Where to pay your Bank of America auto loan
Bank of America offers several ways to make your monthly auto loan payment. You can pay online through your Bank of America account, by phone, by mail, or in person at a branch. The fastest and most common method is online through the Bank of America website or mobile app — payments typically post within one business day.
If you have a Bank of America checking or savings account, you can set up automatic payments so your loan payment comes out on the same day each month. This removes the risk of forgetting a payment and triggering a late fee. You can also make one-time payments whenever you want, which is useful if you want to pay extra toward principal or catch up after missing a payment.
Key Takeaways
- Online payment through your Bank of America account is the fastest method and typically posts within one business day.
- Automatic payments can be set up through your account to deduct your loan payment on a fixed date each month.
- You can pay by phone at 1-800-933-6262, by mail to the address on your statement, or at a Bank of America branch in person.
- Late payments trigger a fee and can damage your credit score, so setting a payment reminder or automatic payment is worth the effort.
- Extra payments go toward principal and reduce the total interest you pay over the life of the loan.
Paying online through your Bank of America account
Log into your Bank of America account on the website or mobile app and navigate to your auto loan. You will see an option to make a payment. Enter the amount you want to pay and select the date you want the payment to come out of your checking or savings account. Bank of America will show you a confirmation screen with the payment amount and date before you submit.
Online payments are free and do not carry any additional fees. If you pay before the due date shown on your statement, the payment will post in time to avoid a late fee. If you are paying close to the due date, check your statement for the exact cutoff time — payments submitted after that time may not post until the next business day.
Setting up automatic payments
Automatic payments remove the need to remember your due date each month. Log into your Bank of America account, go to your auto loan, and look for an option to set up automatic payments or recurring payments. You will choose the amount (your full monthly payment or a custom amount), the date it should come out each month, and which account it should come from.
Once automatic payments are active, the same amount will deduct from your account on that date every month until you cancel. You can change the amount or the date at any time through your account. If you want to pay extra one month, you can make an additional one-time payment without affecting your automatic payment schedule.
Paying by phone or mail
To pay by phone, call Bank of America's auto loan payment line at 1-800-933-6262. Have your loan number and account information ready. A representative will take your payment information and process the payment over the phone. Phone payments are free, but they may take one to two business days to post to your account.
To pay by mail, write a check or money order for your payment amount and mail it to the address shown on your monthly statement. Include your loan number on the check so the payment is credited to the correct account. Mail payments take longer to process — typically five to seven business days — so send your payment well before the due date to avoid a late fee.
Paying in person at a Bank of America branch
You can walk into any Bank of America branch and make a payment in person. Bring your loan number and a form of payment — cash, check, or debit card. A teller will process your payment and give you a receipt. In-person payments typically post within one business day, similar to online payments.
This method is useful if you prefer to handle payments face-to-face or if you do not have online access. Branch hours vary by location, so check the Bank of America website to find a branch near you and confirm their hours before you go.
What happens if you miss a payment
If your payment is not received by the due date on your statement, Bank of America will charge a late fee. The amount of the fee depends on your loan agreement, but it is typically between $25 and $50. A late payment also appears on your credit report and can lower your credit score, making it harder to borrow money in the future.
If you know you will miss a payment, contact Bank of America before the due date. They may be able to work with you on a modified payment schedule or a temporary deferment, though this will extend the length of your loan and increase the total interest you pay. The sooner you call, the more options you may have.
Making extra payments toward principal
Paying more than your monthly minimum reduces the amount of interest you pay over the life of the loan and helps you pay off the car faster. You can make extra payments at any time through your online account, by phone, by mail, or in person. Specify that the extra amount should go toward principal, not toward future payments.
For example, if your monthly payment is $400 and you send $500, the extra $100 goes toward reducing what you owe on the car. This saves you money on interest and shortens your loan term. Even small extra payments add up over time, so if you have extra cash in a given month, putting it toward your auto loan is a smart move.
Frequently Asked Questions
Can I pay my Bank of America auto loan with a credit card?
Bank of America does not accept credit card payments for auto loans through their standard payment channels. Paying with a credit card through a third-party payment processor may be possible but typically comes with a fee that makes it more expensive than paying directly from your bank account.
What time does my online payment need to be submitted to post the same day?
Online payments submitted before 8 p.m. Eastern Time on a business day typically post the next business day. Payments submitted after 8 p.m. or on weekends and holidays may not post until the following business day. Check your statement for the exact cutoff time for your account.
How do I know if my payment was received?
Log into your Bank of America account and check your auto loan transaction history. You will see all payments posted to your account with the date they were received. You can also call 1-800-933-6262 to confirm a payment over the phone or check your monthly statement.
Can I change my automatic payment date if it falls on a weekend?
Yes. If your automatic payment date falls on a weekend or holiday, Bank of America will process it on the next business day. You can also change your automatic payment date to any day of the month through your account settings if you prefer a different schedule.
What should I do if I want to pay off my loan early?
Contact Bank of America to ask about paying off your loan in full. Some loans have prepayment penalties, though many do not. A representative can tell you the exact payoff amount and whether there are any fees for early repayment. Once you know the total, you can make a final payment to close the loan.