RV & Boat Loan Frequently Asked Questions

The process is simple. Complete the application located on this website and you will receive a call from one of our loan specialists to discuss your loan options.

Apply online for a boat loan

Apply online for an RV loan

You must have the year, make model and ID available of the collateral you wish to purchase before you apply for a boat or RV loan.

If you are signed up for Online Banking with Bank of America, you can view loan information online.

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Or you can call the toll free number that appears on your monthly statement.

The process will vary depending on your loan type. For most loan requests, you will receive a call from a loan specialist within 24 business hours. When our loan specialist calls you to discuss your loan options, he or she will also explain the next steps and the approximate length of time to complete you loan.

For all loan requests, you will be asked to provide personal information such as name, address, Social Security number employment information, current loan obligations, and collateral (make, model, length) information. For loan requests in excess of $150,000, we ask that you have the following information readily available:

• The most recent two years 1040 federal income tax returns with all schedules and your W-2s (if applicable)
• If self-employed, two most recent years corporate federal income tax returns with all schedules and a current business financial statement
• A complete personal financial statement listing all of your personal assets and liabilities.
• Current bank/brokerage statements verifying all liquidity claimed on the personal financial statement

For all loan requests, a copy of the purchase agreement or bill of sale will be required at or prior to loan closing.

It is essential for the online lending process that you have an email address. You can obtain a free email address at several web-based services such as Hotmail, Yahoo, Goggle, and Lycos. This is not intended to be an exhaustive list or an endorsement of the services listed; it is provided for information only.

We don't charge an application fee. Document preparation and lien filing fees may apply.

We can only accept boat or RV loan requests originated in the contiguous United States.

Applicants must be U.S. citizens or Legal Permanent Residents to apply for a boat or RV loan.

Yes. We only provide financing for boats of fiberglass or metal construction. Boat loan requests of less than $100,000.00 must be less than or equal to 7 years of age. Boat loan requests of more than $100,000.00 must be less than or equal to 10 years of age. In addition, boats used as a primary residence, in commercial trade, or fleet service and personal watercraft are not eligible for financing.

RV or boat loans less than $250,000.00, a down payment of at least 10% is recommended; however, loan applications with less or no money down will be evaluated on a case-by-case basis. Loans in excess of $250,000.00 require a minimum 20% down payment.

No. We require collateral information when applying for a boat or RV loan.

Yes, we will refinance other lien holder loans.

Interest rates are locked in for 30 days and loan approvals are locked in for 60 days from the date of the original loan request.

You will receive a monthly statement unless your account is set up for automatic withdrawal. Accounts set up on automatic withdrawal can access similar account information as found on a statement by enrolling in Online Banking at www.bankofamerica.com. This is a free service for all of our customers who have at least a checking account or credit card. If you don't want to open a checking account or credit card, call the customer service phone number on your statement and we'll be glad to answer your questions.

You will receive a Welcome Package in 10-15 days from the closing of your loan. The Welcome Package will contain the following:

• Welcome to Bank of America letter.
• Your account number, first payment draft date and confirmation of the payment amount.
• Instructions on how to sign up for Automatic Payment.
• Information about Bank of America Online Banking features and benefits.
• Contact information for Customer Service (800.215.6195) for your new vehicle loan.

Once your loan is established, your paper statements will be mailed each month 20 days prior to your due date, unless you selected to set up Automatic Payments or receive eBills, in which case you will not receive monthly paper statements. The updated loan information will always be available at the Online Banking website.

You have multiple payment options:

• Sign up for Automatic Payment and take the worry out of making your payment every month.
• From Online Banking, click on Pay Now on the loan Summary tab or Make a Payment on the Services tab.
• Use Bill Pay, from your Bank of America checking account, or your Bill Pay account at a different financial institution. Choose Bank of America Vehicle Loan from the list of Pay To accounts.
• Transfer funds from your Bank of America checking account to your vehicle loan. This transfer can be a one-time transfer or scheduled as recurring payments.
• Pay by phone using our automated voice response system at 800.215.6195.
• You can also log into www.myeasypayment.com and make your payment online from any financial institution checking account.

There are multiple ways to sign up for Automatic Payment for your Bank of America vehicle loan.

• Log into Online Banking and use the electronic signup process located on the Services tab for your loan.
• Use the paper Automatic Payment signup form included with your Welcome Package. Include a voided check and mail or fax it to the location indicated on the form.
• Print a form from the Online Banking Services tab for your vehicle loan and mail or fax it along with a copy of your voided check to the location indicated on the form.
• For each of the options above, you will receive a letter in the mail within 3-4 weeks confirming the start date for the Automatic Payment to be drafted. Until you receive the confirmation letter, continue to make your payment to avoid any late charges.

You may get an Interest Paid Last Year letter for your vehicle loan from several sources:

• For immediate written confirmation of interest paid last year, go into Bank of America Online Banking, select your loan from the Accounts Overview page, and click on the View/Print Letter link to the right of Interest Paid Last Year information on the Summary tab. Then, simply print the letter.
• Dial our automated phone service, authenticate yourself, and choose the "Interest Information" option offered at the beginning of the menu selection choices. You will then receive a verbal confirmation of your Interest Paid Last Year.
• Contact Customer Service at 800.215.6195 and ask for a faxed or mailed copy of your Interest Paid Last Year information.

Yes, you may contact Bank of America Customer Service via email from within the Online Banking website. Click on the "Mail" link on the header, select your loan from the dropdown list of accounts under "Send a Message Regarding", choose the Subject for your email, and then type a clear description of your request. You will receive a response within 2 business days.

• A 10-day payoff amount is provided by clicking on the "10-Day Payoff" link on the Summary page. By paying this amount, you will ensure you loan is paid off in full and any overage will be returned to you in an overpayment check, along with your title information and lien release.
• If you plan to pay off your loan by transferring funds to your loan account within Online Banking today, you can obtain a same day payoff amount on the Account Summary page. For any other payment arrangements, use the 10-day payoff amount.

• If your deposit account is with Bank of America, you can make a same day payoff using Transfer Funds from a Bank of America deposit account to the vehicle loan account.
• With BillPay, you can schedule the payoff from a Bank of America account or from another financial institution's Bill Pay service.
• You can also log into www.myeasypayment.com and make your payoff from a Bank of America checking account or another financial institution's checking account.

In most situations you can expect to receive your lien release, paid-in-full letter and title, if the title is available, within 7-10 business days after we receive and process your payoff. If the title is electronic or other conditions apply, our letter will detail the process to obtain the title and ensure that the lien release is properly recorded.

Simply go to www.bankofamerica.com and choose "Enroll" from the Home Page. Based on your accounts with Bank of America, your options include the following:

• If you only have a Bank of America vehicle loan, choose the option for Mortgage, Line of Credit, or Loan accounts. Enter the requested information and your Passcode will be mailed to you. Once received, log into Online Banking and follow the prompts. Once completed, you will be able to review your vehicle loan account information online.
• If you have other accounts with Bank of America, follow the prompts to establish Online Banking enrollment.
• If you already have access to Online Banking for your other account relationships, your vehicle loan will be added to your Online Banking profile automatically and you should be able to review your vehicle loan account information online at any time.
• Contact Customer Service at 800.215.6195 and our agents can sign you up for Online Banking and issue you a temporary Passcode to provide immediate access.

No, your loan is not assumable by another party.