Funding for second hand plated vehicles, where the question is not how old the car is but how much licensable life it has left.
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Yes. Used taxis and private hire cars are financed widely, and buying used is how most drivers get into the trade. The governing question is licensable life: your council sets an age limit for first licensing and for continued licensing, those limits differ between districts and change periodically, so confirm with your licensing office that the specific car can be plated and kept plated. Funders want the agreement to end before the car becomes unlicensable. Expect high recorded mileage as normal in this market, with service history and condition carrying far more weight than the odometer.
Used kit: Yes — this is the used market, and vehicles several years old are routinely funded provided the licensing runway outlasts 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).
Licensing is the constraint that shapes every used purchase. Councils apply maximum ages at first plating and, separately, limits on how long a vehicle may remain licensed, along with emissions conditions and vehicle standards — and these vary enough between authorities that the same car may be a sound buy in one town and a non-starter next door. Check before you buy, not after. Clean air schemes have depressed values for older diesels while holding up hybrid and electric stock, which changes what represents value. Funders assess provenance carefully on used plated vehicles: previous taxi use, accident history, outstanding finance and genuine mileage all get checked. A used ex-taxi with a full service record is a known quantity; one with gaps is much harder to place. Owner-drivers are underwritten personally, fleets on their accounts.
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 | Used hybrid saloon with proven durability |
| Skoda Octavia | Used hatch in plentiful supply |
| LEVC TX4 | Used diesel black cab for trade buyers |
| Ford Galaxy | Used seven-seat MPV for group jobs |
| Mercedes-Benz Vito Taxi | Used accessible taxi for licensed work |
| Toyota Prius+ | Used seven-seat hybrid MPV |
| LEVC TX | Used range extended purpose-built cab |
| Skoda Superb | Used executive hatch for private hire |
| Kia Niro | Used hybrid crossover with warranty left |
| Volkswagen Sharan | Used seven-seat MPV for licensed use |
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New entrants who cannot justify a new car before they know what they will earn, established drivers deliberately buying two or three year old stock to let someone else absorb the depreciation, and operators replacing a vehicle quickly after an accident or failure. The trigger is often urgency: a car off the road means no income, and used stock is available immediately where a factory order is not.
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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.
There is no single answer, because the limiting factor is usually your council rather than the lender. Funders look at whether the vehicle will still be worth something and still be licensable when the agreement ends. Get the licensing position confirmed first and the funding question usually follows from it.
Not necessarily. An ex-plated car has usually been serviced on schedule because downtime costs the owner money directly, and purpose-built cabs are designed for the work. The risk is in the undocumented ones. Insist on the service record and a proper history check, and treat a missing record as a price issue.
Rarely on its own. Taxi vehicles cover extraordinary distances and the specialist funders expect it. What stops a deal is unverifiable mileage, a gap in the service history, or a car whose remaining licensable life is shorter than the agreement you want. Mileage with paperwork behind it is manageable.
Yes, and that is the usual sequence for someone entering the trade. The facility is arranged on the basis that the vehicle will be licensed, and we make sure the car meets your authority’s criteria before anything is drawn. Buying first and checking licensability afterwards is how people get caught out.
On any significant used purchase, yes. An independent inspection costs little against the price of the car and identifies the expensive problems — hybrid battery condition, gearbox wear, structural repairs — that a walkaround will not. Some funders require one on older or higher-value vehicles in any case.
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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.
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.