Where to send your Bank of America auto loan payment

Bank of America accepts auto loan payments through several channels, and the method you choose affects when the payment posts to your account. The fastest and most direct route is through your Bank of America online account or mobile app — payments made this way typically post the same business day. You can also mail a check to the address printed on your loan statement, call the auto loan payment line at 1-800-933-6262, or pay in person at any Bank of America branch.

If you set up automatic payments (also called autopay), Bank of America will deduct your payment on the due date each month from a linked bank account or debit card. This removes the need to remember the payment date and ensures your payment arrives on time. You can set this up through your online account under the auto loan section, or by calling the number on your statement.

Key Takeaways

  • Online and mobile app payments post the same business day, while mailed checks take 5 to 7 business days to reach Bank of America.
  • Automatic payments deduct on your due date each month and prevent late payments if you have sufficient funds in your linked account.
  • The payment address on your loan statement is the correct mailing address; do not send payments to a Bank of America branch address.
  • If you pay late, Bank of America typically reports the missed payment to credit bureaus after 30 days past due.

Making a payment online or through the mobile app

Log into your Bank of America account at bankofamerica.com or open the mobile app on your phone. Navigate to the "Accounts" or "Loans" section and select your auto loan. You will see your current balance, due date, and a button to make a payment. Enter the amount you want to pay — you can pay the full monthly payment, a partial amount, or more than the minimum.

After you enter the amount, review the payment details and confirm. Bank of America will show you the date the payment will post. If you are paying before the due date, the payment posts when ready. If you are paying on or after the due date, the payment still posts the same business day, but the late fee (if any) may already have been charged. Once confirmed, you will receive a confirmation number for your records.

Setting up automatic payments

Automatic payments remove the risk of forgetting a payment date. To set this up, log into your Bank of America account, go to your auto loan, and look for an option labeled "Set up automatic payment" or "Autopay." You will choose the amount (usually your regular monthly payment), the date you want it to come out each month, and the account or card it should draw from.

Bank of America will deduct the payment on your chosen date, as long as your linked account has enough money. If your account does not have sufficient funds, the payment will fail and you may be charged a non-sufficient funds fee by your bank. You can change or cancel automatic payments anytime through your online account, but remember that canceling means you are responsible for making manual payments on time.

Mailing a check payment

If you prefer to pay by mail, write a check for the amount due and include your loan account number on the check. The mailing address is printed on your monthly statement — use that address, not a local branch address. Mail your check at least 7 to 10 days before your due date to account for postal delivery time.

Mailed payments typically take 5 to 7 business days to reach Bank of America and post to your account. This means if your due date is the 15th and you mail a check on the 10th, it may not post until after the due date, resulting in a late fee. To avoid this, either mail earlier or use online payment instead.

What happens if you miss a payment

If your payment is not received by the due date, Bank of America will charge a late fee. The amount varies but is typically between $15 and $35 depending on your loan agreement. After 30 days past due, Bank of America reports the missed payment to the three major credit bureaus (Equifax, Experian, and TransUnion), which will lower your credit score.

If you know you will miss a payment, contact Bank of America before the due date. Some borrowers can request a short-term payment deferment or a modified payment plan, though this depends on your loan terms and payment history. After 60 days past due, the lender may begin collection efforts. After 120 days past due, your loan is considered in default and Bank of America may repossess the vehicle.

Paying extra toward your loan principal

You can pay more than your monthly payment amount at any time, and the extra goes toward your loan principal (the amount you originally borrowed). Paying extra reduces the total interest you pay over the life of the loan and shortens the time until you own the car outright. When you make a payment online or by phone, straightforward enter an amount higher than your regular payment.

Some borrowers make one extra payment per year, while others add $50 or $100 to each monthly payment. There is no penalty for paying early or paying extra with Bank of America auto loans. If you are considering this strategy, calculate how much interest you would save using a loan calculator before committing to a specific extra payment amount.

Frequently Asked Questions

How do I know if my payment was received?

Log into your Bank of America account and check your auto loan balance and payment history. Online and app payments show a confirmation number when ready after you submit. Mailed checks appear in your payment history once they are processed, which takes 5 to 7 business days. You can also call 1-800-933-6262 to confirm receipt.

Can I pay my Bank of America auto loan from another bank's account?

Yes. You can set up automatic payments to draw from any bank account you own, or you can pay by phone using a debit card or bank account number. You can also mail a check from any bank. Online payment through your Bank of America account requires a Bank of America account, but you can use a linked external account for autopay.

What if I want to pay off my loan early?

You can pay off your auto loan at any time without penalty. Contact Bank of America at 1-800-933-6262 or log into your account to request a payoff quote, which shows the exact amount needed to close the loan as of a specific date. Once you pay that amount, the loan is satisfied and the lien on your vehicle is released.

Is there a difference between the due date and the payment date?

The due date is when your payment must arrive to avoid a late fee. The payment date is when you actually submit the payment. If you pay online, the payment date is the day you submit it, and it posts the same business day. If you mail a check, the payment date is when you mail it, but it may not post until 5 to 7 days later, potentially after the due date.