BofA auto loan additional pmts
-
- Posts: 191
- Joined: Tue Jun 08, 2021 8:07 am
BofA auto loan additional pmts
So in another thread I made the decision to pay off my car loan as soon as possible ( viewtopic.php?t=440556 )
Since this loan is at the wonderful thing that is Bank of America, they seem to make it increasingly difficult to apply additional payments to the principal amount. I either have to go into a branch to make the payment or mail a check with the statement so that I can check the box and write in the additional amount to apply towards the principal.
Are these my only options or is there some other wizardry that I can use?
I thought of a third option of saving those additional payment funds in an HYSA until I have the payoff amount and then go into the branch, but I have a feeling that either of the other two options would be more efficient from an interest-perspective.
Am I missing something or do I have to go back to the 90s and mail a check every month?
Since this loan is at the wonderful thing that is Bank of America, they seem to make it increasingly difficult to apply additional payments to the principal amount. I either have to go into a branch to make the payment or mail a check with the statement so that I can check the box and write in the additional amount to apply towards the principal.
Are these my only options or is there some other wizardry that I can use?
I thought of a third option of saving those additional payment funds in an HYSA until I have the payoff amount and then go into the branch, but I have a feeling that either of the other two options would be more efficient from an interest-perspective.
Am I missing something or do I have to go back to the 90s and mail a check every month?
Re: BofA auto loan additional pmts
Refinance with a more friendly lender is an option. What’s your rate? Car refi’s are stupid easy and should be done as often as possible when rates are moving down.
Re: BofA auto loan additional pmts
Are you sure about this? I paid off my BoA auto loan last year, but before I did so I was able to use Bill Pay to make higher payments online to lower the principal.
-
- Posts: 191
- Joined: Tue Jun 08, 2021 8:07 am
-
- Posts: 191
- Joined: Tue Jun 08, 2021 8:07 am
Re: BofA auto loan additional pmts
Sorry, I didn't see this notification until just now. No, I don't. I have it linked to an external bank account from a different institution.MorgansRun wrote: ↑Tue Oct 08, 2024 11:47 amNo, I'm not sure about this. Do you have a BofA checking account for BillPay?
-
- Posts: 238
- Joined: Sat Mar 31, 2018 11:43 am
- Location: Frisco Texas, Mortgage Banker & Attorney
Re: BofA auto loan additional pmts
Hmm I paid my boa car loan off in chunks online no problem
I bank with boa though
I bank with boa though
Re: BofA auto loan additional pmts
Now that auto loans are simple interest, I don’t think there is any need to specify principal only. I think you can just make whatever payments you want by ACH or transfer and the math will all come out the same in the end.
Re: BofA auto loan additional pmts
I have Wells Fargo and I've learned that additional payments get applied to principal if I do it as part of the monthly scheduled payment just for a larger amount or if I do it through a phone representative, what he say to make it go to additional principal. They do not go for principal if I simply log in and make a one-time payment. In that case it just applies to the next month and the month after that normal payment not principal. So I don't know if they see some useful to you at a different bank but I have been facing the same thing.
60-20-20 us-intl-bond
-
- Posts: 191
- Joined: Tue Jun 08, 2021 8:07 am
Re: BofA auto loan additional pmts
I might need to play around with it to see if adding just $50 more would work. Who knows...either way this dang thing is getting paid off early.