All taxi drivers must buy their license and acquire an appropriate vehicle to practice their profession. But how to finance the purchase of a taxi car when you do not have the necessary capital? Here are some solutions that can meet the needs of independent taxi drivers.
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The different possibilities of financing a taxi
The professional has the option of choosing one of the following means:
- The allocated loan : it is intended to finance a property previously designated in the contract. It is often used for the purchase of a vehicle. The assigned credit protects the consumer in the event of non-delivery of the goods. The sale being cancelled, this automatically entails the cancellation of the credit without any cost to the interested party.
- The personal loan : it allows you to borrow a certain amount without having to justify your purchase.
- Car credit : it is reserved for individuals and professionals who wish to acquire a new or used vehicle at an advantageous rate.
- Professional credit : this loan is granted to craftsmen, traders and self-employed workers wishing to acquire equipment such as company vehicles and specific machines, but also premises essential to their company.
- Leasing or leasing : it is a financial transaction which consists of renting a vehicle with an option to buy and which is also called LOA . At the end of the rental contract, the beneficiary can decide either to return the vehicle to the lessor, or to keep it by paying the amount fixed beforehand and plus interest.
- Long Term Rental or LLD : the taxi driver has the option of renting his car for a period of between 1 and 5 years. At the end of the rental contract, he is obliged to return the vehicle without the possibility of purchase. LLD has the following advantages:
- No maintenance since it is the lessor who takes care of it,
- Possibility for the tenant to recover the VAT,
- Rent deductible from the tax scale,
- Loan of a replacement vehicle in case of immobilization.
- The APR , Annual Effective Annual Rate: it includes the nominal rate as well as ancillary costs such as credit insurance and administration fees,
- The cost of credit : it includes the amount of monthly payments plus interest and various fees.
Note that in the case of Long Term Rental, the annual mileage is limited . It is therefore up to the renter of the car to pay a supplement in the event of an overrun, which is common when it comes to a taxi.
How to find out about credit offers to finance your taxi?
Banks and credit institutions offer financing solutions to taxi drivers wishing to acquire their vehicle.Cab loan offers must include the following information:
The taxi driver about to found his company must be able to repay his loan. He is required to convince the bank by providing it with certain information such as market research, for example.
Compare the best auto credit offers for taxis
It is necessary to compare car loan offers before choosing the most interesting one. In order to find the financing that best suits your needs, you are strongly advised to request several quotes through an online simulator. The process is free and without obligation. A few clicks are enough for the interested party to receive proposals from different organizations. He can thus take the time to think before choosing the best loan contract.
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