bank of america rv loans

Adventure awaits! American 1 could help you get there by financing that RV, boat, ATV, or motorcycle you've been dreaming about. Whether it's in the sand. Get competitive rates on boat, RV, motorcycle and other recreational loans from M&T Bank. Enjoy our easy application and fast approval process. American Southwest Credit Union (ASCU) offers business services, personal accounts, mortgages, refinancing, auto loans, personal loans, online banking.

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Apply today for a U.S. Bank Recreational Vehicle (RV) Loan and enjoy low rates and flexible financing to purchase or refinance new or used recreational …

RV Loans: How To Finance An RV Not Insured by Any Federal Government Agency

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How to get an RV loan

Many types of recreational vehicles, also known as RVs or campers, can serve as a combination between a home and a vehicle. RVs can be pricey, even costing as much as $1 million for top-of-the-line models, which is why many lenders offer RV loans to finance these big purchases.

RV loans are available through online lenders, banks, credit unions and RV dealerships. While the process of getting an RV loan is similar to that of getting an auto loan, lenders offer longer loan terms. Loan qualification might also be more complex, like getting a mortgage.

Once you secure financing for your RV purchase, pool hose walmart could be on your way to seeing the country, vacationing comfortably, visiting relatives or even establishing a permanent residence.

What is an RV loan?

An RV loan is a type of long-term financing used to purchase a motorhome, travel trailer or camper. The cost of an RV can range from as little as $10,000 to more than $1 million, so most RV buyers rely on financing.

Many lenders offer RV loans for both new and used recreational vehicles. You may be able to find RV financing through an online lender, a bank, a credit union or the RV dealership where you purchase the vehicle. The RV itself will usually serve as collateral for the loan, just like when you purchase a car, so you likely won’t need to put up any extra collateral to secure financing.

While an RV loan is similar to an auto loan, loan terms are generally longer and the transaction is oftentimes more complicated, like a mortgage. Most RV loans feature repayment terms that range between one and 15 years. However, some lenders and financial institutions may offer RV loans that stretch as long as 20 years.

Depending on the amount you need to borrow, your lender may be more stringent. Similar to a home loan, your lender may want to see other documentation, such as tax returns, financial statements and detailed credit history.

A good credit score for a car loan is around 660 or higher, but for an RV loan, you might want to aim for at least 700. The lender may also require an inspection, which can range from $150 to $1,200, depending on the RV.

How does an RV loan work?

While an RV loan is typically specific to the purchase or refinance of a recreational vehicle, it works like any other consumer loan. A financial institution or lender provides the funds for the purchase, and you pay back the money with interest over a specified time frame. RV loans are secured loans, meaning they’re backed by collateral — usually the RV itself.

Once you’ve decided on a lender, you’ll complete an application and, if approved, sign an agreement outlining the terms of the loan.

Brian Sharapata, senior manager of credit product strategy for Alliant Credit Union, points out that the type of RV and trailer style can determine which lender is best for you. Not all lenders will finance every type of RV. You’ll also need to let your lender know if you plan to use your RV as a primary residence.

What are typical RV loan terms?

Because RVs are more expensive than regular cars and trucks, lenders typically offer longer terms for RV loans than auto loans.

Some lenders offer terms as long as 240 months, or 20 years. However, borrowers who can afford higher monthly payments can find shorter terms.

For example, LightStream offers terms ranging from 24 to 84 months, while USAA offers terms as short as 12 months. If you can afford the payments under these shorter terms, you’ll pay less in interest over the life of the loan.

What are the current interest rates for RV loans?

Current RV loan rates start around 4.29 percent for borrowers with excellent credit. If you have poor credit, which means having a FICO score below 580, your interest rate will likely be much higher. In this case, consider saving for a larger down payment and working to improve your credit in the meantime.

Here’s a quick comparison of rates, terms and loan minimums from four banks that offer RV financing, as of September 5, 2021:

RateTermsLoan Minimum
LightStream4.29%–11.89% (with autopay)24 to 84 months$5,000
Navy Federal Credit Union7.99%–8.8%Up to 180 monthsNot specified
U.S. BankStarting at 5.24% (with autopay)Not specifiedNot specified
USAAStarting at 5.25% (with autopay)12 to 180 months$5,000


How to finance an RV in 6 steps

If you’re ready to buy an RV, set yourself up for success by taking these steps.

