Help & Advice

Taxi Finance - Can I get a loan for a vehicle which will be used as a taxi?

Hi Rachel,

I'm looking to secure car finance for a vehicle which is going to be used as a taxi. Is this a possibility with the lenders you deal with?

I can prove my monthly income with bank stats etc and i have a reasonably clean credit record. I've been at the same address for 6 years and i am on the voters roll. I have no missed payments in the last 12 months.

Some dealers i'm speaking with are struggling to get me passed! Please help! Chris

Chris


Answer

Hi Chris, Good news - we do have a few lenders who will provide car finance for a vehicle to be used as a taxi.

The decision will obviously depend on your credit profile and we can usually get an acceptance decision back within minutes. You also seem to tick all the correct boxes that our lenders look for too (bank stats proving income, electoral roll status and decent credit history recently) so i'm confident we can help out here.

Please apply and once accepted we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Rachel

Answer correct as of September 2016

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More related questions

Hi, I'm currently looking to finance a car for taxi use. The old cliche of "need to see your bank statements" to prove income is of no use as it doesn't paint the bigger picture. I pay £220 per week to hire a taxi at present. I have 4 years Tax returns certified and paid and a credit rating of 818. My mother is willing to stand as guarantor as she is the house owner. Will a joint application be beneficial? Although my mother is 70 she is still working and receives a salary and has pension income as well as no mortgatge. As I dont have any bills to pay I don't use my bank account. Thanks, Dave

Answer

Hi Dave, do you have good credit? If so, we'll be able to get you approved without your mother acting as a guarantor and we won't need to see bank statements as the finance company won't ask for them. However, if your credit history is fair / poor the finance companies we work with need to see proof of income in the way of payslips or bank statements unfortunately. If you fall into this category why not ask your Mum if she will finance your taxi in her name - this could be a possibility. Lastly, do you actually have a bank account that is active? Kind Regards, Rachel

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Hello, I currently have a car on finance. My question is - can it be used as a taxi as my husband has lost his job? My credit rating is very good and I have a well paid job. Cynthia

Answer

Hi Cynthia, thank you for your question.

There should be no reason why your car can't be used as a taxi if you currently have it on finance (you may wish to check with your finance provider though). I'd obviously advise that the vehicle is kept in very good condition though.

I take it that the vehicle would be for your husband to drive. If so, please make sure all the necessary insurance documents are in place beforehand. Kind Regards, Rachel

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Rachel Wilson, Underwriting Manager

Set your budget

£
4 years

In this illustration your credit score is set to

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender