Finding the right marine loan is the real white whale of boating. Boats can get very expensive, but they are a blast to be on and loved by millions. Therefore, it’s not surprising that so many people turn to financing to get their dream boat. There are many different marine lenders, and all of them have their various pros and cons, but one of the best we’ve seen are the marine loans from SunTrust Bank. SunTrust is well known in the marine lending market, and they offer an array of flexible financing options that many customers will find appealing.
APR Rates for SunTrust Marine Loans
When it comes to APR rates SunTrust has some of the best figures for consumers in the boat loan market. Rates start as low as 3.75% APR and max out at 6.37% APR. When compared to the industry average of 6.17%, you can really see the savings that a SunTrust marine loan can offer consumers. The APR for a loan depends on a number of different factors, primarily your credit score, the term of the loan, the amount you are borrowing, and various aspects of the boat you want to buy. You will get a better rate on boats that are newer than older boats because lenders see them as less risky. Your down payment can also affect your interest rate.
Important Qualifications and Features for SunTrust Boat Loans
SunTrust isn’t going to give out loans for just any boat, however, there are some qualifications. Make sure the ship you’ve got your eye on meets these before applying for a SunTrust boat loan. The boat has to have a fiberglass hull, be 25’ or longer, less than 20 years old for most boats, less than 15 for multi-hulled craft, and less than 10 for houseboats. The boat can only be used for recreational purposes, must be registered within the US, meet a minimum down payment, and the ship must be surveyed if it is used. Additionally, SunTrust doesn’t give loans for high-performance boats, which it defines as those capable of traveling greater than 60 mph. Finally, you must offer the title or mortgage of the boat you are buying as collateral.
If your boat meets these standards, then you can take advantage of some of the great features of SunTrust boat loans, which can include tax-deductible interest, registration and lien filing at cost, and more. Additionally, if your loan is approved and you accept and sign it before 2:30PM on a banking business day then you can get your loan funding the same day. This incredible funding speed really helps SunTrust stand out, and shows the advantages of working with one of the largest marine lenders in the country.
Is SunTrust the Right Lender for You?
Many aquatic aficionados have found that they can save substantially on both their monthly payments and the overall cost of their loan by using SunTrust as their marine lender of choice. They offer some of the best rates on the market and have loads of great features to help boat owners save time and money on all the paperwork that can come with boat ownership. This means you’ll have more to time and money to enjoy your boat and less hassles and headaches that keep you away from it.
As you can see, SunTrust is a great option for many boat owners and those who aspire to boat ownership. If you’re considering buying a boat and need a loan, or if you just want to refinance your old boat loan to get a better deal, then check out SunTrust bank.