Compared with renting or working for someone else, owning your own cab offers you the best earning potential, with weekly car payments being substantially lower than paying someone else for the use of their vehicle. Unless your fairy godmother has left you a pile of cash, you’ll need to find the best way to fund the cost of your cab.
Sometimes close friends and family will get together to help someone into business by clubbing together to meet the cost of buying a vehicle. This is great, especially if you have a religious objection to paying interest.
Most people do need to borrow money commercially. To arrange this, you’re probably best sourcing specialist taxi finance. Leading taxi suppliers like Cab Direct are set up to get you the best finance deal from a range of specialist brokers. You’ll understand that if you’ve missed payments in the past – hire purchase goods from shops or bank loans, for example – your credit score will be affected. Official County Court Judgements (CCJs) certainly don’t help. A poor credit history doesn’t necessarily mean you won’t get a loan to buy a taxi and your specialist taxi suppliers will explore a range of brokers to try to get you accepted. Sometimes this may come at a cost, in terms of a higher rate than will be the case if you’re lucky enough to have a perfect credit history.
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