News EngineNews Engine
  • Business
    • News
    • Finance
    • Automobile
  • Technology
    • Gaming
    • Tips & Tricks
  • Digital Marketing
    • Social Media
    • Digital Currency
  • Education
  • Fashion
    • Lifestyle
  • Health And Fitness
    • Food
    • Travel
  • Entertainment
    • Sports
    • Movies
    • Music
  • General
    • Real Estate
    • Home Improvement
    • Featured
    • Hotel And Resort
    • Pet And Wildlife

Subscribe to Updates

Get the Latest Creative News from News Engine about Business, Technology and World Trends.

Don't Miss

Unleashing the Laughs: Hilarious Moments at Comedy Competitions

September 15, 2023

How We Became an Indoor Air Quality Company

September 15, 2023

Elevate Your Living Space with Home Remodeling Danville

September 15, 2023

EMERGENCY PLUMBER: QUICK SOLUTIONS FOR PLUMBING ISSUES

September 15, 2023

Affordable and Efficient: Commercial Roofing Services in Archdale, NC

September 15, 2023
Load More
Facebook X (Twitter) Instagram Pinterest LinkedIn RSS
  • About Us
  • Contact Us
  • Write For Us
  • Guest Post
  • Privacy Policy
  • Terms And Conditions
Facebook X (Twitter) LinkedIn Instagram Pinterest RSS
News EngineNews Engine
Write For Us
  • Business
    1. News
    2. Finance
    3. Automobile
    Featured
    Business

    Solving the Inventory Puzzle: Inventory Management Tips for Garage Owners

    By News EngineJuly 25, 20236 Mins Read
    Recent

    Solving the Inventory Puzzle: Inventory Management Tips for Garage Owners

    July 25, 2023

    From Fragrance To Flame: The Intricate Process Of Making Incense Sticks

    July 25, 2023

    Custom Boxes With Logo: How To Choose The Right Materials And Finishes

    July 21, 2023
  • Technology
    1. Gaming
    2. Tips & Tricks
    Featured
    Technology

    Advanced SEO Can Revitalize Your Lead Generation Strategy

    By Amelia BreeAugust 31, 20234 Mins Read
    Recent

    Advanced SEO Can Revitalize Your Lead Generation Strategy

    August 31, 2023

    Instagram Story Viewer: Everything you need to know

    June 7, 2023

    What is the Difference Between React And React Native?

    November 18, 2022
  • Digital Marketing
    1. Social Media
    2. Digital Currency
    Featured
    Digital Marketing

    How to Price PPC Services: Step-by-Step Guide

    By News EngineNovember 18, 20226 Mins Read
    Recent

    How to Price PPC Services: Step-by-Step Guide

    November 18, 2022

    eCommerce PPC: A Beginner’s Guide To Start

    November 8, 2022

    How Digital Marketing Helps Businesses to Grow?

    October 24, 2022
  • Education
    Featured
    Education

    If You’re Thinking About Studying MBBS in Uzbekistan, Read This First

    By News EngineJuly 13, 20239 Mins Read
    Recent

    If You’re Thinking About Studying MBBS in Uzbekistan, Read This First

    July 13, 2023

    Why do we Call Math as the Cornerstone to a Good Education?

    June 6, 2023

    Quizz zz: The Fun and Interactive Way to Learn and Test Your Knowledge!

    March 9, 2023
  • Fashion
    1. Lifestyle
    Featured
    Fashion

    Check Out Our Guide To The Latest Designs of Gold Mangalsutra With Prices

    By News EngineSeptember 12, 20234 Mins Read
    Recent

    Check Out Our Guide To The Latest Designs of Gold Mangalsutra With Prices

    September 12, 2023

    How Do You Edit a Picture of Jewelry?

    October 21, 2022

    Summer Fashion: All You Need to Know About Leopard Prints for Summer 2022

    September 26, 2022
  • Health And Fitness
    1. Food
    2. Travel
    Featured
    Health And Fitness

    Say Goodbye to All the Gynecology Conditions

    By News EngineAugust 22, 20223 Mins Read
    Recent

    Say Goodbye to All the Gynecology Conditions

    August 22, 2022

    Everything You Need to Know About Vitamin K2

    August 22, 2022

    Reasons Why Tiger Balm is the Best Pain Relief Balm in the Market

    August 4, 2022
  • Entertainment
    1. Sports
    2. Movies
    3. Music
    Featured
    Entertainment

    How to Get Tickets For Your Favorite Team: Things You Need to Know

    By News EngineAugust 10, 20223 Mins Read
    Recent

    How to Get Tickets For Your Favorite Team: Things You Need to Know

    August 10, 2022

    IFVOD TV: Complete Details With Features, Reviews & Uses

    August 2, 2022

    College Dorm Party: Everything You Need To Know in Detail

    July 17, 2022
  • General
    1. Real Estate
    2. Home Improvement
    3. Featured
    4. Hotel And Resort
    5. Pet And Wildlife
    Featured
    General

    Petrolheadonism Live 2023: Elevating “Supercar Service” to New Heights

    By Austin DavidJuly 24, 20233 Mins Read
    Recent

    Petrolheadonism Live 2023: Elevating “Supercar Service” to New Heights

    July 24, 2023

    Tips to Find Out the Best CV Creator

    April 5, 2023

    Eureka Typhon Chair: Is it The Right Fit For You as a Gamer?

