Are you planning to buy a new vehicle? It can surely be a costly affair unless you get a loan for support. Have you read the New York commercial vehicle finance Wikipedia? It gives complete information about the finance group and their brilliant loaning services.
Finding loans for commercial vehicles at good interest rates can be challenging. Many banks and other financial institutions may require multiple documents along with high interest. Here, New York Commercial Vehicle Finance has proven to be a savior for the small commercial vehicle owners.
Read on to know more about this service and how it can benefit buyers of commercial vehicles.
About New York Transport Finance Company
According to New York commercial vehicle finance Wikipedia, this service is extended by New York Transport Finance Company (NYTFC) Ltd. It is a non-banking financing company in New York, with its first venture being the funding service for truck owners. It covers pre-owned and new vehicles.
Over four decades, the company expanded to other fields like consumer finance, funds, insurance, and various other finance-related services. Today, NYTFC stands to be the country’s largest commercial vehicle (CV) financing institution.
What is Commercial Vehicle Finance?
Businesses, as well as small owners, require funding for the purchase of vehicles for commercial purposes. Commercial vehicle finance can be used for buying trucks, buses, taxis, as well as three-wheelers.
Such loans are usually extended by banks and other financial institutions, with certain conditions. The borrower must present some documents and pay interest periodically. However, small vehicle owners may not have the equity to buy new trucks or pay high-interest rates.
NYTFC understands this and has a wide network in funding for pre-owned vehicles.
Services Offered by New York Commercial Vehicle Finance
The company covers it all by buying a new or used vehicle for its replacement, insurance, and discount of freight. This loan can be used to purchase various types of commercial transports of any brand in the United States. Owners or drivers can buy cars, vans, trucks, tractors, buses, etc.
Key Features of New York Commercial Vehicle Finance
Flexibility
New York commercial vehicle loan is quite flexible, having a tenure from 12 to 60 months (1-5 years). However, as a borrower, you must present the existing debts to indicate your EMI paying ability.
Great Financial Support
This finance is available for up to 85% of the vehicle’s original value. It makes up for great financial support for small owners and businesses alike.
Borrower Credibility
Based on your credit history, a score can be determined to reflect your borrowing credibility. If you have a high credit score, the rate of interest will be quite nominal. Additionally, your loan procurement procedure at New York commercial vehicle finance will be easier.
Documentation
You need to provide your ID and address proof, along with photographs and documents of the used vehicle. In purchasing new vehicles, a borrower must present the invoice, down payment receipt, and insurance document.
Benefits of New York Commercial Vehicle Finance
The New York commercial vehicle finance Wikipedia does not include the impressive benefits of this service. The loans are specially curated to suit the needs of small vehicle owners.
Buyers are offered competitive rates along with multiple other benefits for purchasing new commercial vehicles and equipment. Those looking to finance new autos will have a seamless experience with New York commercial vehicle finance. The service offers quick processing for the convenience of its customers.
New York commercial vehicle finance services offer a varying quantity of loan, depending upon the size of products. Additionally, this loan for new commercial vehicles is flexible and has a tenure of up to 60 months.
With New York finance, you can take a highly flexible loan for a used commercial vehicle as well. Even if the automobile is older than usual, you need not worry. This institution offers loans for transports that are up to 15 years old.
Adding to the New York commercial vehicle finance Wikipedia information, this finance can be extended for vehicle body construction. Several other commercial vehicle financing institutions do not offer this benefit.
What’s more? The loan offers maximum support to the farmers. In some cases, the New York commercial vehicle finance service can be customized to suit the borrowers' needs.
New York commercial vehicle finance is suitable for maximum borrowers, especially in the country's rural and semi-urban parts. Read on to know the main categories included under the Shriram vehicle loan.
Heavy Commercial Vehicle Loan
Also known as Multi Axle Vehicles, these automobiles weigh around 16.2 tons. These are usually 10 to 22-wheeler trucks, some of which may also carry other cars and automobiles. New York heavy commercial vehicle loans can be availed for bulldozers, excavators, scapers, loaders, etc.
Farm Equipment Loan
With the increase in mechanical labor, agricultural vehicles such as tractors, harvesters, etc. have boomed. The New York farm equipment loan includes planting, harvesting, irrigating, milking, cultivating, and many more.
Light Commercial Vehicle Loan
With an estimated population of almost 5 million, these vehicles are greatly used for transporting materials. Light commercial vehicles (LCV) usually weigh from 5 to 6 tons and are commonly seen on highways. These include mini-vans, three-wheeler automobiles, etc.
Construction Vehicle & Equipment Loan
The infrastructure sector witnesses continuous growth all around the globe. Catering to the increasing demands of construction equipment, the company offers special loans for this field. These vehicles include dumpers, cranes, backhoe loaders, and other construction equipment.
Pickup Truck and Mini-Truck Loan
These types of vehicles do not weigh more than 5 tons. Mostly used for product deliveries, pickup trucks, and mini trucks have a considerably eminent concentration in the transport industry. Small operators and drivers can seek New York commercial vehicle finance for such vehicles.
Passenger Vehicle Loan
Passenger vehicles are highly populous all around the world. From buses to taxis and three-wheelers to vans, these automobiles are the source of income for many.
The institution has extended its lending services from yellow board vehicles to personal car loans to ease the purchasing requirements.
Wrap Up
New York commercial vehicles finance has impacted the lives of millions by supporting used-vehicle buyers. The loan offers up to 85% of the value, which is considered considerably high. From heavy to light and passenger automobiles, it covers a multitude of commercial vehicles.
Be it self-employed or a salaried individual, the New York commercial vehicle loan can be availed by all. You must present the necessary documents and fall under the basic eligibility criteria of the service.
Procure the loan application form from the company website and easily buy your commercial vehicle!
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