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Understanding your Taxi Finance options at The Taxi Centre

At The Taxi Centre, we want to help you find the best new taxi deal possible. We offer a selection of taxi finance options to help cover the costs of your new taxi in a way that suits your budget. Just one of the many benefits you get when buying a taxi
direct from us.

We offer Hire Purchase (HP) on all of our new taxi, as well as Personal Contract Purchase (PCP) for specific models. Keep reading to discover the benefits of taxi finance at The Taxi Centre.

What is taxi finance?

Taxi financing is a great way to make buying your new taxi easier. You can split the cost into monthly instalments in a way that suits your budget. This is usually paid over an agreed period until the contract ends. Once all payments have been completed, depending on which type of finance you choose, you can either hand back the taxi and walk away or take ownership of your new taxi.

How do I apply for taxi finance at the Taxi Centre?

The first step to apply for taxi finance is to enquire with The Taxi Centre. To get a head start, once you find a vehicle you think would make the ideal taxi, you can apply for finance online by clicking the Apply for finance button. Alternatively, you can call our team who will guide you through the taxi finance application process.

How Taxi Finance works with The Taxi Centre?

Find your new taxi

Browse our wide stock of new taxis for sale and find your perfect taxi.

Get a quote

Apply for finance and we�ll give you a quote for the taxi you are interested in.

Confirm your order

Speak to our expert team to order your new taxi. We also have free delivery available in the UK mainland.

Why choose The Taxi Centre for your taxi finance?

At The Taxi Centre, we have a range of taxi finance options taxi finance packages are flexible according to your budget and allow you to split the cost of your new taxi into manageable monthly instalments.

Our expert sales team will be able to take you through the options, including Hire Purchase (HP) and Personal Contract Purchase (PCP) to help find the right taxi finance option for you or your taxi business. Plus, we�ll be on hand for anything else you need throughout your contract. If you�re looking for taxi finance, get in touch with our team of finance experts and see how we can help.

The different Taxi Finance Options available

Taxi Hire Purchase (HP)

What is hire purchase for taxis?

Taxi hire purchase is a form of finance allowing you to buy a new taxi with the ability to choose the amount of deposit and the term of the agreement. You pay a small deposit (usually 10% of the vehicle�s value), followed by set monthly payments over the agreed period.

Interest is fixed, meaning that the payments will remain the same throughout the agreement. It is secured against the taxi, meaning you won�t take ownership of the vehicle until you�ve made all payments, including any option to purchase fee.

You can settle the agreement at any time by paying the outstanding balance on the taxi.

Features of Taxi Hire Purchase

  • You choose the deposit and length of agreement
  • Fixed monthly payments over its duration
  • Option to purchase fee at the end
  • Businesses can reclaim 100% of the VAT

Benefits of Taxi Hire Purchase (HP)

  • You own your taxi
  • No mileage restrictions
  • Agreement can be cancelled at any time by paying outstanding balance

Taxi Personal Contract Purchase (PCP)

What is personal contract purchase for taxis?

Taxi personal contract purchase, or PCP, is a common form of finance often used to buy new taxis. It involves an initial deposit, followed by fixed monthly payments over the course of the agreement. At the end of a PCP agreement, there are several options. You can either:

  • hand the taxi back after you have completed all payments and walk away
  • exchange it for a new one and start a new PCP contract, or
  • pay the final balloon payment and become the vehicle�s owner.

At The Taxi Centre, we only offer PCP finance deals for the LEVC TX taxi. If you�d like to view an LEVC TX taxi in person, head over to our Scotland dealership. Discover a great range of benefits with a taxi PCP agreement, while getting a brand new, Electrically driven TX taxi.

Features of taxi Personal Contract Purchase (PCP)

  • Fixed, monthly instalments until the end of the contract
  • Can be ended early provided you pay more than 50% of repayments
  • Final balloon payment gives you ownership of the taxi
  • Long-term rental agreement
  • Businesses can reclaim 100% of the VAT

Benefits of taxi Personal Contract Purchase (PCP)

  • Budget-friendly with lower monthly instalments
  • Flexible options at the end of the agreement
  • Term and deposit set according to your budget
  • Long-term rental agreement
  • More affordable way to buy a purpose-built taxi

FAQs

Can I get taxi finance with bad credit?

All applicants for taxi finance will be required to undergo a credit check. Don't worry, you can still apply for taxi finance with a poor credit score, although this may impact the terms available to you.

Is there a mileage cap on taxi finance deals?

On taxi Hire Purchase (HP) finance agreements, there are no mileage caps meaning you are not limited to how far you want to drive your taxi. For Personal Contract Purchase (PCP) finance agreements there is a mileage cap. However, our terms offer increased mileage to consider the needs of all taxi drivers. PCP finance is better suited to those who can estimate their annual mileage.

Can I claim VAT on taxi finance? 

Providing you are a VAT registered business, and the vehicle will be used primarily as a taxi, you can recover VAT in full for all finance types we offer.

How long do taxi finance contracts last?

Most taxi finance agreements allow you to choose payment terms typically between two to five years, though the final decision is yours.

Get more for your money with The Taxi Centre

At The Taxi Centre, we do more than help you to find perfect new taxi. Our strong supplier relationships enable us to bring you special offers and discounts, as well as nationwide access to some of the best available stock.

When it comes to new electric taxis and hybrid taxis, we also help you with the transition, keeping you up to date on all the latest government grants and incentives available. For expert advice on all our taxi finance options, get in touch with one of our friendly team members today.