Hyundai Commercial announced on the 19th that it will introduce a 'Plus Business Fund Credit Loan' product that allows for the simultaneous borrowing of expenses for commercial vehicle purchases and initial business funds.
Many borrowers who purchased commercial vehicles through loans take out additional credit loans to cover initial business expenses such as acquisition tax, registration tax, license plate issuance expenses, and fuel costs. The newly launched 'Plus Business Fund Credit Loan' was designed to alleviate the inconvenience of having borrowers apply for additional credit loans.
By using this product, borrowers can apply for both purchase loans and credit loans at once, reducing the application procedures and time compared to applying for each financial product separately. The credit loan is offered at a reasonable interest rate starting from 9.6%.
After application, the two products can be managed separately. There are no prepayment fees for the credit loan after the first three months, making it easier to repay early, allowing borrowers to utilize the funds according to their financial situation.
Individual business customers who use installments for more than 95% of the vehicle price can apply for this product regardless of whether they purchase new or used vehicles. Purchase loans for new vehicles are available for up to 120 months and for used vehicles for up to 72 months, while credit loans can be requested for a maximum of 36 months. The credit loan limit is provided within 10% of the vehicle price, with a maximum of 20 million won for new vehicle purchases and 10 million won for used vehicle purchases.
Details of this product can be checked on the commercial vehicle specialized app 'GoTruck', and the entire process from loan to repayment can be conducted through this app.
A representative from Hyundai Commercial noted, 'We launched a customized financial product reflecting the actual demands of customers who have a high need for initial business funds.' They added, 'As a leading industrial finance company in Korea, Hyundai Commercial will enhance the financial experience for borrowers.'