Bank of America offers RV loans through its auto lending division, with terms typically ranging from 84 to 120 months depending on the RV's age and your creditworthiness

Bank of America treats recreational vehicle loans similarly to car loans — you borrow money to purchase an RV, and the vehicle itself serves as collateral. The bank holds a lien on the title until you pay off the loan. Interest rates vary based on your credit score, the RV's age and condition, how much you put down, and how long you take to repay.

You can explore for an RV loan through Bank of America's website, at a local branch, or by phone. The process is straightforward if you already have an account there, though the bank also works with people who don't. Most decisions come back within a few business days, though funding can take longer if the RV needs inspection or if paperwork is incomplete.

Key Takeaways

  • Bank of America RV loans let you borrow money to buy a recreational vehicle, with the RV held as collateral until the loan is paid off.
  • Loan terms run from 84 to 120 months, and your interest rate depends on your credit score, the RV's age, your down payment, and loan length.
  • You can start the process online, by phone, or in person at a branch, and most people hear back within a few business days.
  • The bank typically requires proof of insurance before funding, and you must own the RV outright or have the seller's cooperation if there's an existing lien.

What credit score and down payment Bank of America expects

Bank of America does not publish a minimum credit score for RV loans, but the bank generally works with borrowers across a range of credit profiles. People with scores above 700 typically see lower interest rates, while those below 650 may face higher rates or be asked to put down more money upfront. The bank's website has a rate calculator where you can enter your information to see what rate you might receive — this is not a binding offer, but it gives you a realistic picture before you formally request a loan.

Down payments vary. Some borrowers put down 10 to 20 percent of the RV's purchase price, while others put down more. A larger down payment lowers your monthly payment and reduces the bank's risk, which often results in a better interest rate. If you have a trade-in vehicle, Bank of America can explore its value toward your down payment.

How to start the process process

You have three ways to begin: online through Bank of America's website, by calling their auto lending team, or by visiting a branch in person. If you already have a Bank of America checking or savings account, the process moves faster because the bank already has some of your information on file.

Before you start, gather these documents: your driver's license, proof of income (recent pay stubs or tax returns), proof of residence (utility bill or lease), and details about the RV you want to buy — the year, make, model, and asking price. If the RV is used, the bank may ask for a vehicle history report or inspection results. If you're trading in a vehicle, have your current loan payoff amount ready.

The bank will pull your credit report as part of the process. This is a hard inquiry, which temporarily lowers your credit score by a few points. If you're shopping around with multiple lenders, do all your applications within a two-week window — credit scoring systems treat multiple inquiries in a short timeframe as a single inquiry, so the damage to your score is minimized.

What happens after you're approved

Once Bank of America approves your loan, you'll receive a loan agreement showing the interest rate, monthly payment, loan term, and total amount you'll pay over the life of the loan. Review this carefully — the rate shown should match what you were quoted, and the term should be what you requested.

Before the bank releases the money, you must show proof of insurance on the RV. This is not optional; lenders require it to protect their collateral. You'll need a policy in place before closing, so contact an insurance company as soon as you're approved. Some RV insurance policies have waiting periods, so don't wait until the last minute.

The bank will then coordinate with the RV dealer or private seller to pay off any existing liens and transfer the title. If you're buying from a dealer, this usually happens at the dealership. If you're buying privately, the process takes a bit longer because the bank needs to may support the seller actually owns the RV free and clear, or that any existing loan will be paid off from the sale proceeds.

Understanding your monthly payment and interest rate

Your monthly payment depends on three things: how much you borrowed, your interest rate, and how many months you have to repay. A longer loan term (120 months instead of 84) means a lower monthly payment but more total interest paid over time. A shorter term means higher monthly payments but less interest overall.

Bank of America's interest rates for RV loans typically range from around 5 percent to 12 percent or higher, depending on market conditions and your personal credit profile. The bank publishes current rates on its website, though the rate you actually receive may differ based on your credit score and the RV's age. Newer RVs usually may have access to for lower rates than older ones.

Your payment is fixed, meaning it stays the same every month for the entire loan term. You can pay extra toward principal without penalty, which shortens the loan and saves you money on interest. Some borrowers make biweekly payments instead of monthly payments, which also reduces the total interest paid.

Refinancing an existing RV loan with Bank of America

If you already have an RV loan with another lender and want to move it to Bank of America, you can refinance. This makes sense if Bank of America's interest rate is lower than what you're currently paying, or if you want to change your loan term. The refinance process is similar to getting a new loan — you explore, the bank pulls your credit, and if approved, they pay off your old loan and issue a new one.

Refinancing does involve a hard credit inquiry and closing costs, so calculate whether the interest savings over the remaining loan term outweigh those costs. If you're only a year or two into a five-year loan, refinancing might not save you money. But if you have several years left and rates have dropped, it often does.

What to know about RV-specific loan features

Bank of America treats RV loans like auto loans in most respects, but a few things are different. RVs depreciate quickly, especially in the first few years, which means you can end up owing more than the vehicle is worth — a situation called being "upside down" on the loan. This is why the bank may require a larger down payment for older RVs or those with high mileage.

RVs also have higher insurance costs than cars, and some insurance companies charge more for older models or certain types of RVs. Get an insurance quote before you commit to the purchase so you know the true cost of ownership. Some RV owners also need to budget for storage, maintenance, and campground fees, which add up quickly.

If you're financing a Class A motorhome (the largest type), Bank of America may treat it more like a marine or specialty vehicle loan, which can affect the interest rate and term options. Ask the lender directly whether your specific RV type has any special requirements or restrictions.

Frequently Asked Questions

Can I get an RV loan from Bank of America if I don't have an account with them?

Yes. While having an existing account speeds up the process, Bank of America works with new customers too. You'll need to provide more documentation to verify your identity and creditworthiness, but you can still explore online or by phone.

What's the oldest RV Bank of America will finance?

Bank of America typically finances RVs back to around 2005 or 2010, depending on mileage and condition, but this varies. Older RVs may face higher interest rates or require a larger down payment. Contact the bank directly with your RV's year and mileage to learn about they'll finance it.

Do I have to buy the RV from a dealer, or can I buy from a private seller?

You can buy from either. Private sales take longer because the bank must verify the seller owns the RV free and clear, but it's entirely possible. Make sure you have a bill of sale and the current title before you explore.

What happens if I want to pay off my RV loan early?

Bank of America allows early payoff without penalty. Paying extra toward principal each month or making a lump-sum payment reduces the total interest you pay. Call the bank to confirm your payoff amount before sending a large payment, as the exact amount changes daily based on accrued interest.

Can I use an RV loan to refinance an existing loan from another lender?

Yes. If another lender currently holds your RV loan, Bank of America can refinance it. This makes sense if their rate is lower or if you want to change your loan term, but compare the interest savings against any refinancing fees before you proceed.