Boat Loans

Boat Loan Features
Competitive rates and flexible terms
Fixed-rate boat loans
No prepayment penalty
Fast, easy online application
Dedicated customer service representatives
Multi-vehicle loan discount
Boat Loan types
New boat
Used boat (dealer or private party)
Refinance boat loan

Loan Amount Term up to (Number of Months)1 Annual Percentage Rates (APR) As Low As (%)
$5,000 - $9,999 60 6.29
$10,000 - $14,999 72 5.55
$15,000 - $24,999 144 5.39
$25,000 - $49,999 180 5.25
$50,000 - $74,999 180 4.99
$75,000 - $99,99

Down payment
$2,000
Monthly payment
$400
Interest rate
5.000%
Loan term (months)
48
Value of your trade-in*
$
Cash rebate*
$
* only include amounts that you wish to add to your down payment

Collateral
Maximum boat age 6 calendar years for loan requests less than $100,000.00
Collateral age restrictions for loan requests of $100,000.00 or greater will be determined at the time of underwriting
No commercial boats
No boats used for commer

Your next boat loan has never been easier than with our online process. Here's how it works:
Step 1: Getting started
Complete and submit your application online.
Step 2: Receive a decision
Many applications will receive a decision within 60 seconds.
If your decision is not ready within 60 seconds, you will be notified via email when your decision is ready.
You can sign in any time to check your application status using your unique ID and password.
Step 3: Ready to buy
Approved applicants will be contacted by one of our loan representatives within one business day of the loan decision. The loan representative will verify your identity and advise you of the next steps to complete your loan.
Step 4: Closing the deal
Refinancing your existing loan? We'll send the closing package to you. Just endorse all the necessary documents, get them notarized and send the completed loan package back in the postage-paid envelope provided.


Buying from a dealer? Use the Dealer Locator tool to find out if your selected dealer is authorized by Bank of America. If they are, then once you are approved we will contact you and provide an approved dealer letter. Just present the dealer letter to the dealership at time of sale. You will complete the financing paper work at the dealership according to the terms disclosed in the letter. The dealer will process the loan according to the relationship already established with Bank of America.
Although we encourage our clients to purchase from an authorized dealer whenever possible, we can still process a loan from a non-authorized dealer. Once you are approved we will contact you and after gathering all the necessary documentation we will overnight a loan closing package directly to you. You will endorse all the necessary documents, have them notarized and then return the completed loan package in the pre-paid overnight envelope that will be provided. Your loan closing package will have a Loan Draft enclosed -- simply take the loan draft to the dealership and present it as payment.
Please note: ***Return your completed loan package prior to presenting the Draft to the dealership. Failure to do so could cause a delay in the dealership receiving the loan proceeds and cause a poor experience for both you and the dealership.

Buying from a private party? Once you are approved we will contact you and after gathering all the necessary documentation we will overnight a loan closing package directly to you. You and the seller will endorse all the necessary documents, have them notarized and then return the completed loan package in the pre-paid overnight envelope that will be provided.

How fast you want to be in your new boat is up to you. If you provide us with all the information we need by 3 p.m. Eastern Time, we can overnight your closing package or dealer letter that same day.