Owner driver taxi finance
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
Can you finance an owner driver taxi?
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.
Get a quoteor call 0333 772 4864
What would an owner driver taxi cost per month?
Asset finance is quoted on a flat rate, so that is what the buttons show, with the equivalent APR beside it. Your exact rate depends on the asset, the term, the deposit and the lender.
Prime is an established, profitable business with clean credit. Specialist covers newer businesses and credit that needs explaining — the asset itself carries part of the risk, which is why finance is often available where an unsecured loan is not.
Representative example: on Hire Purchase, borrowing £25,000 over 48 months at a 5.15% flat rate (equivalent to 9.9% APR representative), you would repay around £628 a month; total amount repayable approximately £30,150, of which £5,150 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.
Rates shown are indicative flat rates with the equivalent APR alongside — the two are not the same number. Indicative only and does not constitute a quote or an offer of finance. Subject to status and lender approval.
How lenders treat it
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.
Makes and models we fund
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 |
Get a quoteor call 0333 772 4864
Who buys one
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.
Get a quoteor call 0333 772 4864
How it is treated for tax
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.
Owner driver taxi finance questions
I have no accounts. What can I use as proof of income?
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.
Does bad credit rule me out?
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.
Can I buy from a private seller?
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.
What if I want to stop driving before the agreement ends?
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.
Should I put down a deposit?
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.
Get a quoteor call 0333 772 4864
Also in taxi and private hire finance
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- Black cab finance
- Private hire car finance
- Executive private hire car finance
- Wheelchair accessible taxi finance
- Electric taxi finance
- Hybrid taxi finance
- MPV taxi finance
- Eight seater private hire finance
- Chauffeur car finance
- Airport transfer vehicle finance
- Taxi fleet finance
- Used taxi finance
- Taxi refinance
- Non emergency patient transport finance
See everything we fund in taxi and private hire finance →
Not an offer of finance. All finance is subject to status, affordability and lender approval.
Get your quote
Tell us what you’re looking to fund and Conor will come back to you personally — usually the same day.
Prefer to talk? Call 0333 772 4864 · serving Leeds, York, Harrogate, Wakefield, Selby, Tadcaster & across North & West Yorkshire.