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Can I Get a Car Loan for A Minicab?

Hello Rachel, I'm working as a cab driver in Cambridge. Currently, I am renting the cab from the cab company to whom I pay a pretty good amount weekly as rent and other expenses. I can save quite a lot if I own the car I use as minicab.

The issue is, my credit rating is not too good. I am prompt in paying all my direct debits, but due to my wife's illness she was on half pay for past few months and had some difficulty in paying the mortgage on time, though it was paid. This has affected my credit rating. My wife is getting back to full time work from next week on.

I am interested in buying Dacia Logan MCV (Estate) to use as cab. This car will be available only by Nov 2013. Could you please let me know the best rate you can offer me, that is if I qualify. I hope I do. I will be happy to answer any questions you might have. Regards, Joby

Asked by Joby T

Hi Joby, thank you for your question and apologies for the delayed response.

We can help people with past and current credit issues so you have come to the right place. As long as you're on the electoral roll at your current address, can prove your income and have a full UK licence we should be fine to get your next cab financed.

The rate you will receive will be between 14% and 18% as you have missed payments recently. However, this does come down to which lender we can get you approved with. Please apply when you feel ready and onxce accepted we provide a no obligation quote and you can buy your car from any dealer. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 18 People

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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