Taxi Finance To Suit Your Budget

Affordable Taxi Finance

Rates from 10.9% APR. Representative APR 22.45%

 

Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 22.45%, the monthly payment would be £153.29, with a total cost of credit of £2,357.76 and a total amount payable of £7,357.76. Car Loans UK is a broker not a lender. This is an example only, all finance subject to status. Lender fees may apply.

Compare Taxi Finance

When you need to buy a vehicle to operate as a taxi driver, the cost can be steep which means that it makes all the more sense to find the best possible deal on taxi finance. Most of these deals are specialist because standard car loans don’t apply to taxi purchases. This is because taxis are commercial vehicles that have far more wear and tear and mileage applied to them than a car used for standard domestic, social, and /or commuting purposes.

The good news is that there are taxi loans for all purposes and situations, so you could find what you need – and often very quickly too, thanks to digital application processes.

Affordable Taxi Finance

Use our finance calculator

Find out how much you could borrow

 

Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 22.45%, the monthly payment would be £153.29, with a total cost of credit of £2,357.76 and a total amount payable of £7,357.76. Car Loans UK is a broker not a lender. This is an example only, all finance subject to status. Lender fees may apply.

How Does Car Finance Work?

Car Finance

The Initial Deposit

This step isn’t always required. Although, placing down a deposit when completing a car finance agreement is highly recommended.

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Repayment Plans

Depending on the agreement that has been put in place for example HP, PCP & CS, your repayment plan may vary.

Car Finance

Contract Completion

Upon completion of your contract, you will then have a number of different options available to you. Which we will state below.

Is Taxi Finance The Right Choice For You?

If you need quick access to finance to fund your taxi, then you’ll find that some providers offer instant taxi loans in as little as 24 hours. The same credit check needs to happen, and you will need to submit an application form, usually online but sometimes by phone. The provider will have slick processes which will allow them to make a rapid decision on your loan and then to transfer the funds to your bank account by Faster Payments so that they arrive within 24 hours. These deals can be useful if you want to make a fast purchase on your taxi.

If your credit isn’t the best, then you’ll be pleased to find lenders that offer taxi loans even for people with poor credit. The interest rates will typically be higher and you may be limited as to the amount that you can borrow, but these types of loan will allow you to buy the commercial vehicle that you need.

What’s more, if you meet your monthly repayments in full and on time, you’ll be able to build up your credit record and show yourself to be a responsible borrower. This will allow you to save money on future credit arrangements, as you will be considered a lower risk customer and be offered cheaper rates of interest accordingly.

Sometimes you can take out deals on the garage forecourt, and many garages will promote their finance as a fast and convenient way of concluding a sale. You may even be able to drive away with your new taxi. However, these deals may be convenient but you are unlikely to be paying the cheapest interest rate on them because the price of convenience is reflected in the APR.

A better bet is to pre-arrange a loan facility with a specialist lender that offers great rates or find a taxi that you want to buy and then compare the different taxi loans on the market to make a rapid decision on which lender you will approach.

The first step is to carry out your comparison so that you know you are applying for the best possible loan that meets your needs, but for the lowest cost. You will complete a short application form and be asked to give evidence of your ID. a credit check will be carried out against your name when you authorise this as part of the application process.

There may be requirements for certain lenders, such as a guarantee that goes above the value of the taxi – as these vehicles rapidly depreciate. Of course, you will need to be over 18 to apply and there may be a requirement for minimum evidenced earnings. Once you have made a successful application, the funds may be with you in as little as 24 days so that you can buy your new vehicle without delay.

Frequently Asked Questions

Taxi finance will be offered on a clear and transparent basis when you use a reputable lender that operates according to FCA good practice guidelines. There may be an application fee, for example. However, if you use a broker, the broker will usually be paid directly by the lender so that you will not bear this fee as a standalone cost. Ask for a full cost schedule that tells you how much interest you could  pay each month against your loan, how much you could repay overall and whether there are additional costs.

Some taxi finance deals may include features such as fee-free early repayments, repayment holidays and overpayments. Bear these flexible features in mind if they are important to you – sometimes flexible features are of more interest to borrowers than the absolute lowest interest rate, especially if they are keen to potentially repay the loan early or to take a payment holiday.

CarLoansUK is here to make it easy to compare taxi finance and all other kinds of car loans. It’s easy, thanks to our cutting-edge software. Simply add your details and our technology will do the rest – automatically scanning the best deals on the market to potentially find you the most competitive loans for your needs. Even better, when you see the finance that is best suited to you, it only takes a few seconds to apply online. We do the hard work for you to save you time and money.

Make smart, confident decisions on the loans and other financial products that you need with CarLoansUK. We can instantly scan the market for today’s best loans – around the clock – and our secure website means that your personal data will never be compromised or put at risk. Trust us to compare taxi finance and we could find you the best deal today.

Bear in mind that if you do not meet your repayments, the lender could be within their rights to sell the taxi in order to recover funds. For this reason, if you experience any issues with repayments, you should contact the lender as soon as possible in order to discuss your options.

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Car Loans UK is a trading style of BMG FG (UK) LTD, a company registered in England and Wales. (Company number: 12382512, Registered Address: 4th Floor, Kingsgate, Wellington Road North, Stockport, Cheshire, SK4 1LW. We act as a credit broker and not a lender and are authorised and regulated by the Financial Conduct Authority for consumer credit FCA no.928674. Car Loans UK can introduce customers to a limited number of finance providers based on overall credit profile and we receive a commission for such introductions, this will not impact the rate you are provided. We do not charge a fee to the customer for arranging the finance. This is a fixed payment or percentage, but can vary by lender. Further information is available on request. Written quotations on request. All finance subject to terms and status Data Protection Registration No.ZA766848.