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Vehicle Finance
Vehicle Finanace
A vehicle loan, also known as an auto loan or car loan, is a type of financial arrangement in which an individual or business borrows money to purchase a vehicle, such as a car, truck, or motorcycle.
| Interest Rates % | ||||
|---|---|---|---|---|
|
S. No |
Cibil Score |
Auto Loan |
2 Wheeler |
Car Loan |
|
i. |
<700 |
11.00 |
12.00 |
10.50 |
|
ii. |
701 & Above |
11.00 |
10.00 |
|
|
iii. |
Old(UsedCars) Four Wheeler 13.00 (Not more Than 3 years) |
|||
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FAQs
1. What is Vehicle Finance?
Vehicle finance refers to the financial assistance provided by lenders or financial institutions to individuals or businesses for purchasing vehicles. This assistance can come in the form of loans or leases.
2. What Types of Vehicles Can Be Financed?
Vehicle finance can be used for various types of vehicles, including cars, trucks, motorcycles, RVs (Recreational Vehicles), and boats.
3. How Does Vehicle Financing Work?
When you finance a vehicle, the lender pays for the vehicle on your behalf, and you repay the lender over a specified period, usually with interest. Monthly payments are common, and the vehicle serves as collateral for the loan.
4. What's the Difference Between a Loan and a Lease?
A loan allows you to own the vehicle after you've made all the payments. A lease, on the other hand, is essentially a long-term rental. At the end of the lease term, you have the option to buy the vehicle or lease a new one.