Taxi & Private Hire Vehicle Finance

Why taxi finance UK-wide is its own thing

A taxi covers three to five times the mileage of a private car and is replaced far sooner. Lenders pricing on standard car residuals get that wrong in both directions, which is why drivers are often quoted terms that make no sense — or declined outright by a lender who never funds private hire.

Going to the lenders who understand plated vehicles from the outset avoids that, and avoids the credit footprints that come from applying to the wrong ones first.

Self-employed drivers

Almost every taxi driver is self-employed, and many do not have two or three years of filed accounts — particularly new drivers or those who have recently gone independent. That narrows the lender list rather than closing it. Bank statements, licensing details and a deposit all help build the case.

Hackney, private hire and WAVs

We fund hackney carriages, private hire saloons and estates, and wheelchair-accessible vehicles. WAVs are converted vehicles with a narrower resale market, so they need a lender comfortable with conversions rather than one pricing a standard model.

Electric and hybrid taxis

Many licensing authorities are tightening emissions requirements, which is pushing drivers towards hybrid and electric vehicles ahead of their normal replacement cycle. The purchase price is higher but running costs are lower, and the funding can be structured so the monthly payment is offset by the fuel saving.

Plating, licensing and the first vehicle

The hardest vehicle to fund is the first one, before there is any trading history as a driver. Tell us where you are in the licensing process — several lenders will consider an application on the strength of a granted licence and a deposit.