Yes, we offer taxi cab refinance services? If your circumstances have changed since you first took our HP or PCP finance with either ourselves or another company, the refinancing your current loan could be a great solution for you, but every situation is different so there's no guarantee that refinancing will be beneficial in every case. The only concrete way to know if refinancing is something you could benefit from is to get in touch with one of our finance specialists.
One benefit of refinancing could be that you find a taxi loan with lower monthly repayments. If you're struggling to make your repayments or need more disposable income, there's no need to wait until the end of your agreement. You could swap to a loan with cheaper monthly repayments and a longer repayment period instead.
Looking for a better deal? Credit scores aren't fixed and yours might have improved since you took out your finance. In fact, if you've kept up with your repayments, your existing loan could have boosted your rating! Refinancing could mean you find a loan with a lower rate of interest, lowering your monthly repayments or reducing the total amount payable.
It's also an option for people coming to the end of a PCP agreement. To keep the vehicle, you'll need to pay the balloon payment. Taking out a loan to split this one-off cost into manageable monthly repayments could mean you can keep a campervan you'd otherwise have to hand back to the lender.
If you have a lump sum of cash, you can purchase your own car. However, ensure that your new Uber car meets the vehicle requirements -before you spend any money.
If you don't have a lump sum of cash, then you have the following options available to you, depending on your circumstances:
HP or PCP Uber Finance
At Happy Motor Finance, we offer two types of finance -Hire Purchase (HP) and Personal Contract Purchase (PCP) finance. The best type of finance is down to personal choice, affordability and lender approval.
The benefit when using finance an Uber car is it can help you to break down the cost of a suitable car into manageable monthly payments, rather than paying an upfront payment.
However, remember that you must keep up with payments as you would be signing a contract with the lender of the money. Hire Purchase is generally more expensive than Personal Contract Purchase, but at the end of the agreement you will own the Uber vehicle outright. With Personal Contract Purchase, you will need to pay a final "balloon payment" at the end of the agreement in order to own the vehicle. That said, you can always refinance the vehicle to avoid costly balloon payments.
Leasing is a way of spreading the cost of a vehicle into manageable monthly payments. In a sense, it can be viewed as long term rental as you won't own the vehicle at the end, but it does have a fixed agreement term, typically between 6 months to 3 years. Unfortunately, we don't offer this option at Happy Motor Finance.
Renting is another option that you can use to purchase your new car. Again, this isn't an option that we at Happy Motor Finance offer but can be a great option for those looking to purchase a suitable Uber car.
Weighing up your options is important when you consider how to fund your new Uber, even if you have the lump sum to purchase the car outright, it could work out beneficial for you to spread the cost of the vehicle out. However,