Does Bank Of America Offer Boat Loans

No Va Mortgage Loans At Overseas Bofa Locations

Financing a Boat and What Works Best

One major feature missing from that list? VA mortgages and refinance loans. Borrowers who want to purchase property with a VA mortgage are not allowed under VA loan rules to buy homes overseas. Only property within the United States, its territories, and protectorates are eligible to be purchased with a VA mortgage.

Those who wish to use Bank of Americas VA loan options will need to open an account with the stateside, main BofA and apply for VA mortgages through them. The BofA Community Bank network at overseas military bases will not be able to accept VA loan applications, process them, or provide information on stateside BofA VA mortgage options offered via those locations.

Request A Line Increase

Bank of america boat loans. Add 50 to above rates for. Bank personal checking or savings account. Unsecured Home Improvement Loans.

We offer competitive rates with flexible terms for secured and unsecured loans. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of. Expedited loan process with online document sharing and electronic signature.

The yacht financing product offerings include traditional term loans for the purchase of new or pre-owned yachts refit loans bridge loans construction loans and cash-out loans. Whether you have plans to purchase a new or used boat or you want to refinance the loan on a boat you currently own keep in mind that Bank of America does not offer boat loans nationwide. A 5-year fixed-rate used car loan for 25000 would have 60 monthly payments of 445each at an annual percentage rate APR of 259.

We offer loans for powerboats sailboats multi-hull boats pontoons and even personal watercrafts. We work with you to identify a loan structure to help meet your financial needs. From the beginning of the journey to the end we give you a hassle free experience.

Seacoast Boat Yacht Loan Features. Simply sign all the required documents notarize them and mail a full loan package back with an envelope provided. However Bank of America does home equity loans which could be.

What is a HELOC. Houseboats High performance boats. This boat loan calculator will help you determine the monthly payments on your boat loan.

Boat Loans: Questions To Ask Before You Apply

How does the loan fit into my budget? Monthly payments on a boat loan should fit comfortably within a budget that covers all of your needs, wants, debt payments and savings. Use our boat loan calculator to see estimated monthly payments, interest costs and total payments.

Payments toward the boat loan combined with other debt payments shouldnt exceed more than 20% of your income.

What is the true cost of boat ownership? Buying a boat isnt your only new expense. Additional costs include fuel, licenses, insurance, storage, maintenance and repairs. Boats also depreciate over time, just like a car.

Does my boat have resale value? Its smart to buy a boat that is both affordable and popular, as this can attract potential buyers if you decide to sell it and pay off your loan at any point in the future.

Also Check: Can I Register My Boat Online

Best Overall: Bank Of The West

Bank of the West

Bank of the West is our top overall pick for a boat loan. The lender features low rates, flexible loan amounts, and widespread availability, making it a great choice for borrowers with good credit looking to purchase a boat.

Loans up to $5 million

Repayment terms between four and 20 years
Available in all 50 states
Full-time and liveaboard accepted

Fees can be rolled into loan
Rates as low as 3.59% APR

No cosigners allowed

Bank of the West is arguably one of the most popular watercraft lenders around. Founded in 1874, Bank of the West, also known as Essex Credit, operates and provides loans to creditworthy borrowers in all 50 states. Boat loans through Bank of the West can range from $10,000 all the way up to $5 million, with repayment terms from four to 20 years depending on the loan amount.

While the wide range of loan amounts and repayment terms is great, this lender wins our best overall spot because of the types of boats it accepts. Bank of the West offers to finance for boat model year 2001 or newer. Allowed boats include standard and custom power, sailboats, multi-hull boats, pontoon boats, electrical boats, high-performance boats, houseboats, and wood hull boats. One of Essexs few exceptions is boats that are capable of speeds of 99 mph or higher.

Lending Products Available From Bofa

Bank Of Maldives Introduces Human ATM Machines

The BofA official site for its community bank operation offers the following financial products for military communities overseas:

New and Used Auto Loans
New and Used Motorcycle Loans
Signature Loans

Line of Credit
Debt Consolidation Loans
CD Secured Loans

Auto loans are important for overseas military communities. Many assignments require military members and their families to travel to places like Japan, Germany, Italy, and elsewhere for extended periods of time in these communities its not realistic to expect troops and families to use public transportation exclusively or rely on ride-sharing services.

Vehicle loans make settling into an overseas location easier and more efficient for the entire family, especially in areas where troops may be restricted when it comes to shipping a car or truck from the USA. Some countries import requirements make it costly or impractical to ship a privately owned vehicle.

