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. Boat Loans Only Available in Select States This will allow you to more easily compare your loan quote from Bank of America with other quotes you have received. 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. With these variations in mind, your loan amount and LTV and may limited based on these factors. 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. Just as there are variations in car loans from lender to lender, the same holds true for boat loans with Bank of America. A Closer Look at Variations in Boat Loans 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. 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. Bank of America is one of the most popular and well-known financial institutions in the country. There are many lenders that offer loans on both new and used boats, and this includes motorized boats, sailboats and other types of vessels. 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.
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