1. Set a budget

On the low end, you can find a towable pop-up camper type for as low as $5,000. High-end RVs can cost more than $1 million. Before you start shopping, figure out what you want in an RV and what you can reasonably afford.

First, consider how large you need the RV to be — a small camper is less expensive and easier to park, but it may not be the right choice if you have a large family.

“Beyond the sticker price, you’ll also want to ask yourself how often you plan on using your RV and where you plan on taking it,” says Joe Pendergast, vice president of consumer lending at Navy Federal Credit Union. “Consider mileage, safety, make, model and drivability. Don’t forget to include any recurring costs into your budget, such as maintenance, fuel, storage and insurance.”

Repayment terms are also important when developing your budget. On average, RV loan terms range from one to 20 years. Make sure you’re comfortable with the monthly payments before you sign up. A 10-year loan will have higher monthly payments, but you’ll pay the loan off faster. A 20-year loan is more affordable on a month-to-month basis but will ultimately cost more in interest.

Key takeaways: When creating your RV budget, remember that there’s far more to the cost of the vehicle than the sticker price.

2. Save a down payment

Most RV companies require a down payment of at least 10 percent of the purchase price, and many prefer 20 percent down.

A larger down payment will help lower your monthly payments, and you may even qualify for a lower interest rate. Current RV loan interest rates start around 4.29 percent, and the rate you get depends on your credit and other factors.

“If you have enough in savings but don’t want to spend it all at once, you might consider putting a portion of the expense on a credit card,” says Todd Nelson, senior vice president of strategic partnerships at LightStream. “However, be cautious of high interest rates and hidden fees if you are unable to pay off the balance in a timely manner.”

Key takeaways: Be prepared to put at least 10 percent to 20 percent down on your RV purchase.

3. Check your credit score

You’ll need a high credit score to qualify for an RV loan with low-interest rates. A credit score in the mid-700s or higher will likely secure the best rates.

“Before you plan to purchase, check your credit score and take any actions you can to improve it,” Sharapata says. He adds that you can always add a co-signer if their score will help you qualify for a lower rate.

It’s wise to check your credit reports with Experian, TransUnion and Equifax, as you typically won’t know in advance which report a lender will use when evaluating your loan application.

You can claim a free copy of all three credit reports once every 12 months from You may claim one free report per week from each credit agency until April 2022.

Key takeaways: Your credit score is a key factor in determining how much you pay for an RV, so know your score in advance and do what you can to improve it.

4. Decide which type of loan you want

Consider whether you want a secured vehicle loan or an unsecured personal loan. Both bank of america rv loans their benefits:

  • Unsecured personal loans can offer fast funding, and you won’t risk having your RV repossessed how many atms does commerce bank have you fall behind on payments.
  • Secured vehicle loans tend to have lower rates and may be easier to acquire if you have below-average credit.

You can use the Bankrate personal loan calculator to help you figure out what you can afford for a personal loan.

Key takeaways: You don’t have to lock yourself into a traditional RV loan to finance your vehicle. It helps to research which type of loan is best for you.

5. Compare lenders

Before you choose a loan, it’s wise to compare offers from multiple lenders. You can apply with banks, credit unions and online financing companies, or even the company you bought the RV from.

Shopping around for the best deal on financing might save you thousands of dollars over the life of your loan.

With mortgage loans, for example, a Freddie Mac study found that getting five rate quotes helps borrowers save an average of $3,000 over the life of the loan. The savings potential on an RV loan could be just as significant.

The terms of the loan may also vary significantly from lender to lender. “Consumers should know that some lenders restrict the maximum term of their RV loans,” says James Barron, former senior vice president of sales and business development at Bank of the West. whole foods nyc, some lenders will have a minimum loan amount that they will finance. Lenders may also restrict the type of RV loan, based on use. For example, a lender may view a horse trailer with living quarters differently than an RV used as a full-time residence.”

Key takeaways: Doing your research and shopping around for the best loan terms can save you thousands over the life of an RV loan.

6. Negotiate

Just as you would negotiate when buying a car, be prepared to haggle with your RV dealer. RV dealerships will expect it, and you could save yourself a nice chunk of money. Research prices on sites like, and to get a handle on the current market.

