Yes. SunTrust offers conditional approvals for boat loans for a specific loan amount.
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.
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.
No, not at SunTrust. We charge the same low rates for new and used boats whether you're purchasing or refinancing.
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:
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.
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 products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., and GenSpring Family Offices, LLC, each of which is registered as an investment adviser with the U.S. Securities and Exchange Commission. Mortgage products and services are provided by SunTrust Mortgage, Inc.
SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1‐800‐634‐7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB‐989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1‐888‐473‐4858, MA: Mortgage Lender license #‐ML‐2915, NJ: Mortgage Banker License ‐ New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.
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SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at www.suntrust.com\investmentinfo.
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