Marine loans and refinancing options

There is no set credit score requirement for a secured marine loan, although higher credit scores are generally viewed more favorably and can result in lower interest rates. Other factors are also considered when you apply for a loan, including but not limited to your income, debt-to-income ratio, and any down payment you plan to make.

Yes, you can. We offer purchase or refinancing loans for vessels up to 15 prior model years, greater than 30 feet in length, and with a value greater than $150,000.

Yes, you can. You must make six (6) contractual on-time payments before you can refinance a current Truist marine loan.

For purchases, you’ll need the sales or purchase agreement. If you’re refinancing, we’ll need the current title or Certificate of Documentation from the U.S. Coast Guard. Your loan specialist can help determine if any other documents are needed.

Generally, marine loan terms can range from 120 months to 240 months.^{Disclosure 3} Your loan specialist can help you decide on the best terms for your situation.

Approvals are fast—and you can receive your funds as soon as today.^{Disclosure 2}

Yes, you’re required to maintain insurance against physical damage on your marine vessel. Insurance policies must contain appropriate loss-payable clauses in Truist’s favor.