50k loan required - possible?

Brit_Chick

Hi,

I hope someone can advise how to proceed.

My husband and I need a loan of 50k as my husband who works as a taxi driver wishes to purchase his own taxi (we currently pay £1200 a month on renting a taxi alone so obviously would make sense to purchase his own)

I'm confused as to where to go for the loan and what kind of loan to even get. We rent privately and so assume that we can only get an unsecured loan but would we be able to get 50k or would we have to look for someone offering a business loan?

I checked my credit score online last night just out of curiosity and it came back with a score of 999 which I'm hoping will be a big deciding factor for whoever decides our loan. I do have a personal loan of 12k that I took out two years ago to consolidate a load of other credit card debts but that is the only payment I have. My credit card is now for emergencys and generally paid off straight away if it is used.

ILW

Speak to the dealer, they probably do some sort of lease/purchase scheme.

paulmcerlean

your experian score of 999 means nothing. lots of people with 999 cant get a credit card with a £200 limit let alone 50K. it is practically a random number and not an indication of your credit worthiness.

i am not sure of too many lenders loaning 50K unsecured outside of a vehicle finance deal itself where the money is secured on the asset - but using a ratio of income to credit exposure, you would need a hefty salary and very few outgoings to make yourself an appealing risk to lenders in this climate.

you are best leasing in my opinion.

sandiep

The Taxi companies fund this, its the most common,
There are some good buys here; http://www.cabdirect.com/

inmymind_2

Isn't leasing the most tax effective way too?

Brit_Chick

Thanks for the replies guys.

I suspected that the credit score didn't mean as much as they'd like me to think (although ironically if it was bad then I bet it would!)

Leasing isn't really an option as we're looking to purchase the taxi place (licence) and vehicle from an existing holder. It's not just a vehicle per se that we want the money for.

Would love to be able to spend 50k on just a car though