Bank of America Auto Loans customer service information is designed to make Use the bill pay functionality of your financial institution in the event you don't. With a private party auto loan, a lender loans you money to buy a car from a private seller. You must select the car you want to buy before applying for financing. If approved, the lender typically pays the seller or lienholder the amount you owe, then you repay the lender, with interest, over the term of the loan. Bank of America auto loans offer competitive rates, no upfront fee and perks for Editorial Note: Credit Karma receives compensation from third-party Used-car loan from an eligible dealership; Private-party loan; Lease.