    December 7, 2022
News EngineNews Engine
Home»Finance»Factors To Consider When Getting A Loan For Commercial Vehicle
Finance

Factors To Consider When Getting A Loan For Commercial Vehicle

By News EngineDecember 16, 2021No Comments6 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email Reddit WhatsApp
Commercial Vehicle Loan
Share
Facebook Twitter LinkedIn Pinterest Tumblr Reddit

Table of Content

  • What Is A Commercial Vehicle Loan?
    • Different Types Of Commercial Vehicle Loan:
      • New Commercial Vehicle Loan:
      • Used Commercial Vehicle Loan:
      • Commercial Vehicle Refinancing Loan:
    • Processing Of The Loan:
      • Documents Required For Commercial Vehicle Loan:
    • Who Is Eligible To Get A Commercial Vehicle Loan?
      • Process Of Loan Approval:
      • Loan Amount & Tenure:
      • Interest Rate:
      • Processing Fees:
      • Repayment Of The Loan:

What Is A Commercial Vehicle Loan?

You can get a commercial vehicle loan when you are a self-employed individual, business, or other entity. You can get this loan when you want to buy the vehicle for commercial purposes. Commercial vehicles can be anything like tippers, trucks, tankers, lightweight commercial vehicles, and buses.

Commercial vehicles are costly to buy when compared to other vehicles. Many financial providers offer options to get a commercial vehicle with the best loan options. However, you should ensure that you fulfill the eligibility requirement for getting a commercial vehicle loan. Many financial providers provide this loan with minimal documentation and hassle-free processing.

Different Types Of Commercial Vehicle Loan:

Commercial vehicle loans are divided into different types based on the vehicles you buy. Here are the common types of commercial vehicle loans available:

New Commercial Vehicle Loan:

If you want to purchase an all-new commercial vehicle, you can use the new commercial vehicle loan. Some financial providers offer 100% of the vehicle amount as a loan.

Used Commercial Vehicle Loan:

When you want to buy used commercial vehicles, you can get them with the help of a used commercial vehicle loan. The financial provider will offer up to 90% of the vehicle amount as a loan. But, you cannot get a loan for more than 15 years old vehicles.

Commercial Vehicle Refinancing Loan:

With the help of commercial vehicle refinancing, financial providers provide loans for existing commercial vehicles. It will help you take over your existing commercial vehicle loan and make your loan accessible. It will also provide additional finances for helping you based on your eligibility criteria.

Some borrowers can reduce the monthly EMIs of their existing loans and get free cash up by refinancing their current loans at a lower interest rate. Some will get direct finance on their vehicles to fulfill their working capital requirements.

Processing Of The Loan:

The process for applying for a commercial vehicle loan is very similar to that of other loans. You can apply for this loan both offline and online from any financial provider available in the market. You should fill in the commercial vehicle loans application form with accurate details and attest it with your signature.

The loan applicant must provide the relevant documents with the application form while submitting it for further processing. Usually, it will take four days to a week to get your loan process; it will vary depending on the financial provider. The financial provider will then confirm your loan approval, following specific procedures before getting the loan sanctioned.

Documents Required For Commercial Vehicle Loan:

Here are the standard documents that are required for getting a commercial vehicle loan:

  • Address proof
  • Experience proof (Relevant industry experience)
  • Last six months bank statements
  • Track record of your previous loans
  • Past two years ITR
  • Profit and loss statement
  • List of vehicles owned previously by the loan applicant
  • Audited balance sheet
  • Copies of registration certificate

Some financial providers will also ask for transportation contracts when looking for a higher loan amount. Some might also ask for a personal guarantor.

Who Is Eligible To Get A Commercial Vehicle Loan?

Customers generally use commercial vehicle loans are usually used by customers for meet their business vehicle needs. Here are some of the customers who are eligible to get commercial vehicle loans for their business requirements:

  • First time users and buyers
  • Self-employed individuals
  • Public and private limited companies
  • Schools and colleges
  • Transportation business owners with small, medium, and large-sized fleets
  • Trusts, societies, and hospitals
  • Proprietorship firms
  • Partnership firms
  • Captive customers and transporters

You can get commercial vehicle loans when you are a joint venture partner or director of any private company. Also, you can jointly apply for a commercial vehicle loan with your business partner. You can also ask your blood relatives to co-apply for the loan with you. Depending upon the size of your company, you can get a commercial vehicle loan amount for your needs.

