With the current prices of medallion hovering around $400,000, most interested buyers will probably require financing. Taxi Consulting Corp (as a licensed broker) arranges financing for potential purchasers of medallions. We have access to many lenders that provide financing for the taxicab industry which we utilize in assisting potential buyers. As part of the services we present several options in obtaining financing based on the buyer’s qualifications.
In addition, we also assist in the brokering of refinancing for current owners of medallions who may want to purchase additional medallions or obtain cash (for expanding their business, obtaining real-estate, or personal needs).
The financing process requires that the person has been pre-approved to receive financing. This includes a one page application that is forwarded to several lenders for approval. Once approved, we must provide a checklist of items and set up a closing date. It should be noted that all lenders have specific, varying loan fees.
For the individual that requires a smaller amount of money, our in-house lenders can provide fast and immediate financing. In most cases these are second loans for the purpose of purchasing vehicles, or the need for emergency funds.
The maximum loans that are offered by some lenders can be as high as $250,000; these types of loans typically have loan fees ranging from $1,200 to $1,400. These types of loans generally have a balloon between 3-5 years. The interest rates can range from 5.75% to 6.25% depending on the amount of the loan and the qualification of the buyer. Smaller loans have different fees, which are dependent on the amount of money borrowed.