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.
Yes. SunTrust offers conditional approvals for boat loans for a specific loan amount.
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.
There are several ways to apply:
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.
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.
No, not at SunTrust. We charge the same low rates for new and used boats whether you're purchasing or refinancing.
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.)
Investment and Insurance Products:
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Services provided by the following affiliates of SunTrust Banks, Inc.: Banking and trust products, including investment advisory products and services, are provided by SunTrust Bank, member FDIC; securities, insurance (including annuities), and other investment products and services are provided by SunTrust Investment Services, Inc.; investment advisory products and services are offered by SunTrust Investment Services, Inc.; mortgage products and services are provided by SunTrust Mortgage, Inc.
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"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., an SEC registered investment adviser and broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products, and other investment services.
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