Raising capital against a plated vehicle you already own, or replacing an existing agreement with one that suits the business better.
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Yes, in most cases. If you own a taxi or private hire vehicle outright, you can usually refinance it to release capital, provided you hold clear title and the vehicle has enough licensable life left to support the arrangement. Refinancing an existing agreement is also possible, though whether it improves your position depends on the settlement figure and what is on offer. Councils set their own vehicle age and emissions rules and these differ between districts, so the licensing runway on your specific vehicle matters. Funders assess the vehicle, the title and your ability to repay.
Used kit: Yes — refinance is almost always against a used vehicle, and the remaining licensable life matters far more than the age on the logbook.
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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).
Refinancing a licensed vehicle is not the same as refinancing a private car. The asset carries a hire and reward plate, so the funder panel is the specialist one, and the licensing position directly limits the term available — there is no sense arranging a facility that outlives the vehicle’s ability to be plated, and since councils set their own age limits, emissions criteria and vehicle standards, that runway must be confirmed with your own licensing authority. Clean air policy has made this sharper: an older diesel with a short remaining licensable life supports far less than a newer hybrid or electric vehicle. Practically, the funder needs clear title, a valuation, confirmation of any outstanding settlement and evidence you can service the payments. Owner-drivers are assessed personally on takings and conduct; operators on accounts and fleet position. Releasing equity reduces what you own, so it should solve a defined problem rather than paper over a persistent one.
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 | Owned hybrid saloon with equity in it |
| LEVC TX | Purpose-built cab suitable for refinance |
| Skoda Octavia | Hatch commonly used in sale and leaseback |
| Mercedes-Benz Vito Taxi | Accessible taxi holding good resale value |
| Tesla Model 3 | Electric saloon with strong asset value |
| Ford Galaxy | Seven-seat MPV owned free of finance |
| Kia Niro | Hybrid crossover with warranty remaining |
| LEVC TX4 | Older black cab with a plate attached |
| Skoda Superb | Executive hatch with saleable value |
| Nissan Dynamo | Electric taxi suitable for refinancing |
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Drivers who bought a cab for cash and now need working capital for insurance renewal, a licensing fee or a repair bill. Operators funding a deposit on a second vehicle from equity in the first. Businesses carrying an agreement taken out when their circumstances were worse and wanting a cleaner structure. The trigger is usually a cash need with a deadline attached, or a quiet trading period that needs bridging without losing the vehicle.
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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.
Sometimes. The existing agreement would be settled and replaced, so the question is whether the settlement figure and the vehicle’s current value leave a workable position. It only makes sense where the new structure genuinely improves things. We look at the settlement letter before advising either way.
The vehicle generally needs to be licensed and working, because that is what makes it a commercial asset and what supports the repayments. An unplated car is assessed as an ordinary used vehicle. Where a plate has lapsed, sorting the licensing out first usually produces a better outcome.
That depends on the vehicle’s market value, its remaining licensable life and your ability to repay, so it is assessed case by case rather than by a formula. A valuation is the starting point. We would also want to understand what the money is for, because a short-term cash gap and a long-term investment call for different structures.
A new agreement is recorded like any other credit commitment, and the application involves a search. Managed properly it is neutral or positive. Repeated refinancing over a short period is a pattern underwriters notice, so it is better used as a considered step than as a recurring source of cash.
It can be, and operators do it regularly to raise a deposit without disturbing working capital. The caution is that you end up with commitments against two vehicles and need the extra work to justify it. We would want to see where the additional income is coming from before recommending it.
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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.