Many small business owners do not have the capital on hand to purchase the equipment they need, such as commercial vehicles. 

However, commercial vehicle finance helps bridge the gap for these business owners by providing them with a less expensive alternative to purchasing their vehicles.

A commercial vehicle loan is a type of equipment financing that allows borrowers to buy vehicles or trucks for their company. The vehicle serves as security for the loan. Further, one can also get used commercial vehicle loans. 

With Fullerton India, small businesses can get finance for all kinds of commercial vehicles (light/heavy). They offer a wide range of schemes, a hassle-free loan application, quick loan disbursal, and convenient repayment terms. 

Who is eligible for a commercial vehicle loan?

• Individuals
• Owners of a small, medium, and large fleets 
• Partnerships and proprietorships 
• Companies 
• Societies and trusts 
• Colleges and universities, etc.

Documents Required

The documents required for commercial vehicle loans are:

• Application form
• Identity, age, address and income proof
• Proof of business, etc. 

To know more about the documents required, click here. 

Benefits of commercial vehicle loans

A few benefits of commercial vehicle loans are:

• Because the commercial vehicle serves as security, lenders are more willing to allow borrowers extra time to pay off the debt. This makes it easier to finance because the monthly payments are spread out over a longer period. 
• Since the loan is secured, lenders charge less interest on the commercial vehicle loan.

A small firm will eventually require the purchase of a commercial vehicle for its operations. Thus, before you apply, be sure you understand all the conditions and fees. Further, check the lender’s credibility before applying. 

Must Read: A Complete Guide to Avail commercial vehicle loans in India