Understanding SunTrust Auto Loans
SunTrust Bank is one of the leading lenders and providers of financial services. It deals with different types of clients including individuals, companies, businesses and corporate. The bank has its headquarters located in Atlanta, Georgia in USA.
It was founded in the year 1865 to provide financial services to people living in the 50 states of USA. Other than just providing banking services, it also offers banking, wealth management services and mortgages. Today, the company has over 1,400 branches in the U.S. Also, it has more than 2,000 ATMs in the United States.
What is a SunTrust Auto Loan?
SunTrust offers promising and consumer-friendly interest rates. It has a wide range of products which can be easily accessed. The application process is fast and easy.
Funding can be done on the same day at no fee. Physically, the bank is only present in a few cities including Washington DC. The bank operates by reaching its clients through an online feature referred to as a light stream.
The light Stream Feature
Light stream is an excellent feature that works well for the following category of clients:
- Clients who want to access fund within the shortest period possible. A light stream is advantageous to those individuals who expect to receive a response the same day they make an application
- Clients with a strong financial profile and credentials
- Clients who are flexible
Learn how to How to apply for a SunTrust Auto Loan
Applying for an Auto loan with Suntrust is quick and easy. You need to sign up on the company’s website. Complete the online application forms. You then need to approve and accept the loan agreement. From there, you wait for your bank account to be credited with funds.
SunTrust APR on Auto Loans
SunTrust offers its auto loans at an APR that is quite variable. It ranges from a rate of 1.99% to 10.29%. The APR varies depending on several factors. These include loan amount, the purpose of the loan, credit profile of the lender and loan term. When using the invoicing option, the rates are higher by 0.5%.
The following APR is charged on loans for different types of loans APR for new car auto loan. This APR also applies for auto loans on used cars.
For lease buyouts, the bank charges an APR of 3.04%.
Classic car loan has an APR of 1.99%.
For loan refinancing, SunTrust charges an APR of 2.24%
The loan amount varies. Different clients are eligible for different loan amounts. You can access loans amounts ranging from $5,000 to $100,000. However, the loan amount you get depends on creditworthiness and financial profile of the customer.
The bank offers auto loans with 84 months maximum term. Auto loan repayment terms are long enough to give clients sufficient time to repay. Therefore clients can get larger loans affordable monthly payments.
Fees charged by SunTrust for its products and services include the following;
- Late Fees
Whenever a client delays payment for a loan, SunTrust charges a small fee commonly referred to an as late fee. This is a penalty for late payment of your loans.
- Origination fees
The origination fee is a kind of fee charged by banks to cater for loan processing, funding and underwriting a loan. Origination fees vary from one lender to another. The good news is that SunTrust bank does not charge lending fees.
- Prepayment Fees
SunTrust charges a prepayment fee. This happens in a situation where the lender pays the loan earlier that as agreed. The reason why the bank charges prepayment fees is prepayment reduces or may even eliminate interest savings.
- Application Fee
The bank does not charge application fees.
SunTrust Loan Products
SunTrust offers a wide range of products. You no longer have to go through an excess hassle to purchase a car. Purchasing a new car or used car has never been easier than this. SunTrust is a fast way of accessing car loans. SunTrust is accommodative towards clients who wish to lease or buy leased cars.
The bank also deals in other types of loans that you can utilize to steer your business to the other level.
In addition, the company ensures all clients can access the loans at affordable rates. You don’t have to worry about your financial status because, at SunTrust, there is something for everyone. Some of the products include;
SunTrust avails to its customer’s highly affordable loans with which they can buy new used and classic cars. Getting access to auto loans is quick and easy. In addition, the loans are offered at low interest rates. You can borrow the amount you need using the light stream feature. SunTrust has gone an extra mile to ensure that customers are satisfied with their products and services.
The main auto loan products include:
- New Auto loan
- Used Auto loan
- Classic car loans
- Auto Refinancing
- Auto lease buyout
- New Auto Loans
New auto loan accessed through the light stream is an impressive product that helps users make new car purchases at any dealers of their choice. The loans are available at amounts ranging from $5000 up to $100,000. SunTrust offers the loans at affordable interest rates starting from 3.09% Annual percentage range with AutoPay.
The loan term varies depending on several factors including creditworthiness and loan amount. It ranges from 24 months to 84 months. To apply for SunTrust new auto loans, you need to sign up for online banking using the SunTrust Mobile App. This is followed by completing online application forms.
