Yes. Hackney carriages, wheelchair-accessible cabs and standard saloons used as taxis can all be financed, usually on hire purchase so you own the vehicle at the end of the agreement. Lenders will want your licence, your plate position and evidence of income. Not every funder writes taxi business, and approval is never guaranteed.
What lenders typically look for:
- A current driver licence and either an existing plate or a clear route to one
- Evidence of earnings — bank statements, accounts or a tax return
- A vehicle that meets your council’s age, emissions and specification rules
- Insurance arranged for hire and reward use
The regulatory position follows the buyer. A licensed operator trading through a limited company is normally outside the consumer credit regime. A self-employed driver is an individual in law, so whether the agreement is regulated depends on the amount and the purpose — business-purpose borrowing above £25,000 broadly sits outside the regime, with smaller amounts potentially inside it. Check where the threshold currently stands. A regulated agreement gives you extra statutory protections, so it is worth knowing which side of the line you are on before you sign.
Taxis are worked hard and cover high mileage, so lenders think carefully about what the vehicle will be worth partway through the agreement. That can mean a shorter term, a larger deposit or a restricted list of acceptable vehicles, particularly for older or high-mileage cars. Wheelchair-accessible cabs cost more to buy but are required by some licensing authorities, so check your local rules before you choose a vehicle.
The risks matter here more than most, because the vehicle is your income. If you are off the road through illness, an accident or a licensing issue, the finance payments continue, and the vehicle can be repossessed if you fall behind. Vehicle age policies can also change during your agreement and force an earlier replacement than you planned. Build a buffer, and check the total amount payable before committing.
Local authority rules on plates, vehicle age and emissions vary considerably — confirm the requirements with your own licensing authority rather than relying on general guidance.