Running a taxi business in the United States has never been more challenging with the rising expenses and growing competition like Uber and Lyft. To compete with these competitors and overcome various expenses, you will need capital to keep your business profitable and on the path to success. Between friendly drivers and reliable vehicles, your business is going to need sufficient capital to stay relevant in your service area.
When you choose Opportunity Business Loans, you will get access to reliable taxi business financing that is customized to your specific needs. We will secure the working capital that you need through our taxi loans to take your taxi company to the next level.
If you are starting your first taxi service, it is essential to know that most people begin with owner-drivers first. This is much cheaper than purchasing a fleet of vehicles and finding drivers to work them. You will just have to fund the radio or computer link to the cars and insurance and licenses.
Borrowing the necessary funds to get started can be a pain. Most people don’t have sufficient credit to get approved at a traditional bank. If you want to start a taxi cab business, you are in the right place. We have lenient loan criteria that make it easier for you to get approved for a loan compared to a traditional bank. Another advantage of choosing us is that we offer same day funding. A traditional lender could take weeks to approve you; we will approve you and deposit the funds in your account in under 24 hours.
We offer a variety of taxi business loans that are tailored to your individual needs. Our team of professional financing consultants will assess your situation and customize a loan that is as convenient to you as possible. Below are the different types of loans that we offer to taxi businesses.
Small Business Loans are one of the best options for small taxi businesses. The Small Business Administration guarantees a partial amount of SBA loans, which allows us to lend more to small businesses with more flexible terms.
Requirements for approval of an SBA loan include:
Business lines of credit are commonly considered the most flexible type of business loan. A business line of credit could be a good fit for your taxi business, depending on your situation. Lines of credit are great for the constant availability of capital. This gives you the flexibility to take out the amount of money you need at whatever time you need it.
If you need to purchase specific equipment for your taxi business, like a car or bus, equipment financing might be the best option for you. With this option, you can get a loan for a specific piece of equipment for your taxi company. You then pay back the loan at a small premium.
Whether you are looking to purchase a luxury taxis or a vintage taxi, we have you covered. As you can probably guess, taxis rank up more miles than the average personal vehicle, so it is beneficial to purchase new, or relatively new, vehicles for your business. Our business loans all you to purchase any fleet of vehicles that you have your eyes on. We will provide you with the same-day funding that you need to buy any make or model of the taxi. Here are the most common types of taxis that our customers choose to purchase:
Our taxi business loans come with a variety of benefits that will keep you flourishing in your service area. Whether you are a small business or have multiple fleets of taxis, we will help you continue to grow your business, maintain profitability, and increase success. Our loans come with the following benefits that give you an upper hand over the competition:
Depending on the city that you are operating in, you might need a medallion to run your taxi business. Some of the largest cities that require a medallion include New York, Boston, Chicago, San Francisco, and Miami. For more information on medallions, visit here.
If you are looking to grow your taxi business or want to start your first taxi company, you are in the right place. To get approved for a loan amount and receive the funding in under 24 hours, just complete our simple 3-step application process.
First, fill out our online application form. This form only takes a few minutes to complete and asks for basic information about you and your taxi business. We will use this information to customize a loan around your individual needs.
Next, we tailor a loan specific to you and your business. We will customize a payment plan that is as convenient as possible so that you can worry less about your loan and more about your business. Then, we will have you submit a few documents that we will use to take the final approval steps.
Once complete, we will deposit the funds into your business's bank account in under 24 hours.
If you are in need of working capital for your taxi business, you are in the right place. Opportunity Business Loans can get you the funding you need in under 24 hours when you apply today. Our application process is super simple and only takes a few minutes to complete. We are much faster than traditional banks and require less paperwork. If you are in need of taxi cab business financing, give us a call today or fill out our online application form.
With locations in every city, you'll have no problem finding the right loan.
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