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Can I Get Finance for a Taxi?

Tim Carpenter, Dedicated car finance expert
Written by Tim Carpenter
Edited on

Getting finance for a car you are going to be using for business purposes – as a taxi or minicab, for instance – may involve slightly different issues than if you are buying a car for your own private use. But at CarFinance 247 that is not a problem as we are able to provide taxi car finance.

We can consider all credit circumstances, whether you have an excellent, good or poor credit history and even if you have CCJs, are in a debt management plan or you are a discharged bankrupt. Having a deposit available is a benefit when it comes to financing a taxi.

If you have a good credit record history and a steady income, arranging the finance is unlikely to prove a problem – and we may be able to secure a very competitive rate on the cost of that borrowing.

If you already own your own business, or have been working as a self-employed taxi driver, but have a bad credit rating (or none at all), we still may be able to help as we actually work with a number of lenders that specialise in providing finance to those with bad credit.

To resolve that issue, you are likely to have to provide evidence of the income you currently receive – either pay slips from an employer if you are driving for a taxi company or copies of at least three months of bank statements if you are self-employed.

If you are looking to set up in business as a taxi driver and therefore have no record of the income you receive from the job, we may ask that you ask a friend or relative (with good credit history) to stand as your guarantor for any finance.

Once your application for taxi car finance has been approved, you are free to choose any vehicle from any reputable UK dealer nationwide.

Get a quote No impact on your credit score

Rates from 6.9% APR. Representative APR 27.4%

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Tim Carpenter, Dedicated car finance expert
Tim Carpenter Car Finance Expert
5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.

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