Upon application, customers receive communication from the bank a short moment after the application is complete. However, it is important to note that customers only receive responses from the bank during working or business hours. No fees are charged on your application. Funding can be made on the same day you apply.
- Used Auto loan
Are you seeking to purchase a used car but you don’t have all the needed funds? You no longer have to worry about funding because SunTrust light stream used car auto loans are available to meet all your funding needs. The light stream has ensured quick and easy access to loans for used cars.
You can apply for the products online and access the funds on the very same day you apply. The good news is that the loans are available to you at the most affordable interest rates.
As a matter of fact, SunTrust light stream beats all other qualifying rates offered by other similar lenders. Similar to new auto loans, there are no fees on used auto loans. Loan amount varies depending on the needs of individual clients.
The amount ranges from a minimum of $5000 to a maximum of $100,000. The interest rates are quite affordable. With AutoPay, the APR starts at 3.09%. Loan terms vary but it ranges from 24 months to 84 months. You can pay your loans more comfortably by taking advantage of the long repayment durations.
The funds are credited to your account the same day you make your application. Applications are made online and no fees are charged on the applications. Secured and unsecured used auto loans are available. However, to qualify for unsecured loans, you require to be creditworthy and have a good financial profile.
- Classic car loans
Classic car loans are yet another excellent product provided by Sun Trust through the bank’s light stream feature. You no longer have to go through the hassle to get the car of your choice. With Light stream, the online lending platform, you can get all the funding you need for the car of your dreams.
You can easily make an online application and get the funds credited to your account the same day you apply. SunTrust beats all other qualifying rates by all other lenders. The minimum loan amount offered by the bank is $5,000 while the maximum loan amount is $100,000.
Customers can take advantage of the highly affordable interest rates. With Autopay, you can get APR starting from 3.09%. These are rates you won’t find with any other lender. Loan applications are made online and there are no fees charged on the applications.
Also, the loans may be secured or unsecured. You may need collateral for your loan depending on whether you are creditworthy or not. It is advisable to maintain a good credit profile in order to get access to larger loans without collateral.
- Auto refinance
Light Stream Auto Refinance is an excellent car loan product. It enables you to refinance your auto loans. Users can benefit from lower monthly rates. In addition, they can shorten the length of the payment term. There are no fees on this product. Users can utilize the product to pay off their car loans. The good news is accessing the product is easy and fast. Clients can get the funding on the same day they apply.
The loan amount you can get ranges from $5000 to a maximum of $100,000. The interest rates start at 3.09%2 Annual Percentage Range. Light Stream Auto Refinance can be paid in a duration ranging from 24 months up to 84 months. It is worth noting that you can get secured or unsecured loans. It all depends on the credit profile of the applicant.
- Auto ‘lease buyout
It is easy to find yourself in a situation where your lease is expired but you love the car you have been leasing. In such a situation you should consider buying the car and retaining it. The next big questions are whether you have the funds or not. Light Stream Auto lease buyout is an excellent product that enables you to purchase a car you’ve been leasing by funding the purchase.
With auto lease buyout, you can get loan amount ranging from a minimum of $5,000 to a maximum of $100,000. An impressive feature of the product is the APR. With AutoPay, your loans have an APR starting at a rate of 3.39%. You can comfortably pay back your loan in a loan term ranging from 24 months to 84 months.
Other services include offered by SunTrust include:
- Investment banking service
- Personal loans
- Car financing
- Lease buyout
- New car loans
- Used car loan
- Auto purchase for private party
- Motorcycle loans
- Boat loans
- Boat refinancing.
- Medical financing
- Land purchase loans
How to Manage your Auto Loan
SunTrust provides you with an easy way of managing your auto loans. With the recent wave of technology, you can easily and conveniently be managing your loan using online banking. SunTrust Mobile
The app enables you to manage your loan using your phone or computer. All you need to do is download the app from the app store or Google play store. With the app, the user can easily manage their auto loans from the comfort of their homes.
To take advantage of online banking services offered by SunTrust, you need to sign up with us.
How to Sign Up for Online Banking
To sign up for SunTrust Online Banking, customers should visit the official website and create an online account.
The SunTrust Mobile App is a special feature of SunTrust bank that allows you to manage banking using your smartphone.
Features of SunTrust Mobile App
- You can transfer funds using the app.
- You can use it for depositing checks.
- It keeps a record of your transaction history.
- It allows you to pay and manage your bills from the comfort of your home.
