What are the typical loan terms for used commercial vehicle finance?

Used commercial vehicle loans typically have loan repayment tenures of up to 5 years. Shorter durations of 2-3 years are also common, depending on affordability and business needs.

The usual loan amount funded can be 90-100% of the valuation price for well-maintained used vehicle models not older than 8 years.

The applicable interest rates are the most variable factors based on loan providers' independent assessment of borrowers. After evaluating borrower documents and creditworthiness, lending entities determine customised interest rates on a case-by-case basis.

Acceptable age, mileage, price, etc., can also vary by vehicle category—for example, smaller commercial vehicles may get easier financing terms than heavy industrial vehicles. However, the above provides a general overview of key loan parameters for used vehicles.