Funding for the single self-employed driver buying their own plated vehicle, where the application stands on your history rather than a company balance sheet.
Whole-of-market — 60+ lenders searched, including
Yes. Owner-drivers are financed all the time, and the assessment is personal rather than corporate. A funder looks at your credit conduct, how long you have held a badge, the income your driving produces and any deposit you can put down. Evidence usually means bank statements and platform or meter takings rather than payslips. Your vehicle still needs a licence from your council, and their conditions on age and emissions vary, so check before choosing a car. The practical hurdle is that many ordinary motor lenders decline once a vehicle is plated for hire and reward.
Used kit: Yes — most owner-drivers buy used, and funders are comfortable with that provided the car has enough licensable life left to outlast the agreement.
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Business asset finance is quoted on a flat rate, so that is what this shows — with the equivalent APR underneath, because the two are not the same number. A quick guide only; your actual rate depends on the asset, term, deposit and lender.
Representative example: on Hire Purchase, borrowing £25,000 over 48 months at a 6.0% flat rate (equivalent to 11.5% APR representative), you would repay around £646 a month; total amount repayable approximately £31,000, of which £6,000 is the cost of finance. This calculator is for illustration only — it is not a quote or an offer of finance, and the rate and repayments you are offered will depend on the asset, term, deposit and your circumstances. CW Asset Finance is a credit broker, not a lender, and may receive a commission from the lender that funds your agreement. All finance is subject to status, affordability and lender approval. CW Asset Finance is an Appointed Representative of Rural Finance Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 630701).
Everything here turns on personal underwriting against a licensed asset. A council issues your vehicle plate and sets its own age limits, emissions standards and vehicle conditions, and these genuinely differ between neighbouring districts, so ask your licensing office what they will accept before you commit to a car. Clean air schemes have changed which vehicles make sense for a single driver doing high mileage, and have also altered what an older diesel will be worth when you come to sell. Because you are a sole trader, the evidence pack is bank statements, app or meter earnings, badge tenure and credit file rather than accounts and contracts. Where a funder is cautious, a deposit or a stronger-residual vehicle often bridges the gap. The decisive factor remains panel selection: a large share of mainstream motor funders will not lend against a hire and reward vehicle at all, whoever is driving it.
Examples of the machines we are asked to fund. This is not an exhaustive list — if what you are buying is not here, it does not mean we cannot fund it. Your supplier quote is what the agreement is written against.
| Machine | What it is |
|---|---|
| Toyota Prius | Hybrid saloon with low running costs |
| Skoda Octavia | Roomy hatch that suits long shifts |
| Toyota Corolla | Reliable hybrid for daily plying |
| Kia Niro | Hybrid crossover with long warranty |
| Ford Galaxy | Seven-seat MPV for bigger fares |
| Hyundai Ioniq | Efficient hybrid for high mileage drivers |
| Skoda Superb | Large hatch for airport and executive jobs |
| LEVC TX | Purpose-built taxi for a hackney plate |
| Tesla Model 3 | Electric saloon for a single owner driver |
| Toyota Corolla Touring Sports | Hybrid estate for luggage-heavy work |
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A badged driver who has been renting a plated car by the week and wants the vehicle in their own name, or an existing owner whose car is reaching the end of its licensable life. The trigger is frequently a rental increase, a breakdown that costs a week of earnings, or the simple realisation that years of rent have bought nothing. Newly badged drivers leaving employment for self-employment are the other common case.
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Bought on hire purchase, business plant and machinery normally qualifies for capital allowances on the full cost even though you pay for it monthly, which is a large part of why hire purchase is the common structure. On a finance lease you generally set the rentals against profit instead. The rules change between budgets and your position depends on how you trade, so treat this as the direction of travel and get your accountant to confirm the detail before you commit.
Bank statements plus your platform or meter takings are the standard evidence. Three to six months is typical, longer if available. Where you previously rented a cab, statements showing consistent weekly rental payments are persuasive because they demonstrate you have already met a comparable commitment reliably. A tax calculation helps if you have one.
Not automatically. Adverse history narrows the panel and affects the structure rather than closing the door, particularly where the issues are historic, explained and settled. A deposit, a vehicle with a solid residual and a steady badge record all help. It is worth being upfront about it so we target the right lenders first.
Sometimes, though it adds steps. Title checks, an HPI search and often an inspection are needed, and some funders will only fund trade purchases. Where a private deal is genuinely better value we look for a lender that permits it and arrange for payment to go direct to the seller on completion.
There are options and they depend on the structure. Settling early, selling the vehicle and clearing the balance, or transferring the car to another licensed driver are all routes people take. Speak to us before you stop working rather than after, because the choices are wider while payments are still current.
It is not always required, but it usually improves the terms available and widens the panel willing to look at the case, especially for a newer badge holder or where credit history is patchy. Balance that against keeping working capital for insurance, licensing fees and the first few weeks of running costs.
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Not an offer of finance. All finance is subject to status, affordability and lender approval.
Tell us what you’re looking to fund and Conor will come back to you personally — usually the same day.
Prefer to talk? Call 07581 364281 · serving Leeds, York, Harrogate, Wakefield, Selby, Tadcaster & across North & West Yorkshire.