If you’re considering dealership financing, don’t be afraid to ask if a better deal is available on the loan side of the transaction as well.

Key takeaways: Don’t be shy about asking for the price you want, and do your research ahead of time so you know what other dealers are charging.

How to qualify for the best RV loan rates

Your rate for RV financing might be higher than the rate you get for a car loan. RVs are considered luxury items, and lenders are more cautious about lending money for luxury items because they’re considered expendable during a financial crisis. This is another reason why financing an RV is more expensive than financing another kind of vehicle. You’ll also likely have to provide your RV as collateral for the loan.

Check your credit score to see what kind of bank of america rv loans you might receive from lenders. Lenders use credit scores (generally FICO scores) to determine your level of credit risk. They will also consider your debt-to-income ratio, which reflects your monthly debt payments divided by your monthly gross income. Most lenders will require a debt-to-income ratio under 40%, although some may go as high as 50%.

“Having five or more years of significant credit history, a variety of account types, excellent payment history, a proven ability to save and stable and sufficient income are characteristics that contribute to applicants qualifying,” Nelson says.

If you want a variety of quotes, use lending marketplaces that let you fill out one application to get offers from several lenders. This makes it easier to see which terms you qualify for and choose the best deal for your situation.

Whichever route you choose, the lender will want to know some basic information about the RV you intend to purchase. For example, you will need to provide the value, age and mileage of the RV. Buying a used camper can save you money upfront, but it will usually come with higher interest rates and potentially higher maintenance costs in the long run.

Insurance for RV loans

To get a loan from most lenders, you’ll need proof of insurance. Talk to your insurance company and bank of america rv loans enough coverage to meet the lender’s requirements. Keep in mind that the insurance will add to your monthly costs, so budget for that as well. Consider the best RV insurance companies when comparing rates.

Next steps

It’s important to find an RV that’s right for you, how to find out your routing number it’s equally important to find the right RV loan lender. Before submitting your application, get quotes from a few reputable lenders and factor in all of the costs that will come with your purchase.

Frequently asked questions

Can someone co-sign an RV loan?

Some lenders allow co-signers on large loans, including RV loans. However, as with any other type of financing, whether you can apply for an RV loan with a joint applicant comes down to the individual lender’s guidelines.

Remember, if someone co-signs on an RV loan with you, they are equally liable for the debt. The account will almost always show up on their credit reports and could affect their ability to qualify for another loan. If you don’t need a co-signer for financial reasons, it’s typically best to avoid joint credit applications.

Are RV loans tax deductible?

RV loans are a little different from car loans, as you can declare your RV a primary or secondary residence. This can reduce your federal taxes.

“If the RV is used as the consumer’s principal residence, the interest is deductible just as with a residential mortgage,” Barron says. However, if you declare your RV as a residence, you might need special RV insurance. If you’re worried about tax implications, consult with a tax professional.

Can you buy an RV with an auto loan?

Most lenders will not allow you to purchase a motorhome with a standard auto loan. Lenders typically consider RVs luxury items, like boats and motorcycles, while cars are a necessity. As a result, the lender will want bank of america rv loans to take out a different loan to inb certified an RV, likely with a higher interest rate than you could secure on an auto loan.

Should I buy or rent an RV?

Renting an RV usually costs between $100 and $200 a night, depending on the type of RV and how long you’re renting it for. If you only want to use it bank of america rv loans a year, renting may be the more cost-effective option. But if you dream of taking road trips twice a month, buying one probably makes more sense.

For undecided consumers, renting an RV or camper before you buy one can help you decide if it’s worth purchasing.

How do I get a lower interest rate on my RV loan?

There are several strategies you can employ to be approved for a lower interest rate, like providing a larger down payment. Improving your credit score can also help, as can decreasing your debt-to-income ratio. Comparing quotes from different lenders can also help you spot the best deal.

Learn more:

May 13, 2020 – You may be able to find RV financing through an online lender, a bank, a credit union or the RV dealership where you purchase the vehicle.

Bank of America auto loans: June 2020 review

A personal line of credit is a pre-approved, unsecured line of credit. When you would like to withdraw funds, complete one of the provided checks. You can use this check to deposit money in an account or pay a third party for a purchase.