Process Of Loan Approval:

The loan approval process and sanctioning of the loan will require some time. Usually, financial providers will take about a week to approve your loan application and verify the process. Depending upon the financial provider, the loan sanctioning time varies.

Depending on your business nature, the loan amount you want, and your business location, the time is taken to get a commercial vehicle loan. Usually, financial providers will sanction and disburse loans directly to your vehicle dealers from purchasing the loan.

Loan Amount & Tenure:

Depending upon your business requirement, the loan amount will vary. Financial providers can fund you up to a maximum of 100% for the chassis of the vehicle. However, the funding required for the vehicle’s body can be extended when there is an additional requirement.

Chassis is the vehicle’s internal structure, including the engine, driveshaft, transmission, suspension, and differential. Usually, commercial vehicle loans are sanctioned with a tenure of sixty months. Also, you can choose it depending on your financial status.

Interest Rate:

All major financial providers offer commercial vehicle loans for their customers. The interest rate for commercial vehicle loans will range between 10% to 15% per year, depending on the vehicle they buy and the business profile.

Also, there are specific factors that the financial provider will have in mind before sanctioning the loan. Those are their business turnover, credibility, number of vehicles they already own, repayment history, and so on.

Processing Fees:

The processing fee is a certain percentage of the loan amount based on the financial provider you get your loan. It is a one-time fee that you should pay to your financial provider for processing your loan. You have to pay a non-refundable fee even if your loan application gets rejected.

Some financial providers will not have any processing fees for the loan you borrow. Some financial providers will ask for the processing fee, vehicle evaluation charges, and stamp duty fees for processing your loan. The fees will be from 1% to 4% of the loan amount, depending upon your financial provider, the loan amount you borrow, and many other factors.

Repayment Of The Loan:

You will be repaying the loan on monthly EMIs. The EMI will comprise the principal amount and the interest calculated for the loan as per the loan agreement. You can get a preclosure option for your vehicle loan, depending upon the financial provider you choose. However, the borrower will have to pay a certain amount as a penalty for the outstanding loan amount.

Commercial Vehicle Loan Commercial Vehicle Loan Eligibility Process Of Commercial Vehicle Loan Types Of Commercial Vehicle Loan
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Reddit
Previous ArticleHow To Buy Sneakers Online That is Ideal For You?
Next Article Guest Posting: A Best Way To Grow Your Business

Related Posts

Protect Your Precious Metal Investments With Lear Capital

Finance

Finding the Billigste Forbrukslån for You

Finance

How to Win Big Returns on Digital Gold With This Secret Strategy?

Finance

Leave A Reply Cancel Reply

Advertise With Us

advertise here

Featured Posts

Unleashing the Laughs: Hilarious Moments at Comedy Competitions

September 15, 2023

How We Became an Indoor Air Quality Company

September 15, 2023

Elevate Your Living Space with Home Remodeling Danville

September 15, 2023

EMERGENCY PLUMBER: QUICK SOLUTIONS FOR PLUMBING ISSUES

September 15, 2023

Affordable and Efficient: Commercial Roofing Services in Archdale, NC

September 15, 2023
Follow Us
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • LinkedIn
On Trending
Uncategorized

Unleashing the Laughs: Hilarious Moments at Comedy Competitions

By Amelia BreeSeptember 15, 20235 Mins Read

Introduction In 2023, the world of entertainment will revolve around comedy competitions. These events will…

How We Became an Indoor Air Quality Company

September 15, 2023

Elevate Your Living Space with Home Remodeling Danville

September 15, 2023

EMERGENCY PLUMBER: QUICK SOLUTIONS FOR PLUMBING ISSUES

September 15, 2023

Affordable and Efficient: Commercial Roofing Services in Archdale, NC

September 15, 2023

Subscribe to Updates

Get the Latest Creative News from News Engine about Business, Technology and World Trends.

About Us:
About Us:

Our information services are about updates and include everything from all thoughts about daily life to beginning global findings. We are accepting new partners right now.

Email Us: newsenginenet@gmail.com

Facebook X (Twitter) Instagram Pinterest LinkedIn
Subscribe to Updates

Get the Latest Creative News from News Engine about Business, Technology and Latest Trends Around The World.

Important Links
  • Homepage
  • About Us
  • Contact Us
  • Write For Us
  • Privacy Policy
  • Terms And Conditions
  • Guest Post
Copyright © 2021-23. Designed by News Engine.
  • About Us
  • Contact Us
  • Write For Us
  • Guest Post
  • Privacy Policy
  • Terms And Conditions

Type above and press Enter to search. Press Esc to cancel.

Go to mobile version