FAQ's

Your Search for "boat" found 8 results

Can SunTrust approve my loan before I pick out a boat?

Yes. SunTrust offers conditional approvals for boat loans for a specific loan amount.

Does SunTrust finance boat taxes, warranties, slip or document fees?

No. However, SunTrust does add freight charges and reasonable commission costs to the purchase price of the boat when determining the amount that may be financed.

Does SunTrust charge any points, service charges or fees for boat loans?

No. SunTrust does not charge any points, service charges or other fees when providing boat loans. However, the U.S. Coast Guard charges fees for documentation and lien recordation for documented vessels. Most buyers choose to have a documentation service handle the filings because of the complexity involved. For loans consummated in Florida, there is a documentary stamp tax assessed by Florida that SunTRust collects from the borrower and forwards to the Florida state taxing authority.

I'm ready to apply for a marine loan for my boat. What do I do next?

There are several ways to apply:

  • Online
  • Download and print a PDF version of the application, then mail or fax it to the following
    SunTrust Marine and RV Lending
    4020 University Drive, Suite 101
    Fairfax, VA 22030
  • Use our secure e-mail form to request information.

Are interest rates higher for used boats and refinancing?

No, not at SunTrust. We charge the same low rates for new and used boats whether you're purchasing or refinancing.

Can I get a loan on my wooden work boat from SunTrust?

No. SunTrust specializes in financing fiberglass and aluminum-hull pleasure crafts only. Wood, steel and ferro-cement hulls do not qualify for financing. Nor does SunTrust finance commercial or charter boats.

Should I get my boat documented with the U.S. Coast Guard?

SunTrust requires all qualifying boats to be federally documented with the U.S. Coast Guard. Vessels larger than five net tons can be documented, and this usually occurs in boats 26' or more in length. U.S. citizenship is required for documentation.

When should I get a marine survey, and what does it cost?

We recommend getting a survey for any boat you plan to purchase. SunTrust requires a survey for any boat we finance that is more than five years old. (Most insurance companies use the same standard.)

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