Bank of America's auto payment system lets you pay your car loan automatically from a checking or savings account
Bank of America calls its automatic payment option AutoPay, and it pulls money from your account on a date you choose each month to cover your loan payment. You can set it up through your online account, the mobile app, or by calling the bank. The payment goes directly to your loan, so you don't have to remember to pay or worry about late fees if you forget.
The main reason people use AutoPay is to avoid missing a payment. A single late payment can hurt your credit score and trigger late fees. If you set up AutoPay, the money leaves your account automatically, which means the payment happens whether you remember it or not.
Key Takeaways
- Bank of America AutoPay pulls money from your checking or savings account on a date you choose to pay your auto loan.
- You can set up AutoPay through your online account, the mobile app, or by phone, and you can change or cancel it anytime.
- AutoPay payments typically post within one to two business days, so make sure your account has enough money before the payment date.
- If AutoPay fails because your account doesn't have enough funds, Bank of America may charge an overdraft fee and report the missed payment to credit bureaus.
How to set up AutoPay through your Bank of America account
Log into your Bank of America online account or open the mobile app. Find your auto loan in the accounts list, then look for a payments or billing section. Most accounts have a link that says "Set up automatic payments" or "Manage payments." Click that link and you'll be asked to choose the account you want the payment to come from (checking or savings), the payment amount, and the date each month when you want it to happen.
You can choose to pay the full loan payment amount each month, or you can enter a different amount if you want to pay extra toward principal. Once you confirm the details, AutoPay is active. Bank of America will send you a confirmation, usually by email or through your account dashboard.
If you don't have online access or prefer to speak with someone, call Bank of America's auto loan customer service line. A representative can walk you through the setup over the phone and answer questions about your specific loan.
Choosing the right payment date for your situation
When you set up AutoPay, you pick the day of the month the payment will be taken from your account. Most people choose a date shortly after they get paid, so the money is there and won't be missed. If you get paid on the 15th and the 30th, for example, you might pick the 20th or the 1st of the next month.
The payment date matters because if your account doesn't have enough money on that day, the payment will fail. Bank of America may charge an overdraft fee, and the missed payment gets reported to credit bureaus, which can lower your credit score. Picking a date when you know money will be in the account prevents this problem.
You can change your payment date anytime through your account. If you're switching jobs or your pay schedule changes, log back in and update the date so it still lines up with when you have money available.
What happens after you set up AutoPay
Once AutoPay is active, Bank of America will deduct the payment from your account on the date you chose. The money typically posts to your loan within one to two business days. You can see the payment in your account history and on your loan statement.
Each month, the same amount will be withdrawn on the same date unless you change it. If you want to pay extra one month, you can make an additional one-time payment through your account without affecting your AutoPay schedule. If you want to stop AutoPay or change the amount, you can do that anytime through your account or by calling the bank.
What to do if AutoPay fails or you need to pause it
AutoPay can fail if your account doesn't have enough money on the payment date. When this happens, Bank of America typically sends you a notice that the payment couldn't go through. You'll have a short window to make the payment manually to avoid a late fee and credit damage. Some accounts allow you to retry the payment when ready if you add funds to your account.
If you know you won't have money on your scheduled payment date, log into your account and pause or cancel AutoPay before that date arrives. Then make a manual payment when you do have the funds. This prevents overdraft fees and keeps your payment history clean. You can turn AutoPay back on the following month if you want to resume automatic payments.
If your loan payoff date is approaching, AutoPay will stop automatically once the loan is paid in full. You don't need to cancel it yourself.
How AutoPay affects your credit and loan terms
Making on-time payments through AutoPay helps your credit score because payment history is the largest factor in how credit bureaus calculate your score. A consistent record of on-time payments shows lenders you're reliable, which can help you get better rates on future loans.
AutoPay itself doesn't change your interest rate or loan terms — those are set when you take out the loan. But by making sure payments never slip through, AutoPay protects the terms you already have. Late payments can trigger penalty interest rates or other fees, so avoiding them keeps your loan cost lower.
Frequently Asked Questions
Can I change my AutoPay amount or date after I set it up?
Yes. Log into your Bank of America account, find your auto loan, and look for the payments section. You can change the amount, the date, or turn AutoPay off entirely. Changes usually take effect within one to two business days, so make updates well before your next scheduled payment date.
What if I want to pay extra toward my loan?
You can make a one-time extra payment through your account without changing your AutoPay amount. The extra payment goes toward principal and can reduce the total interest you pay over the life of the loan. AutoPay will continue at your regular amount the following month.
Does Bank of America charge a fee for using AutoPay?
No. Bank of America does not charge a fee to set up or use AutoPay on auto loans. However, if AutoPay fails because your account has insufficient funds, you may be charged an overdraft fee by your bank.
What if I close my checking account but have AutoPay set up?
AutoPay will fail if the account it's linked to is closed. Bank of America will notify you that the payment couldn't go through. You'll need to set up AutoPay again using a different account, or make manual payments until you do. Contact the bank if you're unsure how to update your payment account.
Can I use AutoPay if I have a co-signer on my loan?
Yes. Either the primary borrower or co-signer can set up AutoPay through their own Bank of America account if they have online access to the loan. The payment will still go to the same loan account regardless of who sets it up.