Regions Bank and Bank of America are two of the most recognized traditional banks offering auto loans. Bank of America is the larger nationwide lender with a well-established online auto loan process; Regions Bank serves primarily the Southeast and Midwest and offers relationship-based pricing for existing customers. For most borrowers, the bank with the better rate wins — and you won’t know until you compare.
Regions Bank vs. Bank of America: At a Glance
| Feature | Regions Bank | Bank of America |
|---|---|---|
| Service area | Southeast + Midwest US | Nationwide |
| Loan types | New, used, refinance | New, used, refinance |
| Minimum loan amount | ~$5,000 | $7,500 |
| Loan terms | 12–72 months | 12–75 months |
| Online application | Yes | Yes |
| Rate discounts | Relationship customers | Preferred Rewards members (up to 0.50%) |
| Soft pull pre-qualification | Not prominently offered | Yes (Bank of America Auto Navigator) |
| Best for | Existing Regions customers in SE/Midwest | Preferred Rewards members, broad auto market |
About Regions Bank Auto Loans
Regions Bank operates in 15 states, primarily Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
Regions auto loan features:
- New, used, and refinance loans available
- In-branch and online application
- Existing Regions customers may receive relationship rate advantages
- Flexible term options from 12 to 72 months
- No prepayment penalties on standard loans
Regions strengths:
- Strong relationship banking — if you have a Regions checking or savings account, your auto loan application may receive preferential treatment
- Local branch support for complex situations or in-person service preferences
- Competitive for customers already embedded in the Regions ecosystem
Regions limitations:
- Not available nationwide — limited to its 15-state footprint
- Online pre-qualification not as prominently featured as Bank of America’s tool
- Rates published online are less transparent than some competitors
About Bank of America Auto Loans
Bank of America is one of the largest auto lenders in the US, with auto loans available in all 50 states through its extensive branch network and online platform.
Bank of America auto loan features:
- New and used car loans plus refinancing
- Terms up to 75 months
- Auto Navigator tool: search dealer inventory and get pre-qualified without a hard pull
- Minimum loan: $7,500 new, $6,000 used
Preferred Rewards rate discounts:
| Preferred Rewards Tier | Assets Required | Rate Discount |
|---|---|---|
| Gold | $20,000–$50,000 | 0.25% |
| Platinum | $50,000–$100,000 | 0.35% |
| Platinum Honors | $100,000+ | 0.50% |
For a Preferred Rewards member, a 0.50% rate reduction on a $35,000 loan saves approximately $900 over 60 months.
Bank of America strengths:
- Nationwide availability
- Auto Navigator allows pre-qualification without a hard pull and integrates with dealer inventory
- Well-documented online process with clear rate disclosure
- Preferred Rewards discount is meaningful for existing BofA/Merrill customers
Bank of America limitations:
- Standard rates (without Preferred Rewards) are often less competitive than credit unions
- Higher minimum loan amounts than some competitors
- Rate transparency could be better — actual rates require application
Who Should Use Each Lender?
Choose Regions Bank if:
- You live in Regions’ 15-state service area
- You’re an existing Regions customer and bank your primary accounts there
- You prefer in-person banking support
- Regions offers you a relationship rate that beats other options
Choose Bank of America if:
- You’re a Preferred Rewards member — the discount is the strongest argument for BofA
- You live outside Regions’ service area
- You want the Auto Navigator tool to browse dealer inventory pre-qualified
- You value a seamless online process with broad nationwide support
How Both Compare to Credit Unions
Both banks are worth checking, but credit unions typically offer lower auto loan rates than traditional banks. Before finalizing with either Regions or Bank of America:
- Check PenFed Credit Union (serves everyone nationally)
- Check Alliant Credit Union
- Check your local credit union
The rate difference between a credit union and a bank on a $35,000, 60-month loan can be 1–2 percentage points, translating to $1,000–$2,000 in savings.
How to Get the Best Rate From Either Bank
- Check your credit score first. Both banks tier their rates — know your tier before applying.
- Get pre-qualified online. Bank of America’s Auto Navigator offers this without a hard pull. Regions offers online application with approval feedback.
- Compare against a credit union. Use this as your benchmark.
- Tell each lender about competing offers. If your credit union offers 5.5% and Bank of America offers 6.5%, tell BofA — they may match.
- Apply within a 14–45 day window. Multiple hard inquiries for auto loans within this window count as a single inquiry on your credit report.
The Bottom Line
Bank of America wins on nationwide reach and the Preferred Rewards rate discount. Regions Bank wins for existing Regions customers within its service territory. For most borrowers without a Preferred Rewards balance, both banks will likely be beaten by a credit union. Check all three before signing.
Related reading:
- Direct Auto Financing Explained
- PenFed vs. US Bank Auto Loans
- M&T Bank vs. USAA Auto Loans
- Auto Financing Before the Dealership
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