7 terms starting with V
A vanilla lease is a plain commercial lease over equipment or business assets, with a fixed term, fixed payments and no bundled services or unusual clauses.
Read definitionA variable rate is an interest rate that can move up or down over the life of a loan, following the lender's benchmark and its margin.
Read definitionA vehicle identification number (VIN) is the unique 17-character code a manufacturer stamps on a vehicle, used to identify it on registration, insurance and finance records.
Read definitionVendor finance is credit extended by the seller of a business or asset to the buyer, covering part or all of the purchase price and repaid in instalments.
Read definitionVisa expiry and loan term restriction is the lender practice of capping a loan term to visa expiry, or requiring a minimum stretch of visa left at application.
Read definitionVisa holder eligibility is the assessment of what a person's visa subclass, conditions and status actually allow: work, study, government programs and access to credit.
Read definitionVisa status in responsible lending is the immigration evidence a lender must verify, covering work rights, expiry and renewal prospects, before it assesses whether credit is suitable.
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