Yes. SunTrust offers conditional approvals for boat loans for a specific loan amount.
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.
There are several ways to apply:
No, not at SunTrust. We charge the same low rates for new and used boats whether you're purchasing or refinancing.
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.
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. 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.
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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