Private hire car finance
Funding for pre-booked private hire vehicles, placed with lenders who accept a PHV plate instead of declining the application on sight.
Whole-of-market — 60+ lenders searched, including
Can you finance a private hire car?
Yes. A private hire car can be financed, though fewer funders will do it than for an ordinary car because the vehicle carries a hire and reward licence. Private hire work is pre-booked only and is regulated through three separate licences — the driver, the vehicle and the operator — with conditions set locally, so confirm what your council requires before choosing a car. Expect high annual mileage to be part of the assessment. Most private hire drivers are self-employed, so underwriting looks at platform statements, bank activity and credit conduct rather than a payslip.
Used kit: Yes — used private hire cars are widely funded, subject to the car still having enough licensable life left in your district to outlast the agreement.
Get a quoteor call 0333 772 4864
What would a private hire car 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
The licensing layer is what separates this from a normal car deal. A PHV is licensed by the authority where the operator is based, and vehicle age limits, emissions requirements and permitted body styles are set locally and change without much notice, so a car that is comfortably licensable in one borough may be refused in another — check with your own licensing department. Clean air schemes have pushed a large part of the private hire fleet toward hybrids and full electrics and altered used values sharply. Underwriting splits by structure: owner-drivers are assessed personally, on driving history, income evidence and conduct, while operators running several cars are looked at as a trading business. Crucially, a large share of mainstream motor funders will not lend once a vehicle is plated for hire and reward, so placing the case with the right panel is the bulk of the work.
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, the private hire staple |
| Toyota Corolla Touring Sports | Hybrid estate with good boot space |
| Skoda Octavia | Roomy hatch with low running costs |
| Kia Niro | Hybrid crossover for airport runs |
| Tesla Model 3 | Electric saloon for executive private hire |
| Ford Galaxy | Seven-seat MPV for group jobs |
| Skoda Superb | Large hatch with executive rear legroom |
| Hyundai Ioniq | Efficient hybrid for high mileage work |
| Volkswagen Passat Estate | Estate for airport luggage runs |
| Toyota Corolla Hatchback | Compact hybrid for city private hire |
Get a quoteor call 0333 772 4864
Who buys one
Drivers on app platforms and local account work, usually self-employed, often replacing a car that has been running seven days a week and is coming to the end of its useful life. The common trigger is a rental agreement ending, a council notice that the current vehicle is approaching its licensing limit, or a driver wanting a lower-running-cost car because fuel is eating the margin. Multi-car operators looking to add a second or third vehicle come through the same route.
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.
Private hire car finance questions
Will a funder accept app earnings as proof of income?
Many will. Weekly or monthly platform statements combined with bank statements showing the payments landing are the standard evidence for self-employed private hire drivers. A longer history helps, as does consistency. Where earnings vary by season we set the picture out clearly in the submission rather than leaving the underwriter to guess.
Can I finance a car and plate it afterwards?
You can, but tell us at the outset. Some agreements are written on the basis that the vehicle is for private use, and plating it later without disclosure can breach the terms. It is far simpler to arrange hire and reward funding from the start than to unwind a problem later.
Does having a hire and reward plate affect the paperwork?
It affects which funders will look at the case more than it affects the documents themselves. You will need your driver badge, vehicle licence and hire and reward insurance in place. The agreement itself looks familiar; the difference is that it comes from a lender comfortable with commercial passenger use.
I am new to private hire. Can I still get funding?
Often yes, with more supporting evidence. A new badge holder has no platform history, so underwriters lean on credit conduct, previous employment income and any deposit. A vehicle with a strong residual also helps the case. It is more straightforward once you have a few months of takings behind you.
Should I choose a hybrid or a full electric?
It depends on your district and your mileage. Clean air schemes have made electrified vehicles the safer long-term licensing bet in many cities, but charging access at home matters enormously for an electric car doing high daily mileage. Check what your council is signalling for future licensing before deciding.
Get a quoteor call 0333 772 4864
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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.