How Fifth Third Auto Loan Payments Work
Where Your Fifth Third Auto Payment Goes
When you make a Fifth Third auto loan payment, the money moves through an automated system that splits your payment between principal (the amount you borrowed) and interest (what Fifth Third charges for lending). The exact split changes each month—early in the loan, most of your payment covers interest; later, most covers principal. Fifth Third applies payments in the order they receive them, so a payment made on the 15th of the month arrives before one made on the 20th.
Fifth Third offers several ways to pay: online through their website or mobile app, by phone, by mail, or through automatic bank transfers (called ACH). If you set up autopay, the bank pulls money directly from your checking or savings account on a date you choose. This is the most common method because it removes the risk of forgetting and triggering a late fee.
Your payment due date is set when you sign the loan contract. If that date falls on a weekend or holiday, Fifth Third typically processes it on the next business day. Payments made after the due date are considered late, even by one day, and will show on your credit report and trigger a late fee.
Key Takeaways
- Fifth Third auto payments can be made online, by phone, by mail, or through automatic bank transfer, and autopay is the safest way to avoid late fees.
- Each payment is split between principal and interest, with interest taking up most of early payments and principal taking up most of later ones.
- A payment is late if it arrives after your due date, even by one day, and will trigger a fee and appear on your credit report.
- If you cannot make a payment on time, contact Fifth Third before the due date to discuss options like deferment or a payment plan.
- Paying more than your minimum payment reduces the total interest you pay and shortens the loan, but Fifth Third does not penalize early payoff.
How to Make a Payment Online or by Phone
The fastest way to pay is through Fifth Third's website or mobile app. Log in with your username and password, navigate to your auto loan account, and select "Make a Payment." You can pay the full amount due, the minimum payment, or any amount in between. Fifth Third processes online payments made before 5 p.m. Eastern Time on the same day; payments made after that time are processed the next business day.
If you prefer to pay by phone, call the customer service number on your loan statement or billing notice. A representative will verify your identity and process the payment over the phone. You can pay with a debit card or by authorizing a one-time bank transfer. Phone payments also process the same day if made before the cutoff time, usually 5 p.m. Eastern Time.
Both methods charge no fee for paying with a bank account. If you use a credit card or debit card to pay online or by phone, Fifth Third may charge a convenience fee (the amount varies). Check the payment screen before confirming to see whether a fee applies.
Setting Up Automatic Payments to Avoid Late Fees
Autopay is the most reliable way to ensure your payment arrives on time every month. Log into your Fifth Third account, go to the auto loan section, and select "Set Up Autopay" or "Automatic Payments." Choose the payment amount (minimum, full amount due, or a fixed amount), the date you want the payment to come out each month, and the bank account to pull from. Fifth Third will deduct the payment automatically on that date each month until you cancel.
Pick a date that gives you a few days of buffer—for example, if your due date is the 20th, set autopay for the 18th. This way, if there is a processing delay or a bank issue, you still have time to catch it and make a manual payment. Autopay has no fee and is the single best way to protect your credit score from accidental late payments.
You can change or cancel autopay at any time through your online account or by calling Fifth Third. If you cancel, you become responsible for making manual payments on time each month. Some borrowers set autopay for the minimum payment and then make extra payments manually when they can afford it—this works fine and does not trigger any penalty.
What Happens If You Miss or Are Late on a Payment
A payment is late the day after your due date. Fifth Third will charge a late fee (the amount depends on your loan agreement, typically $15 to $25 for the first late payment). The late payment will appear on your credit report and can lower your credit score by 50 to 100 points, depending on how much damage your score already has.
If you are 30 days late, Fifth Third may report the account as delinquent to the credit bureaus. If you are 60 days late, they may begin collection efforts or repossession proceedings. The longer you stay behind, the harder it becomes to catch up and the more damage it does to your ability to borrow money in the future.
