Can I Get a Car Loan for A Minicab?

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.
Asked by Sameer
October 27, 2015
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

Taxi related questions

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 c

Asked by Joby T
October 27, 2015

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

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