Sports Utility Vehicle Financiers

Sports utility vehicles (SUVs) are gradually becoming popular among the auto consumers in India. With many attractive and exciting models of sports utility vehicles to choose from and financing and loan options too becoming flexible and easy, the sale of SUVs has increased. The sports utility vehicle financiers today have tied up with leading SUV manufacturers like Tata Motors, Toyota and are making a determined pitch in reaching out to their customers.The leading sports utility vehicle manufacturers in India include the likes of Tata Motors,Mahindra & Mahindra, Hyundai Motors while Hindustan Motors too, has gone in for a collaboration with Mitsubishi. Some of the popular models of SUVs in India are Tata Sumo, Tata Safari, Mahindra Voyager, Mahindra Bolero and their respective variants. ICICI Bank, HDFC Bank, Standard Charted Bank, Kotak Mahindra in the private sector, State Bank of India, Union Bank of India and others in the public sector and some auto finance divisions of the automobile companies like Tata Finance all have emerged as leading sports utility vehicle financiers.

In terms of financing of a SUV, the rates of interest keep on changing from period to period. Further, the loan amount, period of repayment and the borrower's ability to payment are the other factors that are considered while allocating finance for buying a SUV. Further, the facilities for finance include one for buying a new SUV, used vehicle or a refinance balance transfer.

The amount of finance varies, depending upon the needs of the consumers and overall terms. Finances usually cover about 85% of the SUV that however could be exceeded in specific cases. On service charges, the financiers usually ask for a 2.5% of financing amount or a specified sum and origination charges. In case of prepayment, some of the SUV financiers ask for penalty that goes to the tune of 4% of the principal outstanding with the borrower. Finally, service tax and other government taxes are levied as applicable from time to time.

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