Category: Finance

Anyone looking to buy a house or a car may have heard the term ‘credit score’ quite a few times – especially if they initiate to take a loan for their investment in personal items. In such a case, a good credit score becomes quite a handy advantage, making many people wonder what is a good credit score range? to have to get the financial benefits without much of a hassle.

In many situations, it is the credit score that dictates whether the person would be eligible for a loan or not, even influencing the interests and period one may get to return the amount of loan to the bank.

Benefits of good credit scores

Anyone with a good credit score gets some benefits exclusive to them since the credit score represents their trustworthiness and ethic concerning returning the money borrowed. It acts as a guarantee when they take a huge amount of loan. Many banks even extend the offer to lower the interests of those who have an exceptionally good credit score.

What is a good credit score range?

In a nutshell, a person is given credit scores in between the range of 300 to 850, in which any score above 580 credit is known to be fair while a credit score above 670 is considered good. However, anyone with a credit score above 800 is treated as exceptional as that is a hard range to get rated.

Thus, in simpler terms, the good credit score range is from 580 to 800. Any credit score above it is to be considered exceptionally good.

Conclusion

In the end, the world is dependent on money but even more so on trust and the guarantee that one’s good credit score can provide without any hassles or repercussions.

Business vehicle loans are loans given to borrowers to purchase vehicles for commercial or business purposes. Borrowers are typically self-employed individuals, trusts, partnership firms, organizations, and so on. Car loans are available to those who work in the transportation industry. Trucks, buses, tippers, tankers, and other light and small commercial vehicles can all be purchased with a commercial vehicle loan. If your profile matches the criteria set forth by the lenders, you may be eligible for a low-interest commercial vehicle loan.

Different types of business vehicle loans 

1. Loan for a new commercial vehicle. Customers can get this type of commercial vehicle loan to help them buy new commercial vehicles for their businesses. Banks will usually fund up to 100 percent of the vehicle’s chassis or base frame value. In some cases, depending on how the borrower’s profile is, some banks provide additional funding for vehicle body construction.
2. A loan for an old commercial vehicle. Loans for the purchase of pre-owned or used commercial vehicles are known as old or used commercial vehicle loans. Borrowers can expect to receive financing for vehicles that are up to 15 years old under this loan.
3. Refinancing a commercial vehicle. Commercial vehicle refinancing involves banks either offering a loan on an existing vehicle that is debt-free or taking over an existing business vehicle loans and providing additional financing based on eligibility.

What are the benefits?

1. Because of the very many benefits that it provides, a commercial vehicle loan is the most preferred option for borrowers who are either planning to purchase their first commercial vehicle or adding a new car to their existing number of commercial vehicles.
2. Flexible repayment terms- Typically, a commercial car loan has a repayment term of up to 5 years. This guarantees borrowers a low EMI amount, allowing them to pay off their EMIs without undue financial strain.
3. Whether you’re an individual borrower or a fleet owner, we can help you finance multiple vehicles. The application process for a business vehicle loan is simple, quick, and convenient.
4. Documentation is simple-commercial vehicle loans that have a quick and straightforward documentation process.

Conclusion 

 A commercial vehicle loan has a quick processing time and easy documentation and approval. The majority of India’s prominent banks offer commercial vehicle loans with low-interest rates and no collateral. From the very beginning to the ending moment of the vehicle procurement process, some banks assign a personal relationship manager.

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