bank of america used car loan interest rate

To view Payment Examples please select the hyperlinks on each loan rate. Used Auto Loan Rates. Effective Date: Saturday, December 4th, 2021. Loan Term \ Details. Finance a new or used car or truck; Competitive rates based on your collateral, monthly payment from a German American State Bank checking account. Auto · Rates as low as 3.24% · No application or pre-payment penalties · Terms up to 72 months · New or used model years from 2021-2011.

Bank of america used car loan interest rate -

Auto Loans

Auto Loan Benefits & Features

As a not-for-profit credit union, we offer great rates, fewer fees and member-only benefits.

  • Lower interest rates. We keep our auto rates low by only offering car loans to members.
  • BECU Financing available on-site with one of our many participating dealerships.
  • New Auto Loan interest rate may be applied to cars up to 2 years old.
  • Automatic enrollment in BECU Reprice Program. Improve your credit score and potentially lower your rates.

Auto Loan Calculators

Explore how much you can afford and what your payments might be. 

Another calculator option is the Vehicle Loan Comparison tool

Why Finance Through BECU?

Set up Monthly Recurring Payments

There are two ways to automatically pay your auto loan every month from a BECU account:

  1. Fill out a Loan Modification Request form and return it to a location near you, or
  2. Use DocuSign  to electronically request monthly recurring payments

Setting up automatic payments from a non-BECU account is a two-step process:

  1. Fill out an ACH Debit Authorization Agreement PDF or submit via eSign
  2. Fill out a Loan Modification Request Form or submit via eSign

Call 800-233-2328 for additional assistance.


Guaranteed Asset Protection

GAP Advantage is a voluntary, non-insurance product that covers the difference (or gap) between the amount you owe on your auto loan and what your insurance would pay if your vehicle is stolen, damaged or totaled.

Learn more about GAP

Loan Payment Protection Program

The Loan payment protection program (LPP) provides financial assistance during times of hardship. LPP is an optional benefit offered through BECU.

  • Provides monthly auto loan payments in case of involuntary job loss, disability or loss of life
  • Monthly program cost is based on loan balance and package options

To apply, call us at 800-233-2328 and ask about getting LPP added to your loan. View the Consumer Loan Payment Protection Contract.

Apply Now


Make the car you want yours—on your terms.

This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. Truist Financial Corporation ("Truist") and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.


How to Finance a Used Car in 2021

Affiliate Disclosure

Whether purchasing a brand-new car or a pre-owned vehicle that’s new to you, car buying can be exciting. It can also be costly if you opt for the wrong loan, which is why it’s important to understand how to finance a used car.

While used cars cost less than new ones, used-car loans usually carry a higher interest rate. In this article, we’ll explain how to finance a used car and give tips for finding the best auto loan rates.

Finding an auto loan before you visit a dealership will not only help you stick to a budget during the car-buying process, but it will also give you enough time to find financing options with the lowest annual percentage rate (APR).

How to Finance a Used Car 

Most consumers can’t afford to pay cash for a vehicle, which is where used-car financing comes into play. According to Experian, more than half of used car buyers finance their car purchases. Dealerships offer vehicle financing, but you may be able to get a better rate from an independent lender. This is why it helps to understand how to finance a used car before visiting a dealership.

The first step to financing a used car is figuring out your credit score, otherwise known as your FICO score. You may be able to see your credit score by logging onto your bank’s website, but you can also request a free copy of your credit report once a year from a site like

Banks, credit unions, credit card companies and other lenders use this score to evaluate how dependably a borrower may repay a car loan. Too much debt, particularly on credit cards, can lower your score, which in turn leads to a higher interest rate, as lenders perceive someone with a lot of debt as more liable to default during the loan term. 

If you have a low credit score, you can get approved for a better loan rate by having a co-signer with good credit. Only those with pristine credit history get the best auto loan rates. 

If your credit report is in good shape, it’s time to consider where to shop for financing to get the best loan terms. 

Auto financing involves borrowing the money needed for a car purchase from a bank, credit union or online lender. In return, the lender charges borrowers interest on the money lent. This means you’ll pay more for the car than the selling price. So it’s best to shop for the lowest interest rate on a loan, just like you shop for the lowest price on a car. 

America’s biggest banks – such as Bank of America, Wells Fargo, Capital One and Chase – offer auto loans but usually have higher interest rates than other lenders, such as credit unions. Online lenders can be a good source as well, significantly undercutting the cost compared to bank loans. 

Automakers also have lending divisions, such as Ford Motor Credit, that lend money for certified pre-owned cars sold through dealerships. Don’t overlook this option; their loan terms are competitive, and you might even find a special incentive not offered by other lenders.

If you’re buying a used car from a private party, you must agree to a price before applying for a loan. Once approved, the lender pays the seller for the car, and you repay the lender with interest over time. However, interest rates for private loans tend to be higher than other used-car loans, and not every lender offers them. 

Is it a Good Idea to Finance a Used Car?

It’s always best to pay cash for a used car to avoid paying interest, and just under half of all used car buyers do, according to Experian. If you must finance your used-car purchase, it’s wise to skip longer-term loans and stick to shorter terms instead. Not only will you pay less for the car overall, but you also won’t owe more than it’s worth. 

A common guideline is to make a 20% down payment, including trade-in. Opt for a four-year car loan that requires you to repay no more than 10% of your annual gross income each year of the loan. Sites such as Edmunds have car payment calculators to help with this, as well as the depreciation of the car you’re considering. Keep in mind that a car loses roughly half of its value in the first five years.

Remember also that it’s not a good idea to finance a used car if you can’t afford the monthly payments, as this can impact both your credit score and your ability to finance other items, such as a new home purchase, down the road.