Don’t Miss: Can You Renew Boat Registration Online

Boat Loans And Financing

Whether you live by the ocean, lake or bay, a boat can transform those hot summer days into an aquatic adventure that the whole family can enjoy. However, boats are not a cheap investment, and many owners look to boat loans to foot the bill.

Whether you choose a personal loan or a special boat loan, financing can be a great way to make the boat of your dreams a reality. Our SimpleScore methodology is the easy way to identify which loan will work best for you, using industry rankings, expert analysis and customer reviews to provide 2020s best lenders for a boat loan.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. Its quick and easy, and it will not impact your credit score.

with our trusted partners at Bankrate.com

We found results in California.

We follow a rigorous editorial policy designed to keep our writers and editors independent. Articles may reference products from our partners, so heres more information on how we make money.

How we make money

Home Equity Line Of Credit

A home equity line of credit is another option for home owners. With this route, you typically keep your existing mortgage in place and get the HELOC in addition to it. Fleming says that the amount you can borrow is limited to a percentage of your current homes value, up to 90% in most cases.

HELOCs have draw periods, typically of 10 years, in which you can withdraw from your credit line as needed. Payments of principal and interest will begin during the draw period.

After it ends, you will no longer be able to withdraw funds and will have 20 years to repay the balance.

Again, the downside with this option is that your house secures it. It offers an advantage over the cash out refinance because it has little to no closing costs.

Recommended Reading: Where To Place Boat Registration Stickers

Alternatives To Taking A Boat Loan

If you cant afford to buy a boat today, or youre not quite ready to make the commitment, here are some alternatives.

Save up for the purchase. Consider holding off and starting a savings plan toward buying a boat. You may be able to negotiate a cheaper price by paying with cash, and youll avoid paying interest on a loan.

Join a boat club. For a one-time fee and ongoing monthly or annual dues, boat clubs provide access to a fleet of boats for their members and guests.

Consider peer-to-peer rentals. Similar to renting a house on Airbnb, you can temporarily rent a boat through a peer-to-peer rental marketplace, such as Boatsetter or GetMyBoat.

Does Usaa Do Boat Loans

NEW $17,500 GRANT From Bank of America – Requirements and How To Apply

Yes, USAA lends money to purchase motorboats, fishing boats, pontoon boats, sailboats, and yachts. They also do loans for small watercraft, such as jet skis.

We hope you find this list helpful! If you have your heart set on a gorgeous new boat but need help with financing, now you know where you can apply for a loan! And if you want to learn more about the topic, try our posts:

Also Check: What Size Trolling Motor Do I Need For My Boat

Bank Of America Boat Loan Rates: Used & New

The decision to purchase a new boat is often easy to make, but deciding which lender to work with for a boat loan is often more challenging. There are many lenders that offer loans on both new and used boats, and this includes motorized boats, sailboats and other types of vessels. Bank of America is one of the most popular and well-known financial institutions in the country. It may be most well-known for offering checking and savings accounts, credit cards and home loans, but it also has a great boat lending department that you can work with to finance your upcoming purchase. By learning more about Bank of America boat loans, you can more easily decide if this is the right lender for you to apply for your loan with.

The Best Rv Loans Of September 2021

Lender

Check rates > >

*With auto-pay discount

Getting an RV loan is more akin to getting a home loan than an auto loan RV loans can be large loans that are harder to qualify for.

How Long Are Rv Loans

The length of an RV loan will vary based on your lender and how much you borrow. Larger RV loans tend to be longer, but each lender varies on the maximum length of time. However, it’s possible to pay off an RV loan early in many cases if you think that’s a possibility, make sure to avoid lenders with prepayment penalties, which will charge you for paying off your loan early.

Bank Of The West Boat Loans

Types of boats financed: Boats must be model year 2001 or newer to be eligible. Bank of the West specifically says that it finances standard or custom power or sailboats, multi-hull boats, pontoon boats, and electric boats. The lender also offers loans for high-performance boats, houseboats, and wood hull boats. However, it does not finance boats that can exceed 99 miles per hour.

4.29% to 9.99% for both new and used purchases, and 3.59% to 3.94% for live-aboard boats

Loan amounts available: $10,000 and up for new and used boats, $25,000 and up for live-aboard boats. Loans over $2 million are available.

Watch out for: Credit score requirements. Bank of the West states on its site that it lends only to people with credit scores of 700 or higher.

