Commercial Truck Financing..an Addition To Your Business
Commercial truck financing is designed to meet the needs of any business
. Every established business would require heavy machinery and vehicles to get work done.They are used for a variety of purposes. Any vehicle which exceeds the prescribed weight is considered to be a commercial vehicle
These vehicles are required in every imaginable business. But due to their high prices, many business organizations seek aid of commercial vehicle financing.
The lender decides the amount to be sanctioned depending upon the borrowers credibility and financial standing in the market. Generally credit is sanctioned ranging from 2000 - 50,000 for a period of 1 5years.
Commercial truck financing maybe secured or unsecured.
If the borrower applies for secured credit, he has to place some valuable asset as security against the loan amount. The asset in question may even be the vehicle for which finance is granted. He is therefore charged a lower rate of interest. Incase the borrower defaults in repayment, the lender can sell the security and recover the money.
If the applicant applies for unsecured credit, he does not place any security against the credit granted. The advance is granted only on the personal guarantee of the borrower. If the borrower defaults in repayment, the lender cannot recover the credit from him. Thus a high rate of interest is charged.
The eligibility criteria are as follows;
-The applicant must be over 18years of age. He must have a valid commercial license. He must have a valid bank account and a monthly turnover of 1000. He must be a citizen of UK.
These advances can also be applied for online. The borrower has to fill a form giving details of his name, age and business. The lender thus checks the application form and grants credit.
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