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.
A Closer Look at Variations in Boat Loans
Just as there are variations in car loans from lender to lender, the same holds true for boat loans with Bank of America. One of the most significant variations is between new and used boats, but there are also variations based on the size of the boat and if it is motorized or not. With these variations in mind, your loan amount and LTV and may limited based on these factors. A smart idea is to contact a Bank of America lending representative for more information on the exact loan terms that the bank can issue for your boat loan. This will allow you to more easily compare your loan quote from Bank of America with other quotes you have received.
Boat Loans Only Available in Select States
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. While it is a national financial institution that offers a full range of products to meet varied needs for personal and business use alike, boat loans are a unique product. Before you proceed with a loan application, ensure that Bank of America offers boat financing in your area.
Learning More About the Boat Loans Available for You
There are several steps you could take to learn more about the boat loans that Bank of America may offer you. For example, you could contact the toll-free customer service phone number today to speak directly with a representative and to fill out your application over the phone. Customer service is available seven days a week except during bank holidays, but the hours of operation are limited. The website offers ample information as well, but you may need to complete a loan application online before you can receive a firm loan quote from the bank. This is because your loan quote will be based on your credit rating and other specific factors.
What to Expect When You Apply With Bank of America
If you have never applied for a loan with Bank of America before, you may be wondering what to expect. Bank of America is one of the largest financial institutions in the country, and it has grown to this size in part because of its incredible ability to meet the financial needs of its customers as well as because it provides friendly, helpful customer service. When you apply with Bank of America, you can expect to enjoy a fast, streamlined loan process and prompt, responsive service.
Finding financing for your boat purchase is a necessary step, and you have many options to consider. Because Bank of America has competitive rates and flexible terms, this may be a lender to work with. Consider requesting a quote for your boat loan through Bank of America today.