Taxis, Ubers & Driving Schools
Looking for a business lease for a taxi, Uber or driving school vehicle? Here's what you need to know about Hire & Reward leasing.
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What is classed as Hire & Reward?
Are we able to assist you with funding a vehicle which is to be used for hire and reward?
What is Hire & Reward?
Hire & Reward is a term used to define the use of a vehicle in which passengers provide payment in return for transport. This definition is what our funders will use to determine whether the use of your vehicle falls outside of their acceptable criteria.
What business types are classed as Hire & Reward?
- Taxis
- Uber drivers
- Driving Schools
- Couriers
- Chauffeurs
- Credit Hire
- Bodyshop cars
This is not an exhaustive list.
Are we able to assist you with funding a vehicle which is to be used for hire and reward?
Not usually. As a broker, we work with a panel of the top lenders for vehicle leasing, who set their own eligibility criteria and restrictions.
Most, if not all of our funders stipulate that vehicles used for Hire & Reward will not be eligible for finance with them through traditional contract types (such as Contract Hire, Contract Purchase, Finance Lease etc.).
Are there any exceptions?
Couriers with several years worth of good accounts published may be considered by our lenders. Bodyshops may also be considered if the business is strong, and willing to commit to a minimum of a 24 month term.
Some funders offer specific schemes for taxis, Uber drivers and driving schools, outside of the traditional finance methods. The trade body for each sector will provide you with information on this.
Still not sure?
Contact our friendly team on 01993 226225 for advice and guidance.