Marine and Boat Loans , boat loan, marine loan

Marine and Boat Loans

Millions of Americans take to the water each year in boats for fun, travel and sport. If you’re considering a boat purchase or refinance, we’re here to help.

We offer two types of boat loans – Marine Loans and Small Boat Loans. Refer to the chart below to determine which loan best fits your needs. As a member of the National Marine Lenders Association, SunTrust Marine Loan Specialists have the knowledge and experience to help guide you through the process.

Which loan is right for you? Marine Loan Small Boat Loan
Boat Type
  • 25’ long or greater
  • Can be documented by the U.S. Coast Guard
  • Less than 25’ long
  • U.S. Coast Guard documentation not required
  • Loan Amount $25,000 - $4,000,000 $3,0001 - $54,600
    Rates & Terms
  • Fixed and variable rates available
  • Terms up to 240 months2
  • Fixed rates
  • Flexible terms available
  • More information about Marine Loans

    SunTrust Marine Loan conditions:

    • Minimum loan amount for a purchase is $25,000
    • Minimum loan amount for a refinance is $54,601
    • U. S. Coast Guard (USCG) documentation required (U.S. Citizenship required)
    • Fiberglass and aluminum hulls only
    • Recreational use only - No charter use or dwellings
    • No high performance boats (60+ mph)
    • Less than 20-year-old models (less than 15 years for multi-hulls; less than 10 years for houseboats)
    • No commercial vessels
    • No floating homes
    • No barge or dredge boats
    • Loans for boats only—i.e. no personal watercraft (PWC)
    • No warranties or sales tax will be financed

    U.S. Coast Guard documentation savings

    SunTrust charges no points, service charges or fees for marine loans. However, the U.S. Coast Guard charges documentation and lien recordation fees. The process can be complex, but we can help by filing these for you, at a substantially reduced cost.

    SunTrust filing charges paid to the U.S. Coast Guard:

    • $50 for filing services on refinances with the Coast Guard. These fees, which are levied by the Coast Guard, can cost up to $300 elsewhere.
    • $200 to file new purchases with the Coast Guard. This fee, which is levied by the Coast Guard, can cost up to $775 elsewhere.

    To apply for a SunTrust Marine Loan, you will need:

    • A copy of your W-2 form or pay stub, or recent tax returns if you’re self-employed
    • Copy of the sales contract or purchase order for the boat
    • Survey required for all used purchases

    • 15% standard2
    • 20% multi-hulls, loans $500,001-$2,500,000
    • 25% houseboats, loans $2,500,001-$4,000,000

    Ready to get started? We’ll make it easy.

    Mail it to:
    SunTrust Marine and RV Lending
    4020 University Drive, Suite 101
    Fairfax, VA 22030

    Or fax it to one of our 24-hour fax lines: 703.691.4472 or 703.691.4594

    Important Information

    1Minimum loan amounts are $3,001 in GA and $3,601 in SC.

    2Payment example: Financed loan amount of $75,000 after a down payment of 15% with a 20-year term at a rate of 4.50% Annual Percentage Rate (APR) would result in 240 monthly payments of $474.48.

    SunTrust Marine Lending offers marine loans throughout the U.S. with exceptions to the following states: Hawaii and Vermont.

    SunTrust Small Boat Loans are available in AL, AR, FL, GA, MD, MS, NC, SC, TN, VA, WV and DC.

    Contact Us

    To reach a SunTrust representative:

    • 800.797.2628
    • Marine Lending Specialist
    • 800.SUNTRUST
    • Existing Marine Loans
    • 800.279.4824
    • Small Boat Loan Applications
    • Email us
    • Chat now

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    Investment and Insurance Products:

    • Are Not FDIC or any other Government Agency Insured
    • Are Not Bank Guaranteed
    • May Lose Value

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