Taxi Finance

Get the green light on flexible and structured finances to help you purchase or upgrade your taxi with Savvy.

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, updated on August 28th, 2023       

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Effective finance products that understand you

Whether you're joining a vast network of Uber drivers, driving to make some extra cash, or building a taxi empire, we have the products to suit your needs. Our products are tailor-made for taxi owners and operators. At Savvy, we have solutions that keep up with the modern individual and business needs so that you can keep on moving forward.

Flexible solutions for any type of taxi

Being in the taxi business is competitive. More people are using taxis services for its convenience. The increasing popularity of ride sharing services like Uber have managed to save Australian Uber X riders $31.5 million. The growing ridesharing community means that you need competitive financing to fund your business. Get loans that work with your cash flow. At Savvy we source our loans from over 40 of Australia’s leading lenders to help you get competitive rates and a fair deal.

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Get answers to your taxi loans questions

What is the eligibility criteria to get a taxi loan?

This will differ from lender to lender, especially if your business has no established business ownership history or hasn't generated ongoing revenue.

Do you offer leasing and hire purchase options?

Yes. We offer competitive leasing and hire purchase options.

Is it better to buy new or used?

A used car will lower your costs initially, but it can become costly in the long run. New cars can offer you more value for your money. You must weigh out the options that will work for you.

Can I get finance for an Uber car?

Yes. You can get car finance towards your Uber business as it can be counted as your employment while doing the application.

I want to buy multiple vehicles. Will I still get financing?

Yes. At Savvy we can help you set up a once off solution that can assist you in purchasing multiple vehicles. You can speak to our consultants for assistance.

Are there no-deposit taxi loans available?

Yes. There are 100% financing options that are available. However, if you can afford to do so, putting up even a small deposit can help you save on your loan.

More on taxi loans

Protect your cash flow

The taxi business is one where you need to be on top of your game to maintain customers who will generate your cash flow. However, with unexpected costs to factor in such as maintenance or business not generating income it can be hard to meet loan repayments. Therefore, you need to choose a loan that considers the fluctuation of owning a taxi. It needs to have low rate flexible repayments that protect your cash flow when the going gets tough.

Collateral for your loan

It is vital to check the features of your loan. Some lenders will require that you provide an asset that they can secure to the loan. However, there are some restrictions as what you can and cannot use as collateral. For example, many lenders do not accept taxi medallions as security because of volatile pricing. If you choose a secured loan, keep in mind that whatever asset you choose to use as security can be repossessed to pay off the loan if you fail to meet repayments.

Taxi vs Uber

With Australians being able to save 800,000 hours a year from using Uber, there is no doubt that traditional taxi services are feeling the pinch. When it boils down to it, it is all about efficiency and safety for both drivers and customers. Investing in a car that gives your business that added edge is important. Therefore, getting a loan that allows you to purchase a new or latest range of used vehicles is essential. This will give your business the efficiency to drive it forward.

Protecting your business

Whilst UberX rides in Australia are protected by liability insurance which provides coverage of $20 million for third party bodily injury and property damage, if you fall outside of this, you need to get yourself insured. Protecting your number one asset is one way to protect yourself when things go wrong. Without it, you could end up paying through your noise on vehicle damage costs. Insurance gives you peace of mind and protects you and your cash flow from additional expenses.

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