How Fifth Third Bank Car Loan Payments Work
How Fifth Third Bank processes your car loan payment
Fifth Third Bank accepts car loan payments through several channels: online through your Fifth Third account, by phone, through automatic withdrawal (ACH), by mail, or in person at a branch. The payment posts to your loan account within one to two business days if you pay online or by phone before 5 p.m. ET on a business day. Mail payments take longer — typically five to seven business days from when Fifth Third receives the envelope — so if you mail a check, send it at least ten days before your due date to avoid a late fee.
Your monthly payment amount, due date, and current balance appear in your Fifth Third online account or mobile app. If you do not have online access set up, you can call Fifth Third's customer service line to hear your balance and due date, or request a paper statement by mail. The due date is the same each month unless you have arranged a different payment schedule with the bank.
Key Takeaways
- Fifth Third accepts payments online, by phone, through automatic ACH withdrawal, by mail, or at a branch, and online or phone payments post within one to two business days.
- Mail payments take five to seven business days to post, so send them at least ten days before your due date to avoid late fees.
- A payment is late if it arrives after your due date, and Fifth Third will charge a late fee and report the late payment to credit bureaus after 30 days.
- Setting up automatic payments through ACH withdrawal removes the risk of forgetting or mailing a check late.
- If you miss a payment, contact Fifth Third immediately to discuss options such as a payment plan or loan modification.
Setting up automatic payments to avoid missed deadlines
Automatic ACH withdrawal is the most reliable way to ensure your payment reaches Fifth Third on time each month. You can set this up through your Fifth Third online account by linking your checking or savings account and selecting the payment date and amount. Fifth Third will withdraw the funds automatically on that date each month, and the payment posts within one business day.
If you want to change the payment amount or date, you can adjust it in your online account at least two business days before the next scheduled withdrawal. If you need to stop automatic payments, you can cancel through your account or by calling Fifth Third customer service. Canceling does not affect your loan — you simply return to making manual payments, but you must remember to pay by the due date each month.
What happens if your payment is late
A payment is considered late if it does not reach Fifth Third by 11:59 p.m. on your due date. Fifth Third will charge a late fee, which varies depending on your loan agreement but typically ranges from $10 to $25 or a percentage of your monthly payment. The late fee is added to your loan balance, so you owe more than your regular payment the following month.
If your payment is 30 days late, Fifth Third reports the late payment to the three major credit bureaus (Equifax, Experian, and TransUnion). This mark stays on your credit report for seven years and lowers your credit score, which affects your ability to borrow money in the future at favorable rates. After 90 days without payment, Fifth Third may begin collection efforts or repossession proceedings, depending on your loan terms.
How to make a payment online or by phone
To pay online, log into your Fifth Third account at fifththird.com or through the mobile app, navigate to your car loan, and select "Make a Payment." Enter the amount you want to pay and confirm the payment date. Fifth Third will show you a confirmation number — save this for your records. The payment posts within one to two business days if submitted before 5 p.m. ET on a business day.
To pay by phone, call Fifth Third's customer service number (found on your loan statement or at fifththird.com) and provide your loan number and the amount you want to pay. A representative will process the payment and give you a confirmation number. Payments made by phone are treated the same as online payments and post within one to two business days.
Paying by mail or in person
If you prefer to pay by check or money order, mail your payment to the address listed on your loan statement. Write your loan number on the check or money order. Fifth Third typically receives mail payments within five to seven business days, so send your payment at least ten days before your due date. Do not send cash by mail.
You can also pay in person at any Fifth Third branch during business hours. Bring your loan number and the amount you want to pay. In-person payments post the same day or the next business day. Branch locations and hours are available at fifththird.com or by calling customer service.
What to do if you cannot make a payment on time
If you know you will miss a payment, contact Fifth Third as soon as possible — do not wait until after the due date. Explain your situation to a loan officer and ask about options such as a payment deferment, loan modification, or temporary payment reduction. Fifth Third may be able to move your due date, extend your loan term, or work out a payment plan that fits your current budget.
The earlier you contact Fifth Third, the more options you may have. If you wait until after a late payment is reported to credit bureaus, your options narrow and the damage to your credit score is already done. Keep a record of any conversation with Fifth Third, including the name of the person you spoke with and the date.
Understanding your loan statement and payment breakdown
Your Fifth Third loan statement shows your payment amount, due date, current balance, interest rate, and how much of your payment goes toward principal (the amount you borrowed) versus interest (the cost of borrowing). Early in your loan, most of your payment covers interest. As you pay down the loan, more of each payment goes toward principal.
Your statement also shows any late fees, prepayment penalties (if your loan has them), and the total amount remaining to pay off the loan. If you do not understand any line on your statement, call Fifth Third customer service and ask for an explanation. Knowing what you owe and how your payment is applied helps you track your progress and plan for payoff.
Frequently Asked Questions
Can I pay more than my monthly payment to pay off the loan faster?
Yes. You can pay extra toward your principal at any time without penalty on most Fifth Third car loans. Contact Fifth Third to confirm your loan does not have a prepayment penalty, then make an extra payment or add to your regular payment. Paying extra reduces the total interest you pay and shortens your loan term.
What if I pay online but the payment does not show up in my account?
Online payments typically post within one to two business days. If more than two business days have passed and you do not see the payment, log into your account and check the payment status, or call Fifth Third customer service with your confirmation number. They can verify whether the payment was received and when it will post.
Can I change my due date?
Yes. Contact Fifth Third customer service or log into your online account to request a due date change. Fifth Third may allow you to move your due date to align with when you receive income. Changes typically take effect on your next billing cycle.
What happens if I pay off my loan early?
When you pay off your Fifth Third car loan, the lien (Fifth Third's legal claim on the vehicle) is released. Fifth Third will send you a lien release document, which you then file with your state's motor vehicle department to show you own the car free and clear. Keep all payoff paperwork for your records.
How do I set up a payment if I do not have online access?
Call Fifth Third customer service to make a one-time payment by phone, or mail a check to the address on your statement. You can also visit a Fifth Third branch in person to pay. If you want to set up automatic payments without online access, call customer service and a representative can help you arrange ACH withdrawal from your bank account.