Qualification/ Requirements for SunTrust Auto Loans
Sun Trust considers a number of factors before arriving at a decision as giving a loan to any individual. These factors include:
All applicants must be aged 18 years and above
Applicants must be creditworthy. SunTrust bank gives loans to clients who have a credit score of 700 and above.
To qualify for SunTrust loans every individual is required to have the following documents;
- A valid driving license
- A residence permit or a proof of citizenships
- An identity proof
- An income proof
To qualify for SunTrust Car auto loans, clients need a strong credit profile. Eligible customers can get access to secured or unsecured loans based on creditworthiness and financial profile.
SunTrust Cayman Company (Cayman) Limited
SunTrust Company operates two non-bank entities. SunTrust Company (Cayman) Limited is based in the Cayman Islands. The entity has consolidated about $2.2 billion assets. These figures are as at the end of the year 2016. Cayman Limited Trust has a Trust License. It operates as a Trustee dealing with Revocable Reserved Power Trusts. In addition, it deals with Revocable Discretionary Trust specifically for non-U.S clients.
SunTrust Delaware Trust Company
SunTrust Delaware Trust Company is a branch of the company that was recently opened to provide its high net worth clients with top-notch investment services. It is an adviser which provides investment-related services to investors interested in taking their businesses to the other level.
The company helps to manage the property of their respective owners. With Delaware Trusts, clients can take advantage of its tax-friendly legislations. These provide better protection to their assets. As a result of the company’s trustworthiness and tax-friendly legislations, many wealthy clients have opted to seek the trust jurisdiction services offered by the company.
Other advantages associated with SunTrust Delaware Trust Company include:
- It can be trusted. The company is able to ensure the trusts are kept safely and that their existence is hidden away from the beneficiaries.
- It offers greater investment flexibility
- Assets belonging to clients are protected from creditors. It also ensures the assets are safe from claims resulting from personal liability
- It offers its clients benefits related to income tax
- The privacy of its clients is protected
SunTrust bank is an equal housing lender.
SunTrust Banks Inc has a number of trademarks including SunTrust, SunTrust Robinson Humphrey, SunTrust Portfolio View, SunTrust Premier Program, AMC Premier, AMC Pinnacle, Access 3, Custom Choice Loan,
SunTrust Summit View, and Signature Advantage Brokerage. It is important to note that other trademarks are properties of their respective owners.
Services offered by the affiliates of SunTrust Banks, Inc.: Banking services and products are offered by SunTrust Bank which is a member of FDIC. Investment Management and Trust services are offered by SunTrust Bank, SunTrust Banks Trust Bank (Cayman) Limited.
Other services including insurance, securities, and brokerage accounts are provided by SunTrust Investment Service, Inc which is registered with SEC as a broker-dealer.
It is also a member of FINRA and SIPC. The company is licensed as an insurance agency. Mortgage services and products are provided through SunTrust Mortgage which is SunTrust Banks trade name. SunTrust Bank provides loans to clients.
SunTrust Robinson Humphrey is a trade name used for investment banking and corporate services offered by SunTrust Banks, Inc as well as its subsidiaries that include SunTrust Robinson Humphrey, Inc. which is a member of FINRA and SIPC.
SunTrust advisors include officers or persons associated with the following SunTrust bank Inc. affiliates; SunTrust Bank, a commercial bank offering banking, asset management and trust services, SunTrust investment services Inc. which is registered as a broker-dealer and a member of FINRA, SunTrust Advisory Service, Inc. registered with SEC as an investment adviser providing services related to investment advice.
SunTrust International Wealth Management, Private Wealth Management, Business Owner Specialty Group, Medical and Legal Specialty Group, GenSpring and Sports and Entertainment Group are all marketing names utilized by SunTrust Bank, SunTrust Delaware Trust Company, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Banks Trust Bank Cayman Limited, SunTrust Investment Services, Inc. and SunTrust Investment Services, Inc.
To sum up
SunTrust has taken the loaning industry by storm with the Light Stream feature. For several years, it has met the financial needs of its clients by providing affordable loans. Clients can take advantage of the competitive loans the lending company has to offer. The rates are quite affordable. Also, the application procedure is easy and straightforward.
Anyone can again access to SunTrust Auto loans. However, it is necessary for clients to maintain a good financial profile. No fees are charged on SunTrust Auto Loans. Therefore clients need not incur unnecessary expenses to purchase a car.
Also, customers enjoy the freedom of purchasing the cars of their choice with SunTrust auto loans. With an attractive financial profile, SunTrust can offer you larger amounts of money without the need for collateral.