A vehicle loan is a type of loan specifically designed to finance the purchase of a vehicle. It provides you with the funds needed to buy a car, motorcycle, truck, or other type of vehicle.

• Collateral: The vehicle you purchase typically serves as collateral for the loan. If you default on the loan, the lender can repossess the vehicle.
• Interest Rates:  New Vehicle - 10.50%,  Used Vehicle- 13.00%
• Repayment Terms: Vehicle loans typically have repayment terms ranging from 1 to 7 years.
• Down Payment: Most lenders require a down payment to secure a vehicle loan. A larger down payment can often result in lower monthly payments and a lower overall interest cost.

Types of Vehicle Loans:

• New Vehicle Loan: Used to finance the purchase of a brand-new vehicle.
• Used Vehicle Loan: Used to finance the purchase of a pre-owned vehicle.
• Motorcycle Loan: Specifically designed to finance the purchase of a motorcycle.
• RV Loan: Used to finance the purchase of a recreational vehicle.