Commercial Vehicle Loan

A commercial vehicle loan is a type of financing that can help you buy a new or used car, truck or other vehicles for your business. It can also be used to fund upgrades and repairs on existing equipment.

When you purchase a vehicle with a business vehicle loan, your lender becomes a lienholder on the title of the vehicle and holds it until you’ve paid off your debt in full. This makes it less risky for lenders to offer you a loan because they have collateral they can recover from if the vehicle is lost or stolen.

Loan Term for Commercial Vehicles

Your lender will offer you a loan term that is designed to match the useful life of the vehicle you wish to purchase. This is designed to protect you from having to pay off a vehicle that’s past its prime and doesn’t make sense for your business anymore.

Repayment Tenure for Commercial Vehicles

Most commercial vehicle loans have flexible repayment terms that range from 1 to 5 years, allowing you to make weekly or monthly payments. This gives you more time to make up your debt and lowers your EMIs so you can afford your business expenses more easily.

No Credit-score Compulsion

Commercial vehicle loans are specially designed to cater to the diverse requirements of borrowers such as fleet operators/owners, self-employed individuals, and salaried employees. The loan schemes are customized according to the vehicle type, the repayment tenure and the financial ability of each borrower.