Compare Taxi Finance

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Rates from 7.9% APR. Representative APR 22.09%

Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 22.09%, the monthly payment would be £152.49, with a total cost of credit of £2,319.37 and a total amount payable of £7319.37. CarLoans UK is a broker not a lender.

Compare Taxi Finance

When you need to buy a vehicle to operate as a taxi driver, the cost can be steep – which means that it makes all the more sense to find the best possible deal on taxi finance. Most of these deals are specialist because standard car loans don’t apply to taxi purchases. This is because taxis are commercial vehicles that have far more wear and tear and mileage applied to them than a car used for standard domestic, social, and /or commuting purposes.

The good news is that there are taxi loans for all purposes and situations, so you can find what you need – and often very quickly too, thanks to digital application processes.

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Find out how much you could borrow

Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 22.09%, the monthly payment would be £152.49, with a total cost of credit of £2,319.37 and a total amount payable of £7319.37. CarLoans UK is a broker not a lender.

How Does Car Finance Work?

The Initial Deposit

This step isn’t always required. Although, placing down a deposit when completing a car finance agreement is highly recommended.

Repayment Plans

Your monthly repayments equal the total cost of your vehicle, which is then divided by the length of time that your HP car finance agreement last for.

Contract Completion

Upon completion of your contract, the car will then belong to you. You may have to pay an option to purchase fee, this won’t be much.

Is Taxi finance the right choice for you?

If you need quick access to finance to fund your taxi, then you’ll find that some providers offer instant taxi loans in as little as 24 hours. The same credit check needs to happen, and you will need to submit an application form, usually online but sometimes by phone. The provider will have slick processes which will allow them to make a rapid decision on your loan and then to transfer the funds to your bank account by Faster Payments so that they arrive within 24 hours. These deals can be useful if you want to make a fast purchase on your taxi.

If your credit isn’t the best, then you’ll be pleased to find lenders that offer taxi loans even for people with poor credit. The interest rates will typically be higher and you may be limited as to the amount that you can borrow, but these types of loan will allow you to buy the commercial vehicle that you need.

What’s more, if you meet your monthly repayments in full and on time, you’ll be able to build up your credit record and show yourself to be a responsible borrower. This will allow you to save money on future credit arrangements, as you will be considered a lower risk customer and be offered cheaper rates of interest accordingly.

Sometimes you can take out deals on the garage forecourt, and many garages will promote their finance as a fast and convenient way of concluding a sale. You may even be able to drive away with your new taxi. However, these deals may be convenient but you are unlikely to be paying the cheapest interest rate on them because the price of convenience is reflected in the APR.

A better bet is to pre-arrange a loan facility with a specialist lender that offers great rates or find a taxi that you want to buy and then compare the different taxi loans on the market to make a rapid decision on which lender you will approach.

The first step is to carry out your comparison so that you know you are applying for the best possible loan that meets your needs, but for the lowest cost. You will complete a short application form and be asked to give evidence of your ID. a credit check will be carried out against your name when you authorise this as part of the application process.

There may be requirements for certain lenders, such as a guarantee that goes above the value of the taxi – as these vehicles rapidly depreciate. Of course, you will need to be over 18 to apply and there may be a requirement for minimum evidenced earnings. Once you have made a successful application, the funds may be with you in as little as 24 days so that you can buy your new vehicle without delay.

CriteriaPersonal Contract Purchase (PCP)Hire Purchase (HP)Conditional Sale (CS)
The Initial DepositThe Majority of Lenders Will Require A DepositOptionalOptional
Repayment PlanYou Pay Less But Have 3 Options At The End of Your AgreementPayments Are Slightly Higher Than PCP However You Will Own The Car At The End of Your AgreementPayments Are Slightly Higher Than PCP However You Will Own The Car At The End of Your Agreement
Contract Completion• Optional Final Payment - Pay This And Own The Car

• Pay Nothing More And Hand The Car Back

• Trade The Car In, Using Positive Equity To Fund The Deposit For Your Next Vehicle.
A Small ‘Option To Purchase’ Fee, Which You Need To Pay To Become The Legal Owner Of The Vehicle (Maximum £50)No Final Payment, Car Is Yours After The Last Instalment
Fixed Monthly PaymentsYes - You Can Make Overpayments Up to 8 Times A Year And Up To £8000. This Reduces Your Term Or Monthly Payments.Yes - You Can Make Overpayments Up to 8 Times A Year And Up To £8000. This Reduces Your Term Or Monthly Payments.Yes - You Can Make Overpayments Up to 8 Times A Year And Up To £8000. This Reduces Your Term Or Monthly Payments.

Car Finance Comparison In More Detail

At CarLoansUK, we provide numerous amounts of different finance options across our car finance brokerage site. Which then allows you to find the best way to pay with ease. Including but not limited to PCP Car Finance, HP Car Finance or No Deposit Car Finance just to name a few. Because CarLoansUK has got you covered,  don’t believe us? Then take a look at our excellent trust pilot reviews and see for yourself.

