For Your Taxi Business
You may be a Taxi driver in need of a new car, black cab or mini-bus. Or, a large Taxi firm wanting to purchase a batch of vehicles to rent to your drivers.
At CARMERCIAL Asset Finance we know funding Taxis isn't as straight forward as funding a normal car. Many finance options don't allow the car to be used as a Taxi, but that's where we come in. We can offer flexible funding solutions to suit you or your firm.
A lot of larger Taxi companies will only allow cars up to 4 years old on their fleet. The aim is to keep the cars fresh and reliable whilst projecting a professional company image. High mileage vehicles will inevitably require more maintenance. Maintenance means downtime and downtime means loss of earnings.
Talk to us today to find out more about our funding solutions. We want to keep your business on the road with a vehicle you can trust.
Please note that whilst this list is extensive it is not exhaustive. Please contact us with any Asset queries you may have.
Finance products for taxi operations
HP is a secured loan on your asset. It allows to acquire the asset immediately with a small deposit. You pay monthly instalments over the agreed term which spreads the cost of your investment. At the end of the term you can pay a nominal 'option to purchase' fee and you will own the asset outright.
HP helps keep capital in your business making it easier to budget. It is a popular finance product for businesses looking to purchase machinery, vehicles. Construction and agricultural equipment.
Refinancing the current assets on your balance sheet is a great way to get a cash injection in to your business. We buy the asset from you and you buy it back from us on a Hire Purchase agreement over an agreed term.
Improved cash flow and available funds can be used to acquire additional assets or put to use in any part of your business you choose. At the end of the refinance term you will once again own the asset.
A finance lease can be set up as a full pay out agreement or with a balloon payment on the end. This allows you to acquire the asset without having to buy it outright. You chose what deposit you'd like to pay and the length or term. Rentals are paid each month and at the end of the contract you can return the asset to the funder, sell and keep a portion of the income or continue using the asset in a secondary rental period.
This flexible finance agreement provides a low initial outlay, VAT can be reclaimed on rentals and the cost can be offset against pre-tax profits.
An Operating Lease or Contract Hire as it's also known allows you to rent the asset over an agreed term. A residual value (rv) is set by the funder based on the value of the asset at the end of the term.
Payments will be lower than that of an HP as you are only funding the depreciation of the asset during the time you have it, not the full cost of the asset as you would do if financing to own. At the end of the term you hand the asset back and walk away meaning you have less hassle trying to sell or trade-in the for a new one.