Automatic payments can be set up to pay your auto loan from your Bank of America checking account or an account with a different financial institution. Learn more about automatic payments
Online Banking transfers allow you to pay your auto loan with funds from your Bank of America checking account. Transfers can be set up as a one-time payment or scheduled as recurring payments. You can also make principal-reduction payments using transfers. View FAQs about transfers
Payments from your checking account can be made using Online Banking: Simply select Pay Now on the Loan Summary tab and use your checking account with Bank of America or another financial institution to make a payment. You can make one-time payments or schedule recurring payments. (If your auto loan does not automatically appear as a Pay To option, call or email us and we'll make this option available to you.)
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Phone payments can be made using our automated voice response system by calling 800.215.6195. Agent-assisted loan payments are also available at this number for a fee.
If you don't have a Bank of America deposit account, you may be able to use the bill pay functionality of your financial institution to pay your auto loan.
Yes. You can request electronic bills, called eBills, and receive email notifications to log in to Online Banking to view your statement and payment amount. You have the option to pay your bill at the time the eBill is sent or on your scheduled due date. View FAQs about eBills
Online Loan Payment Portal
You can easily view information about your loan (such as original loan amount, interest rate, payoff amount and much more) when you log in to Online Banking and select the link for your account on the Accounts Overview page. You can also call us at the toll-free number that appears on your statement.
Signing up to make automatic payments is easy: Simply log in to Online Banking and select the Automatic/Recurring payments link from the Bill Pay navigation menu and follow the instructions.
You can also use the paper signup form included with your welcome package. Include a voided check and mail or fax it to the location indicated on the form.
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After signing up for automatic payments, you'll receive a letter in the mail within 3-4 weeks confirming the start date for payments to be drafted. Until you receive the confirmation letter, you should continue to make your payment to avoid any late charges.
First, you need to know exactly how much you need to pay in order to pay off your auto loan. To get your auto loan payoff amount, simply log in to Online Banking and select the link for your account on the Accounts Overview page (you can also call us at the toll-free number that appears on your statement). Once you know your payoff amount, there are 3 ways to make your payment:
Use Bill Pay to schedule a payment from your account at Bank of America or another financial institution. View FAQs about Bill PayA white circle with a black border surrounding a chevron pointing up. It indicates 'click here to go back to the top of the page.'
Bank Of America Auto Loan Customer Service & Contact Numbers
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Bank Of America Car Loans: Reviews, Latest Offers, Q&a, Customer Service Info
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The bottom line: Bank of America's auto loans have lower interest rates than competitors, and customers who already have an account with Bank of America have an additional incentive to borrow from the lender with interest rate discounts of up to 0.5%.
One of the big draws of Bank of America auto loans are the low interest rates. Rates for both new and used cars start well below the competition. While Bank of America auto loans come with perks for customers who already have accounts, low interest rates mean that they're often a good bet for anyone.
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Some lenders charge fees when originating new loans, or charge prepayment fees for anyone who pays off the loan early. Bank of America auto loans don't involve any prepayment or origination fees.
Keep in mind that Bank of America requires a minimum loan of $7, 500 (and $8, 000 in Minnesota), which is relatively high.The minimum car value Bank of America finances is $6, 000, but the minimum loan amount is $7, 500. If your budget is under $7, 500, you could end up upside down on your loan so that the car worth less than the value of the loan.
Bank of America offers several types of auto loans, including loans for purchasing a car either new or used from a dealership, buying your current leased car, and buying a car from a private seller. Additionally, Bank of America offers auto loans for customers who need an accessible vehicle. This lender doesn't finance motorcycles or RVs with auto loans, nor commercial vehicles, though a separate small business auto loan is available.
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Loan terms range from 12 to 75 months.Buyers in all 50 US states are able to use Bank of America auto financing. The car you're looking to purchase will need to meet a few requirements. It must:
This lender is best for anyone who already has a Bank of America account. Not only will it be easy to see your auto loan with the same login information as the rest of your banking, but you'll also have some perks if you have an elite status with the bank.
Instead of auto pay discounts, Bank of America offers incentives to customers who already use its services. Customers with gold, platinum, or platinum honors status will receive up to 0.5% off their auto loan's APR. To achieve each status, you must have a three-month average balance in Bank of America accounts or Merrill Lynch investment accounts greater than or equal to the following balances:
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While this lender is an excellent choice for current customers, anyone can apply for an auto loan. And, with starting interest rates from this lender so low, it may still beat the competition, even without the discount.
Only buyers with the best credit scores will get the lowest possible interest rate. Before settling on a car loan, remember to shop around and compare all of the offers. Look beyond the monthly payment, too, and consider the interest rate and the length of the loan.
Bank of Americaisrated an A+by the Better Business Bureau. The BBB, a non-profit organization focused on consumer protection and trust, determines its ratings by evaluating a business' responses to consumer complaints, honesty in advertising, and clarity about business practices.
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Keep in mind that a top-notch BBB score doesn't ensure you'll have a good relationship with a company. Additionally, Bank of America does have some recent public controversies:
Compared to other lenders, Bank of America has some of the lower starting interest rates available for new cars and used cars bought from dealers. Here's how the bank stacks up against Capital One and Lightstream.
Capital One's auto loan options don't beat the starting interest rates available through Bank of America for most buyers with good or better credit scores. However, Capital One could be a good option for anyone with bad credit. Capital One makes loans to people with FICO credit scores as low as 500. Bank of America doesn't have a minimum credit score it considers, so it may still be worth applying even if you have a low credit score.
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Both Lightstream and Bank of America are solid choices, but Bank of America has an advantage with lower starting interest rates. If you're already a Bank of America customer qualifying for discounts, the deal could be even sweeter.
LightStream only works with borrowers with good or better credit scores and requires a credit score of 660 or better. Bank of America doesn't have a minimum credit score requirement, so it could be more
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