Bank of America

• APR: Starting at 5.39% (new car loans), 5.59% (used car loans), and 8.29% (private-party loans)*
• Loan amounts: $7,500 ($8,000 in Minnesota) to $100,000
• Loan terms: 48 to 72 months
• Minimum annual income: Not specified
• Availability: 50 states
• Prepayment penalty: No

As one of the world’s largest banks, Bank of America is widely available and offers competitive rates. Though you don’t need to be a member of Bank of America to use its auto loan services, members may qualify for special perks. For example, if you qualify for Bank of America’s Preferred Rewards program — based on your qualifying combined balances in your Bank of America deposit and/or Merrill® investment accounts — you can be eligible for up to 0.50% off your APR. 

But Bank of America’s loan policies can lack variety. For example, it offers one of the least flexible loan terms on this list, with the shortest loan term set at 48 months. In addition, the minimum financing amount is $7,500, which rules out Bank of America as a loan financier for more inexpensive used vehicles.

*Rates may vary depending on your location.