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Frequently Asked Questions

A car finance broker is essentially a middle man between the customer and the lender. A car loan finance broker will take care of all of the complicated paperwork as well as the negotiations with lenders. Which essentially means you can sit back and relax knowing that the broker is fighting your corner to get you the best deal possible. All whilst making your car finance journey as stress free as possible. Not only this but car finance brokers such as ourselves, also have deals that aren’t usually available to the general public, and to top it all off. Car finance brokers will actually charge the dealerships instead of the customer.


If you have been refused by other brokers in the past, all is not lost. At CarLoans UK we have a number of finance options for those with bad credit scores. However, you should be aware that when you apply for car finance through us, a hard credit check will be conducted, which may in turn have a negative impact on your credit score. Especially if these credit checks have been done in quick succession. So therefore it is recommended that after being declined for car finance, you should wait between 3-6 months before applying again.

If you are struggling to keep up with your car finance repayment plan. There are a number of options available to you. It is of great importance that you obtain free independent advice from one of the following charities/organisations. 

Money Advice Service

National Debt Line

Citizens Advice

Initially, applying for a car loan usually will have a negative impact on your credit score. Although, you should be aware that if you make your car loan repayments on time. This will most likely have a positive impact on your credit score.


APR stands for annual percentage rate and is the total amount charged for the lend. There are, however, two different types of APR.Exact APR in short means that the rate that is shown to you, is the rate that you will get. Whereas, representative APR however, means that 51% or more of the people who apply for the finance will receive that rate. What this means is that customers with poor credit scores could see a higher APR.

Representative APR is, for the most part, used to advertise the companies rates. After you have provided all of the necessary information to the lender, they can then offer you your exact APR rate.

What is it?

Gap insurance stands for Guaranteed Asset Protection.

Essentially gap insurance is, is a form of insurance that is designed to cover the difference between the amount your insurance provider pays out in the event of your vehicle either being written off or stolen and the price that you paid for the vehicle. You should however be aware that gap insurance works alongside your standard car insurance and is in no way a substitute.

So when is gap insurance needed?

Gap insurance can be worthwhile in several ways. Firstly, if you have taken out a big loan to buy your car. Gap insurance would be beneficial as mentioned previously if your car is stolen or written off. This is because the gap will pay off the outstanding finance.

As well as this, gap insurance could also be beneficial if you are worried about your car depreciating. A brand new car will lose between 15-35% of its value in the first year. Therefore gap insurance can help you get a bigger payout if your car is written off after it has already depreciated.

Where can I get gap insurance?

Comparing gap insurance quotes has never been easier thanks to Bright Compare!

If the vehicle is faulty on delivery, you can simply refuse the car and send it back to the dealership.

Taxi finance will be offered on a clear and transparent basis when you use a reputable lender that operates according to FCA good practice guidelines. There may be an application fee, for example. However, if you use a broker, the broker will usually be paid directly by the lender so that you will not bear this fee as a standalone cost. Ask for a full cost schedule that tells you how much interest you will pay each month against your loan, how much you will repay overall and whether there are additional costs.

Some taxi finance deals may include features such as fee-free early repayments, repayment holidays and overpayments. Bear these flexible features in mind if they are important to you – sometimes flexible features are of more interest to borrowers than the absolute lowest interest rate, especially if they are keen to potentially repay the loan early or to take a payment holiday.

Car Loans UK is here to make it easy to compare taxi finance and all other kinds of car loans. It’s easy, thanks to our cutting-edge software. Simply add your details and our technology will do the rest – automatically scanning the best deals on the market to find you the most competitive loans for your needs. Even better, when you see the finance that is best suited to you, it only takes a few seconds to apply online. We do the hard work for you to save you time and money.

Make smart, confident decisions on the loans and other financial products that you need with Car Loans UK. We can instantly scan the market for today’s best loans – around the clock – and our secure website means that your personal data will never be compromised or put at risk. Trust us to compare taxi finance and find you the best deal today.

Bear in mind that if you do not meet your repayments, the lender will be within their rights to sell the taxi in order to recover funds. For this reason, if you experience any issues with repayments, you should contact the lender as soon as possible in order to discuss your options.

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Rates from 7.9% APR. Representative APR 22.09%

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CarLoansUK © 2022 All rights reserved

Car Loans UK is a trading style of Wallace Bohen Ltd, a company registered in England and Wales. (Company number: 12382512, Registered Address: 4th Floor, Kingsgate, Wellington Road North, Stockport, Cheshire, SK4 1LW. We act as a credit broker and not a lender and are authorised and regulated by the Financial Conduct Authority for consumer credit FCA no.928674. CarLoansUK can introduce customers to a limited number of finance providers based on overall credit profile and may receive a commission for such introductions, this will not impact the rate you are provided. We do not charge a fee to the customer for arranging the finance. Written quotations on request. All finance subject to terms and status Data Protection Registration No.ZA766848.

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