Boat loans through Bank of the West and its lending division, Essex Credit, are a good option for people planning to get a boat loan of $50,000 or above.

A $10,000 boat loan with Bank of the West would have a starting interest rate of 8.89%, a $15,000 boat loan would start at 8.39%, and a $50,000 loan starts at 4.29%. While their rates for loan amounts over $50,000 are competitive, anyone looking for a smaller loan may find a better rate with LightStream.

It’s worth noting that this lender does have a loan processing fee that could add to your total cost of borrowing. A 10% down payment is also required for loans between $10,000 and $200,000, and percentages increase for higher loan amounts.

Also Check: Who Has The Best Boat Loans

How To Choose The Best Boat Loan For You

Calculate what you can afford. Just because you want a certain boat doesnt mean that you can actually afford it. Before you begin shopping for a boat loan or even a boat, for that matter you should have a solid understanding of what you can afford. Take the time to calculate your monthly expenses so you know how much disposable income you can afford to put toward your boat.

Consider additional expenses. Once you buy your boat, there will be even more expenses waiting. You will need to register and title your boat maintenance and repairs to keep things running the right way. There is also the cost of insurance, as well as your trailer and all of the insurance. Consider all of these expenses when calculating your monthly budget.

Shop carefully. While you dont want to commit to the very first loan you receive, you do want to take the time to thoroughly explore your options. There are many different types of loan structures and options, with some benefitting you more than others, depending on your exact situation.

Applying For A Boat Loan

There are a few steps youll need to take in order to apply for a boat loan. These include:

Whether youre interested in a sailboat, motor boat, or houseboat, what boat you want to purchase will influence what type of loan you need from a lender.
Compare rates: When shopping for a loan, you should compare rates from multiple different lenders. This can help to ensure that you get the best deal possible.
Review your credit score: Some lenders have minimum credit score requirements, while others reserve the most competitive rates for borrowers with excellent credit. Make sure your score is in a good place before applying.

Make sure you have enough for a down payment: Typical down payments range from 10% to 30% of the total loan amount.
Complete a loan application: To apply for a loan, youll need to provide information about yourself and the boat you want to buy, including your name, address, social security number.

Don’t Miss: How Much Is The Boat Ride To Mackinac Island

Other Lenders We Considered

US Bank: This lender’s loan interest rates weren’t the most competitive, starting at 5.24% for a new boat. The bank states that rates may be higher for private party boat purchases, loans under $25,000, and used boats. Ultimately, lower rates may be available elsewhere.
USAA: USAA is only available to people with military affiliations, limiting the number of people who can access these loans. However, even those eligible could get a better rate from one of our top picks interest rates start at 5.25% with USAA, about a percentage point higher than a LightStream loan.
Navy Federal Credit Union: Like USAA, membership with this credit union is only available to certain people. However, a starting interest rate of 5.95% for new boats and 7.45% for used boat loans mean there are better deals to be found elsewhere.

Boat US: This online boat loan marketplace didn’t beat interest rates offered by other lenders. A high minimum loan amount of $25,000 also may be more than many borrowers need.

Can You Get A Boat Loan On An Old Boat

Pros and Cons Bank of America $17,500 Down Payment Assistance Program

Getting approved for a boat loan on an older watercraft can be tricky, but it is certainly possible. Some lenders will offer used and refi loans on boats as old as 19 years. If the boat is of high value, you may even find lenders willing to finance a watercraft as old as 25 or 30 years.

Expect that interest rates for old boat loans may be higher than those for newer boats, and you may even encounter higher down payment requirements.

If youre unable to find a lender willing to finance your old boat purchase, consider taking out a personal loan instead.

Also Check: How To Remove Mold And Mildew From Vinyl Boat Seats

Five Alternatives For Student Loan Refinancing

The following lenders specialize in student loan refinancing, providing solutions specifically tailored to the situation.

First up is LendKey, an online marketplace that connects borrowers with a network of credit unions and community banks. These smaller institutions often offer low interest rates and borrower-friendly terms.

Another great option is CommonBond. It offers competitive rates, programs for payment assistance, and helps drive social good with every loan it finances.

Other top picks include College Ave, Earnest, and SoFi.

All of these lenders offer consolidation for federal and private loans. And all of them have easy online applications, which allow you to pre-qualify without hurting your credit score. With this ability, you can shop around with multiple lenders and find your best rate without hard inquiries showing up on your credit report.