Bank of America Auto is one of the largest US bank auto lenders, with relationship discounts for Preferred Rewards members. RMO Auto Finance offers member-rate pricing and broader program lineup. Here’s how they compare.
Both are bank auto loans with relationship pricing. The membership model and program lineup differ.
Relationship discounts at any bank are conditional on maintaining qualifying balances and relationship tiers. Read terms.
RMO Auto Finance vs. Bank of America Auto on rate, programs, and refinance.
| Feature | RMO Auto Finance | Bank of America Auto |
|---|---|---|
| New auto loans | Yes | Yes |
| Used auto loans | Yes | Yes |
| Refinance loans | Yes | Yes |
| Private-party purchase | Yes | Limited |
| RV and powersport | Yes | Limited — some powersport programs |
| Relationship discount | Member-rate pricing | Preferred Rewards discount (tier-dependent) |
| Rate lock period | Per program | 30 days typical |
| Pre-qual soft pull | Yes | Yes |
| Prepayment penalty | None | None |
| Member-rate pricing model | Yes | Preferred Rewards relationship tiers |
Comparison details summarized for context. Rate and discount eligibility depend on credit, relationship tier, and program terms. Pull formal rate offers to compare.
Bank of America Auto is competitive when you maintain high Preferred Rewards balances. RMO Auto is competitive when you want member-rate pricing without parking large balances at a specific bank.
Soft credit pull to see your rate and approved amount — no score impact.
Take pre-qualification to the dealer, or apply for a refinance on the car you already own.
Sign closing docs at the dealer or online. Funds flow to the dealer or your existing lender.
No — RMO member rates come from active RMO Membership Club enrollment, not from maintaining a specific deposit balance. BofA Preferred Rewards requires qualifying balances.
Member-rate pricing is often competitive. Pull formal rate offers from both for an honest side-by-side.
Yes — soft-pull pre-qualification with no score impact. Same as BofA.
RMO Auto considers a range of credit profiles. Discuss your situation with a loan officer for honest expectations.
Existing BofA auto loans keep their original terms after closing the broader relationship; you lose the future discount benefit. Refinancing to RMO Auto after closing BofA accounts is often worth comparing.
Guides, plans, and more RMO comparisons to help you decide with confidence.
How auto loans work, when to refinance, new vs. used pricing, and what to bring to the dealer.
Learn MoreNew, used, refinance, RV, and powersport — rates and how to apply.
Learn MoreSee every RMO side-by-side comparison in one place.
Learn MoreSoft-pull pre-qualification, member-rate APR, no prepayment penalty. Use at any dealer or refinance an existing loan.
