.
- The bank evaluates your credit score and the vehicle's current value, so refinancing is not available to everyone regardless of circumstances.
- Refinancing through Bank of America makes sense if you already bank there and want to consolidate accounts, but you should compare rates with other lenders first.
How to start a refinance conversation with Bank of America
Call Bank of America's auto lending department at 1-800-432-1000 or visit a local branch with your loan documents. Have your current auto loan statement ready, along with your vehicle's identification number (VIN) and current mileage. If you are refinancing a loan from another lender, bring that lender's account number and the payoff amount.
A loan officer will ask about your income, employment, and what terms you are looking for—typically the new loan length and monthly payment you want. They will also pull your credit report to see your current score. This is a hard inquiry, which means it will show on your credit report and may lower your score slightly.
The bank will then provide a rate quote and explain the new loan terms. If you move forward, Bank of America handles contacting your old lender to pay off the existing loan and issues you a new promissory note. The entire process usually takes one to two weeks from approval to funding.
What documents you need to have ready
Gather your current auto loan statement or payoff letter from your existing lender. This shows the loan balance, interest rate, and remaining term. You will also need your vehicle's VIN (found on the dashboard or registration) and proof of current insurance coverage.
Bank of America will ask for proof of income, which can be recent pay stubs, a tax return, or a letter from your employer. If you are self-employed, bring two years of tax returns. You will also need a government-issued ID and your Social Security number so the bank can verify your identity and pull your credit report.
If the vehicle has a lien from another lender, Bank of America will contact that lender directly to arrange the payoff. You do not need to handle that communication yourself, but you should confirm with your current lender that they have received the payoff request.
When refinancing through Bank of America makes financial sense
Refinancing lowers your monthly payment if the new interest rate is significantly lower than your current rate, or if you extend the loan term. It also makes sense if you want to consolidate your banking—having your auto loan and checking account at the same institution can simplify payments and account management.
Refinancing does not make sense if your current interest rate is already low (typically under 4 percent) or if you are near the end of your loan. Refinancing resets the clock on your loan term, so if you have only two years left to pay, refinancing into a five-year loan means you will pay interest for three extra years, even if the rate is lower.
Calculate the total interest you will pay under the new terms and compare it to what you would pay if you kept your current loan. Bank of America can provide this comparison, but you should also get quotes from at least one other lender—credit unions and online lenders often offer lower rates than traditional banks.
Credit score and approval factors
Bank of America typically approves refinances for borrowers with a credit score of 620 or higher, though the exact minimum varies. A higher score (700 and above) usually qualifies for the bank's best rates. Your score is not the only factor—the bank also looks at your debt-to-income ratio, which is your total monthly debt payments divided by your gross monthly income.
The vehicle's age and condition matter as well. Bank of America generally refinances vehicles that are no more than 10 years old and have fewer than 100,000 miles, though these limits can vary. If your vehicle is older or has high mileage, the bank may decline the refinance or offer a higher rate because the car is worth less.
Your payment history on the current loan also influences approval. If you have missed payments or paid late, the bank may deny the refinance or require a co-signer. If you have a strong history of on-time payments, you are more likely to receive approval and a competitive rate.
How Bank of America compares to other refinance options
Bank of America's main advantage is convenience if you already bank there—you can manage everything in one place and potentially get a small rate discount for being an existing customer. The disadvantage is that the bank does not publish rates online, so you cannot shop around without contacting them directly.
Credit unions often offer lower rates than Bank of America, especially if you are a member. Online lenders like LendingClub, Upgrade, and Lightstream typically provide faster approval and funding (sometimes within 24 hours) and allow you to compare rates without a hard credit inquiry first. Traditional banks like Wells Fargo and Chase offer similar products to Bank of America but with the same limitation—you have to call or visit in person for a quote.
If you are considering Bank of America, spend 15 minutes getting quotes from your bank, a local credit union, and one online lender. The difference between a 5 percent rate and a 4 percent rate on a $20,000 loan over five years is roughly $1,000 in total interest, so the effort is worth it.
What happens after your refinance closes
Once Bank of America funds the new loan, the old loan is paid off automatically. You will receive a final statement from your previous lender showing a zero balance. Bank of America will send you a new loan agreement, payment schedule, and information about how to make payments—either online through your Bank of America account, by phone, or by mail.
Your first payment under the new loan is typically due 30 days after the loan closes. Make sure you understand the new payment date and amount so you do not miss a payment while transitioning from your old lender. If you set up automatic payments with your old lender, cancel those before the first new payment is due.
Keep all loan documents for your records. If you ever need to refinance again or sell the vehicle, you will need proof that the original loan was paid in full. Bank of America will also report the new loan to the credit bureaus, which will show up on your credit report as a new account and may temporarily lower your credit score by a few points.
Frequently Asked Questions
Can I refinance a Bank of America auto loan with Bank of America?
Yes. If you already have an auto loan through Bank of America and want to change the terms—lower the rate, extend the payment period, or shorten it—you can contact the bank to refinance. This is called a rate-and-term refinance and does not require a new vehicle appraisal in most cases.
What if I have bad credit or a recent late payment?
Bank of America may still refinance you, but the rate will be higher to offset the risk. If your credit score is below 620 or you have recent late payments, ask whether the bank will consider a co-signer—someone with better credit who agrees to be responsible for the loan if you do not pay.
How long does it take to get approved and funded?
Approval typically takes one to three business days after you submit documents. Funding (when the money is actually sent to pay off your old loan) usually happens within one to two weeks. Online lenders are often faster, sometimes funding within 24 hours.
Can I refinance if I owe more than the car is worth?
Bank of America may refinance you if you are underwater on the loan, but the bank will likely require a larger down payment or a co-signer to reduce its risk. Some lenders will not refinance underwater loans at all, so this is worth asking about before you explore.
What if my vehicle is very old or has high mileage?
Bank of America typically has age and mileage limits (often 10 years old and under 100,000 miles), but these are not absolute rules. Contact the bank with your vehicle details and ask whether it qualifies. If Bank of America declines, a credit union or online lender may have more flexible requirements.