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
June 21, 2013
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
Tim Carpenter Car Finance Expert

Liked by 18 People

5 years
Total cost of credit £ 2000
Total repayment £ 2000
48 monthly
payments of
£ 245 98

Rates from 7.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 20.7%, an annual interest rate of 20.7% (Fixed) and a deposit of £0.00, the amount payable would be £168.48 per month, with a total cost of credit of £3,608.67 and a total amount payable of £10,108.67. 

We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way.

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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 d

Asked by Sameer
June 21, 2013

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

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

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