Auto Loan Calculator & Car Payment Tool at Bank of America (2024)

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Estimate your monthly car loan payment

Enter a total loan amount into this auto loan calculator to estimate your monthly payment, or determine your loan amount by car price, trade-in value and other factors.

Your estimated
monthly payment

Your estimated monthly payment

$

for a $ loan

Apply now for a vehicle loan button

See loan eligibility requirements

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Select Your State

Please tell us where you bank so we can give you accurate rate and fee information for your location.

Auto Loan Calculator & Car Payment Tool at Bank of America (2)

The Preferred Rewards program is our way of rewarding you for what you already do, members can get an interest rate discount adatext of

0.25%

Gold Tier

0.35%

Platinum Tier

0.50%

Platinum Honors Tier andhigher

Learn more about Preferred Rewards

Thinking about refinancing?

Calculate how much you could save

Auto Loan Calculator & Car Payment Tool at Bank of America (3)

Car shop with confidence

Get prequalified adatext to make your car decision easier.

  • No impact to your credit score
  • Search for cars that fit your price range
  • View your estimated loan terms

Bank of America login required.

Get prequalified Learn more about an auto prequalification with Bank of America.

Your credit score affects your auto loan

One of the main factors lenders consider when you apply for a loan is your credit score. A higher score can help you secure a better interest rate—which means you'll have a lower monthly car payment.

See how your credit score is calculated

Auto Loan Calculator & Car Payment Tool at Bank of America (4)

Get more with Bank of America auto loans

Get more with Bank
of America auto loans

  • 60-second decision (for most applicants) with a 30-day rate lock adatext

  • Know how much you can afford before you shop

  • Manage all your BofA accounts in one place

  • Explore auto loans

Connect with us

Auto Loan Calculator & Car Payment Tool at Bank of America (5)

844.892.6002

Auto Loan Calculator & Car Payment Tool at Bank of America (6)

844.892.6002

Auto Loan Calculator & Car Payment Tool at Bank of America (7)

844.892.6002

Auto Loan Calculator & Car Payment Tool at Bank of America (8)

Schedule an appointment

Auto Loan Calculator & Car Payment Tool at Bank of America (9)

Auto Loan FAQs

  • If an advisor or the firm is registered
  • What has been disclosed to regulators
  • About an advisor's past experience
  • What an advisor or firm is qualified to do

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Auto Loan Calculator & Car Payment Tool at Bank of America (2024)

FAQs

What is the auto loan rate at Bank of America? ›

6.19% APR Used car (dealer) 6.59% APR Refinance. 7.69% APR

How do I calculate my monthly car loan payment? ›

Car loan payment formula

Monthly payment = (loan amount) × (interest rate / 12) / (1 − (1 + (interest rate / 12)) ^ (-loan term)). The interest rate is given for a period of one year.

How do I manually calculate my auto loan payment? ›

To calculate your monthly car loan payment by hand, divide the total loan and interest amount by the loan term (the number of months you have to repay the loan).

Is it good to finance a car through Bank of America? ›

A Bank of America auto loan could be a great option if you're a Preferred Rewards client with the bank and can take advantage of the interest rate discount. Even if you're not, it could be a good fit if the car you're planning to buy meets the lender's standards and you're looking for a competitive interest rate.

Who has the lowest auto loan rates right now? ›

Compare Car Loan Rates
Top Auto Loan LenderLowest APRTerm Length
AutoPay4.67%**24 to 96 months
PenFed Credit Union5.24%36 to 84 months
Auto Approve5.24%**12 to 84 months
Consumers Credit Union6.54%Up to 84 months
3 more rows

How much is a $30,000 car payment for 5 years? ›

Provided the down payment is $5,000, the interest rate is 10%, and the loan length is five years, the monthly payment will be $531.18/month. With a $1,000 down payment and an interest rate of 20% with a five year loan, your monthly payment will be $768.32/month.

How do I calculate my monthly loan payment? ›

The formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the loan amount, i is the interest rate (divided by 12) and n is the number of monthly payments. To calculate monthly mortgage payments, you must know the loan amount, loan term, loan type and your credit score.

What is a good APR for a car? ›

What is a good APR for a car loan with my credit score and desired vehicle? If you have excellent credit (750 or higher), the average auto loan rates are 5.07% for a new car and 5.32% for a used car. If you have good credit (700-749), the average auto loan rates are 6.02% for a new car and 6.27% for a used car.

How do I manually calculate loan repayments? ›

How to Calculate Monthly Loan Payments
  1. If your rate is 5.5%, divide 0.055 by 12 to calculate your monthly interest rate. ...
  2. Calculate the repayment term in months. ...
  3. Calculate the interest over the life of the loan. ...
  4. Divide the loan amount by the interest over the life of the loan to calculate your monthly payment.

What is a good interest rate for a car for 72 months? ›

An interest rate under 5% is a great rate for a 72-month auto loan. However, the best loan offers are only available to borrowers who have the best credit scores and payment histories.

What is the formula for financing payments? ›

Here's how you would calculate loan interest payments. Divide the interest rate you're being charged by the number of payments you'll make each year, usually 12 months. Multiply that figure by the initial balance of your loan, which should start at the full amount you borrowed.

How to make auto payments with Bank of America? ›

Log in, select Bill Pay tab and locate the credit card account you'd like to set automatic payments up on. Click the AutoPay link next to the company and bill, select Set Up AutoPay, then Set Up Based on the eBill. Select your Pay From account, Amount and Deliver by date on which you'd like the payment sent.

Does Bank of America do 72 month auto loans? ›

Auto loan types offered

Bank of America offers loans for new and used vehicle purchases along with refinancing loans. It also provides lease buyout loans with rates from 7.49 percent and terms from 48 to 72 months, though you'll have to contact the lender for detailed information.

How to make an auto loan payment america first? ›

From your America First account
  1. Log in to online banking or use our mobile banking app.
  2. Select Transfers/payments.
  3. Click on the account you're using to make a payment.
  4. Choose the America First loan that will receive the funds.
  5. Enter the amount & date.
  6. Review and submit.

What is a good interest rate on a 72 month car loan? ›

An interest rate under 5% is a great rate for a 72-month auto loan. However, the best loan offers are only available to borrowers who have the best credit scores and payment histories.

What is the average interest rate on a car loan in America? ›

The average car loan interest rate currently is 9.56%. Auto loan annual percent rates (or APRs) are the most common rates you'll see advertised on auto loan sites. APRs include your interest rate along with the fees and other costs that come with the loan.

What interest rate can I get with a 750 credit score for a car? ›

Average car loan interest rates by credit score
Credit scoreAverage APR, new carAverage APR, used car
Superprime: 781-850.5.64%.7.66%.
Prime: 661-780.7.01%.9.73%.
Nonprime: 601-660.9.60%.14.12%.
Subprime: 501-600.12.28%.18.89%.
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May 16, 2024

Which Bank has the lowest interest rate on a car loan? ›

I... Top Banks like Canara Bank, HDFC Bank, ICICI Bank, Punjab National Bank, and State Bank of India are providing the cheapest car loans. Canara Bank interest rates range from 8.80 percent to 11.95 percent. HDFC Bank car loans start from 8.75 percent.

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