Getting a Good Rate on Used-Car Financing

To find the best auto loan, it’s smart to consider average loan rates from credit unions and banks. These are the average APRs for new and used car loans in the U.S., according to the National Credit Union Administration:

Loan TypeLoan TermCredit Union National
Average Rate
Bank National
Average Rate
Used car loan48 months3.16%5.16%
Used car loan36 months3.04%5.10%
New car loan60 months3.09%4.81%
New car loan48 months2.98%4.70%

As you can see, new car loans cost less in the long run than used-car loans. Also, choosing a credit union over a bank will likely lower your monthly payment, but choosing a longer loan term will increase it. 

Keep in mind your monthly payment includes more than simply the purchase price and interest rate. The loan amount also includes any dealer and lender fees. To reduce your monthly payment, it’s smart to put down as large a payment as you can comfortably afford; this lessens the loan amount and, in turn, your monthly payments.

One last point. Be sure to get pre-qualified. This not only allows you to secure financing ahead of time, which helps you stick to your budget, but it also allows you to compare loan terms among various lenders to find the best rates. 

Our Recommendations for Auto Loans

Now that you know how to finance a used car, you can start looking at lenders. As mentioned, comparing offers from multiple lenders is one of the best ways to get the lowest rates for your auto loan. Read on to learn more about two lenders we recommend: myAutoloan and Auto Credit Express.

MyAutoloan: Best Refinancing Loans 

MyAutoLoan offers new car loans, used-car loans, auto loan refinancing and private party financing. In our research, we rate the online lender as one of the best, giving it a score of 9.3 out of 10.0. We rated the company especially highly for borrower experience, as it has great customer reviews and an easy-to-use website that features an interest rate chart, interest rate estimator and monthly payment calculator.

Auto Credit Express: Best for Poor Credit

For those with bad credit, the best lender to consider is Auto Credit Express, which specializes in this type of loan offer. Although the company has received a few bad customer reviews, overall, it’s a good place to start if you have little or no credit or have gone through bankruptcy. In addition, the company offers special rates to those who serve in the military. We give Auto Credit Express an overall score of 8.5 out of 10.0.


The Detroit Bureau collects data from every major lender to formulate rankings of the best auto loan companies. Our in-depth rating system takes into account loan quality, loan availability, the application process and the borrower experience. Each provider is given a weighted score in four categories, as well as an overall score out of 10.0.

We recommend auto loan companies based on these rankings, but we also encourage you to perform your own research and compare rates to find the best financing.


Motor Vehicle Loans

All offers are subject to change without prior notice.
Rates and promotions effective as of January 1, 2021 and are subject to be cancelled, extended or changed without notice. Annual Percentage Rate (APR) for members who choose to make loan payments via payroll deduction or automatic payment from an American Heritage Credit Union account. APR is increased by .25% without payroll deduction or automatic payment. Rates for this product are determined by an evaluation of applicant credit. Your rate may vary from the rate shown. Borrowers of promotional refinance offer will skip first two payment cycles and then make 75 consecutive monthly payments. Sample Monthly Payment: $14.64 for every $1000 borrowed at 2.99% APR at 75 months. Monthly payment (per $1,000) examples are based on longest term in each range. Your payment may vary. Auto Loan rates available for vehicles not previously financed at American Heritage Credit Union.

*Annual Percentage Rate (APR) for members who choose to make loan payments via payroll deduction or automatic payment from an American Heritage Federal Credit Union account. APR is increased by .25% without payroll deduction or automatic payment. Rates for this product are determined by an evaluation of applicant credit. Your rate may vary from the rate shown. Sample Monthly Payment: $22.31 for every $1,000 borrowed at 3.39% APR for 48 months. Your payment may vary. Rates are subject to change without notice. Auto Loan rates available for vehicles not previously financed at American Heritage Federal Credit Union.

Interest will accrue during promotional deferred payment periods. Not all applicants will be approved or receive the lowest rates stated. Other rates and terms available for vehicles 2011 & earlier. Ask for details.



*Rates shown are Annual Percentage Rate (APR), accurate as of 11/01/21 and subject to change without notice. Rates advertised with a .75% reduction. The .75% reduction is available for the Direct Deposit+ checking account tier (example: 2.74% APR less .75% = 1.99%). Up to a .75% discount will be applied to the APR that a member qualifies for based on creditworthiness and checking account tier. Members must maintain the tier qualifications for the life of the loan in order to keep their loan discount. Floor rate may apply. Cannot be combined with any other offer. Must be member of Service CU or eligible for membership.

**Offer available on purchases and refinances of new and used cars or motorcycles. Rate matching applies to competitors’ auto loans that have terms and conditions consistent with SCU’s 12-75 month loan rates; $100 offer is only available on terms of 60-75 months. If SCU cannot beat competitors’ APR on a 60-75 month loan, we will credit $100 to a qualifying member’s SCU account up to 30 days after original loan application with SCU. A qualifying member is a new or existing member who applies for and is approved for an SCU loan. Proof of applicant’s eligibility for the competitor’s rate must be provided; quoting advertised rates are not sufficient. Approval and rate match eligibility is subject to applicant’s creditworthiness. If total reportable income from SCU equals $600 or more in a taxable year, the credit union will issue you a 1099-MISC. Private, non-commercial loan rates and terms are excluded from this promotion. Offer subject to change without notice. Individual must be a member of Service Credit Union or eligible for membership.

New and Used auto rates are the same for vehicles that are up to 3 model years old. Used vehicles in excess of 3 model years are subject to different rates than new vehicles. See representative for details.

bank of america used car loan interest rate

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