Business Loans and Debt?

Suck_Fake

I withheld some the information because I didn't ask for advice on my business model, i was only asking about eligibility for the loan with bad credit, but seen as I'm being accused of my figures not adding up (including my old debt!! why would I make debt up) I'll explain further.

The taxi is in the Isle of Man where the fare rates are higher and there is a limited number of licences issued by our government. Uber as far as I'm aware are not licensed or likely to be. There are only two or three operators with multiple vehicle. Due to the limit on licences issued they do not come up very often. The last one I know that was purchased was around 3 years ago.

I know two taxi drivers and they have divulged their margins to me and they have both confirmed £10k profit is very realistic. One has been a taxi driver here for over 20 years. I would be willing to drive it weekends myself if it didn't appear to be on target.

My father is a joiner and his trade is catching up with him. The idea of the taxi was to provide him with a job less physical and drive it during the day, and of course my dad won't fiddle me.

Thanks for all the replies. Any advice is always appreciated.

Foxy-Stoat I don't know how you got so many thanks with an attitude towards fellow members like yours. Especially new members! Calling me a liar in your opening sentence! if you haven't got anything good to say pls keep it to yourself.

foxy-stoat

foxy-stoat wrote: »

You will probably struggle to find anyone willing to lend you the money required.

How is that calling you a liar - I was just stating a fact.

But hey if you can secure the funds, buy your taxis and make £10K profit I will be the first to doff my hat to you.

Ecommerce.businessman

In all cities the council restrict numbers of licence plates.....

My dad sold his plate for £13,000 in 2006......

Now 12 years later they are very easy to get around a few hundred pound.

They close then open the flood gate.

You say £1K a month if you do 40 hrs a week yourself then possible but hiring someone and paying their 40hr week pretty much will leave you peanuts.

Ignore everyone else their opinions are uneducated when it comes to business but I'm a businessman I have online business's.

dealer_wins

Ecommerce.businessman wrote: »

In all cities the council restrict numbers of licence plates.....

My dad sold his plate for £13,000 in 2006......

Now 12 years later they are very easy to get around a few hundred pound.

They close then open the flood gate.

You say £1K a month if you do 40 hrs a week yourself then possible but hiring someone and paying their 40hr week pretty much will leave you peanuts.

Ignore everyone else their opinions are uneducated when it comes to business but I'm a businessman I have online business's.

What a load of complete tosh lol