If you know you cannot make a payment on time, call Fifth Third before the due date. They may offer deferment (skipping a payment and adding it to the end of the loan), a temporary payment reduction, or a modified payment plan. These options are not may provide, but they exist, and asking before you miss a payment is far better than calling after.
Paying Extra to Reduce Interest and Loan Length
Fifth Third does not penalize you for paying off your loan early or paying more than the minimum each month. If you have extra money, putting it toward your auto loan reduces the total interest you pay and shortens how long you owe the debt. For example, paying an extra $50 per month on a five-year loan can save you hundreds in interest and let you own the car free and clear months earlier.
You can make extra payments online, by phone, or through autopay. When you make a payment, specify whether it should go toward your next scheduled payment or be applied as an extra payment. Some borrowers make one large extra payment per year (like with a tax refund); others add a small amount to each monthly payment. Both approaches work the same way.
Check your loan statement each month to confirm that extra payments are being applied correctly. The statement should show your principal balance decreasing faster than it would with minimum payments alone. If you have questions about how much interest you will save, Fifth Third can provide an amortization schedule showing the payoff timeline at different payment levels.
Understanding Your Loan Statement and Payment Breakdown
Your Fifth Third auto loan statement shows several key numbers: the payment due, the due date, the principal balance (how much you still owe on the car), the interest rate, and the breakdown of your last payment between principal and interest. Early in the loan, the interest portion is large; by the end, it is small. This is normal and is how all installment loans work.
The statement also shows your payment history for the last 12 months, any fees charged, and your current interest rate. If you have a variable rate loan (less common for auto loans, but possible), the statement will note any rate changes. Review your statement each month to catch errors, confirm that payments posted correctly, and track your progress toward paying off the loan.
If you do not receive a statement by mail, you can view it online through your Fifth Third account or request that they send statements by email instead. Keeping statements is useful for your records and for proving payment if a dispute ever arises.
Refinancing or Modifying Your Fifth Third Auto Loan
If your credit score has improved since you took out the loan, or if interest rates have dropped, you may be able to refinance with Fifth Third or another lender. Refinancing means taking out a new loan to pay off the old one, ideally at a lower interest rate. This reduces your monthly payment or shortens your loan term, saving you money on interest.
Fifth Third allows refinancing, but you will need to meet their current lending standards. Contact them to ask about refinancing options, or get quotes from other lenders (credit unions, online lenders, and other banks often offer competitive rates). Comparing offers takes time but can save you thousands over the life of the loan.
If you are struggling with your current payment amount but do not want to refinance, Fifth Third may offer loan modification—a change to the terms of your existing loan, such as extending the term to lower the monthly payment. This costs you more in total interest but can help if you are facing a temporary hardship. Ask about this option before you miss a payment.
Frequently Asked Questions
Can I pay my Fifth Third auto loan early without a penalty?
Yes. Fifth Third auto loans have no prepayment penalty, meaning you can pay off the entire loan or make extra payments at any time without being charged a fee. Paying early saves you interest and reduces the total cost of borrowing.
What time of day does Fifth Third process online payments?
Fifth Third processes online payments made before 5 p.m. Eastern Time the same day. Payments made after 5 p.m. are processed the next business day. Payments made on weekends or holidays are processed on the next business day.
If I set up autopay, can I change the payment amount or date?
Yes. Log into your Fifth Third account and edit your autopay settings at any time. You can change the payment amount, the date the payment comes out, or cancel autopay entirely. Changes take effect on the next scheduled payment date.
What should I do if I cannot afford my payment this month?
Call Fifth Third before your due date and explain your situation. They may offer deferment (skipping a payment and adding it to the end of the loan), a temporary payment reduction, or a modified payment plan. Calling before you miss a payment is much better than calling after, and it protects your credit score.
How do I know how much of my payment goes to principal versus interest?
Your Fifth Third loan statement breaks down each payment into principal and interest. You can also view this information online through your account or ask Fifth Third to provide an amortization schedule, which shows the breakdown for every payment over the life of the loan.