Alternatively, you may request the line be used as overdraft protection on your Independent Bank checking account at the time of your application.

With a line of credit, you only pay interest on the amount you use, when you use it.  The line can be paid down at any time and drawn on again up to the credit limit as long as the account remains in good standing.

This is a loan that isn’t secured by collateral, and your us bank stadium will call location to qualify is based on how creditworthy you are. It can be a good option for small home improvement projects, and can provide savings if your alternative is a credit card, which almost always carries a higher interest rate than an Independent Bank unsecured loan.

Home Equity Line of Credit (HELOC)

A home equity loan or line of credit will allow you to borrow money secured by the equity in your home. Use the extra cash for whatever you choose: home improvements, tuition, debt consolidation and more. Interest may even be tax-deductible. We offer competitive interest rates and, with approved credit, loan amounts up to 90% of your home’s value!

You can use the Equity Access MasterCard to withdraw money from your home equity line of credit. It’s the card that works just like a Debit MasterCard for purchases and ATM withdrawals; it’s convenient and hassle-free. Unlike credit card advances, HELOC funds accessed with your Equity Access Card are not assessed cash advance fees.

With our deep roots in Michigan, we understand how important it is to get out on the water or hop in an RV to enjoy our great state. Whether you need a 12’ fishing boat or a 40’ RV, we offer low rates and attractive financing terms. Also, we’re often able to save you money if you refinance your boat or RV through Independent Bank.

We always have great rates on auto loans as well, and we’ll help you get your loan quickly and conveniently. Simply apply online or stop by a branch to speak with a lender.

Whether you're an undergraduate, graduate student, or parent, get money for school from Sallie Mae®

Sallie Mae® higher education loans are designed for the needs of undergraduates, graduate students, and parents.

  • Competitive interest rates
  • Multiple repayment options
  • No origination fees; no prepayment penalty1

Loan Options

  • Smart Option Student Loan for Undergraduate Students
  • Parent Loan
  • Plus, a suite of graduate loans to pay for expenses included in your school's cost of attendance and designed for your specific degree

Find out which loan is right for you!

Learn More & Apply

Scholarship Search Tool

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

These loans are made by Sallie Mae Bank or a lender partner. Independent Bank is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.

Smart Option Student Loan and graduate loan products: This information is for borrowers attending degree-granting institutions only. Smart Option Student Loan information is for undergraduate borrowers only. You must be attending a participating school located in the U.S. or have attended one during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. For the Dental School Loan, Law School Loan, MBA Loan, bank of america rv loans Medical School Loan, students must be enrolling in a graduate-level degree program in a field of study that is eligible bank of america rv loans the loan and Graduate Certificate/Continuing Education coursework is not eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Parent Loan: This information is for borrowers with students attending degree-granting institutions only. The student is not eligible to be a borrower or cosigner and must be attending or have attended a participating school during an eligible prior enrollment period, or be enrolled in an eligible study abroad program. The borrower, cosigner and student must be U.S. citizens or permanent residents. The school may refund loan funds directly to the student, and if that bank of america rv loans, borrower and cosigner (if applicable) would still be responsible for repaying that amount to Sallie Mae. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.


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Student Loan Bank of america rv loans Product

We offer student loan consolidation options that allow college graduates to combine all of their outstanding student debt into one easy-to-manage monthly payment. With competitive rates on an unsecured loan up to $50,000, and a fixed term up to 15 years, Independent Bank’s Student Loan Consolidation bank of america rv loans is the smart choice for graduates who have completed their degree and have been employed for at least two years.

Certificate of Deposit (CD) Secured Loan

This is a loan that is secured by a certificate of deposit that you own. It’s a convenient and low-cost way to obtain a loan quickly, how bank calculate interest on home loan it generally carries a lower interest rate than an unsecured loan.

Normal Credit standards and restrictions apply. Consult your tax advisor regarding deductibility of interest.


5 Replies to “Bank of america rv loans”

  1. Next up the fraud boys will be grabbing you into a van and taking you to the cash point 😂😂😂 please sir do not forget your finger has to be on the card

  2. you created your login ID and password online using the option without ATM and submit it to Bank for activation . am i right ? it take 48 to 72 hours to activate it .

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