Bank of America handles car payments through their auto loan program, which you can manage online, by phone, or at a branch

If you have a car loan from Bank of America, you make payments either through their website, their mobile app, by phone, or in person at a branch. Bank of America offers both new and used auto loans, and the way you pay depends on which account setup you chose when you took out the loan. Most borrowers set up automatic payments so the money leaves their checking account on the same day each month.

The payment amount, due date, and interest rate are all locked into your loan agreement from the start. You can see your current balance, next payment date, and payment history by logging into your Bank of America account online or using their mobile app. If you need to change your payment date or make an extra payment toward the principal, you can do that through the same channels.

Key Takeaways

  • Bank of America car payments can be made online, through their mobile app, by phone at 1-800-333-0024, or at any branch location.
  • Setting up automatic payments ensures you never miss a due date and is the most common way Bank of America auto loan borrowers pay.
  • You can view your loan balance, payment history, and next due date by logging into your Bank of America account online or on the mobile app.
  • Extra payments toward your loan principal can reduce the total interest you pay and shorten your loan term.

Making a one-time payment online or through the app

Log into your Bank of America account on their website or open the mobile app. Navigate to the "Accounts" or "Loans" section and select your auto loan. You will see an option to "Make a Payment" or "Pay Now." Enter the amount you want to pay — this can be your regular monthly payment or any amount above it.

Bank of America will show you the payment date (usually the same day if you pay before 5 p.m. Eastern Time on a business day, or the next business day if you pay after hours). Confirm the payment method — this is typically your linked checking account — and submit. You will receive a confirmation number when ready, and the payment will post to your account within one business day.

Setting up automatic payments to avoid missed due dates

Automatic payments are the easiest way to stay on schedule. Log into your Bank of America account, go to your auto loan, and look for "Autopay" or "Automatic Payments." Select the option to set up a recurring payment and choose your payment amount (your regular monthly payment or a higher amount if you want to pay down the loan faster).

You will need to pick a payment date — most borrowers choose the date their paycheck arrives or a few days after. Bank of America will deduct the payment from your linked checking account on that date every month. If you need to change the amount or date later, you can edit the autopay settings anytime through your account. If your account does not have enough funds on the payment date, the payment may fail, so make sure your checking account stays funded.

Paying by phone or at a branch

To pay by phone, call Bank of America's auto loan customer service line at 1-800-333-0024. A representative will verify your identity and ask how much you want to pay. They can process the payment from your checking or savings account right away. Phone payments typically post within one business day.

You can also walk into any Bank of America branch and make a payment in person. Bring your loan account number or a recent statement so the teller can locate your account quickly. In-person payments are processed the same day if made before the branch closes, though the funds may take one business day to show in your account.

Understanding your payment breakdown and loan balance

Each payment you make is split between interest and principal. Early in your loan, most of your payment goes toward interest; as you get closer to paying off the loan, more goes toward principal. Bank of America shows this breakdown in your account under "Loan Details" or "Payment History."

Your current loan balance is the total amount you still owe. This decreases with every payment. If you make extra payments or pay more than the minimum, you reduce the principal faster and pay less interest over the life of the loan. You can see how much faster you would pay off the loan by using Bank of America's loan payoff calculator, available on their website.

What to do if you miss a payment or need to change your due date

If you miss a payment, contact Bank of America as soon as possible. A missed payment can hurt your credit score and may result in late fees. Call 1-800-333-0024 or log into your account to see if you can make the payment when ready. Bank of America may offer a grace period of a few days, but this varies by loan agreement.

If you need to change your regular payment due date, log into your account and update your autopay settings, or call customer service. Bank of America can usually move your due date to a different day of the month at no cost. If you are having trouble making payments because of a financial hardship, ask the representative about options like loan modification or a temporary payment reduction — these programs vary and are not available to everyone, but it is worth asking about.

Paying off your loan early

You can pay off your Bank of America auto loan at any time without a prepayment penalty. This means you can make extra payments or pay the entire remaining balance without owing additional fees. Paying off early saves you money on interest.

To find out your exact payoff amount, log into your account or call 1-800-333-0024. The payoff amount includes any interest that has accrued since your last payment. Once you pay off the loan in full, Bank of America will release the lien on your vehicle (if the loan was secured by the car), and you will own it outright. You will receive documentation of the payoff, which you may need to provide to your state's motor vehicle department to update the title.

Frequently Asked Questions

Can I change my payment date with Bank of America?

Yes. Log into your account and edit your autopay settings, or call 1-800-333-0024 to have a representative change it for you. Most borrowers can move their due date to any day of the month at no cost. The change usually takes effect on your next payment cycle.

What happens if my automatic payment fails?

Bank of America will attempt to process the payment again, usually within a few days. If it fails a second time, you will be considered late on your payment. Contact the bank when ready to make the payment manually and ask about any late fees that may have been charged.

Is there a fee to pay off my loan early?

No. Bank of America auto loans do not have prepayment penalties, so you can pay off the remaining balance at any time without extra charges. Paying early saves you money on interest.

How do I know how much interest I am paying on my loan?

Log into your account and view your payment history or loan details. Bank of America breaks down each payment to show how much goes to interest and how much goes to principal. You can also call 1-800-333-0024 to ask for a detailed breakdown.

Can I make a payment if I do not have a Bank of America checking account?

Yes. You can pay by phone using a debit card or checking account from another bank. Call 1-800-333-0024 and provide the routing and account number. You can also pay in person at any Bank of America branch with cash or a debit card.