Running a taxi company can offer many benefits, such as flexible working hours and the ability to be your own boss. However, starting and running a successful taxi firm will require some capital. Competitive taxi finance could provide the funds you need to purchase a new vehicle, maintain the fleet, invest in marketing or even buy-out another successful tax firm.
Not everyone has the funds available to start or support their business, but with asset finance you could benefit from taxi finance in the UK. There are a variety of funding options available which could help your business become a success on the road.
We work with a variety of lenders which specialise in competitive and flexible finance options, from traditional high street banks to online lenders and alternative forms of credit. These lenders could provide anything from £1,000 to £20,000,000. Available through a variety of options such as an unsecured or secured business loan to grow your company to asset finance that allows you to purchase new taxi’s.
To help you decide which form of finance suits your requirements we have designed our useful taxi finance calculator. The tool is designed to compare the products available from our panel of lenders, by asking you questions about the amount you wish to borrow and your current financial affairs.
The questions are designed to assess your eligibility against the criteria of our lenders, so you will need to provide details such as your monthly turnover and current debts. Once you have provided the required information our system will search our panel to find you a list of lenders which can provide the taxi finance you require.
You will be able to easily compare business loans, the various charges, terms and interest rates to find a form of finance which suits your requirements. Once you have chosen a lender it is time to apply for the loan, which will involve providing financial documents, a business plan and the lender will also conduct a credit check of your business. Although this will be based on your business’ finances, the checks could involve a personal credit check depending on the type of loan you are applying for.
The variety of loans available will either be secured or unsecured and will usually depend on the amount you are looking to borrow and your credit rating. If you are looking to borrow a large amount and want to spread the repayments over a period of more than 1-2 years. Taking out a loan which is secured against assets could improve your chances of being accepted, especially if you are looking for taxi finance with bad credit.
If your business does not have a strong financial position or the credit rating is poor, providing security or a personal guarantee will reduce the lenders risk and you may be accepted. However, if you have an excellent credit rating and profitable accounts you will be eligible for the most flexible loans and lowest interest rates.
If you would like to find out more about our flexible taxi finance options, please contact our experience team today.