Help & Advice

Minicab Car Loan

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

Joby T


Answer

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

Answer correct as of September 2016

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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

More related questions

I have lived at my current address for two years, and year ago I applied for car finance from Toyota. I was refused don't know why. I work for Uber in London, and I pay £215 per week car rental. It works out to be a lot of money I'm paying each month. I don't know my credit score yet and I don't have any bills by my name but I'm on the electrol roll. I am being paid each week into my account from Uber. I'm interested to buying Skoda Octivia from Cargaint.

Answer

Hi Sameer, thank you for your question,

As long as you have been in the UK for more than 3 years, you should not have a problem securing car finance. Some lenders do place a cap on mileage, which is why you may have been declined in the past, but on the plus side - we do have lenders that can help taxi drivers secure car finance!

If you are unsure of your credit rating, you can get a free check here. The fact that you have been leasing your car may well have helped to build up your credit, regardless of the fact that you do not pay any bills.

Please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

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Rachel Wilson, Underwriting manager

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Rachel Wilson, Underwriting Manager

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