PCO Rental Business Expands Fleet with help from Time Finance

This case study explains how Time Finance supported a PCO rental company with vehicle finance to expand its taxi fleet and strengthen its operations.

We were recently introduced to a long-established PCO Rental Business who was looking to finance a batch of new 7 seater plug in hybrid vehicles to add to their already substantial fleet using asset finance solutions.

Supporting a PCO rental business with fleet finance

As new providers of funding into this sector we arranged for our Head of Structured Credit to visit the customer, understand how the business is performing and how we can support their funding needs. Having been established for over 11 years, it was important to us to meet the management team and see the business in action.

The initial request for funding was £250,000. Upon visiting the customer and seeing their operation first hand and their cash flow position, we were able to easily increase their credit limit to £540,000. From proposal to payout out took just two weeks. Our visit gave the business additional funding and flexibility to further expand their taxi fleet with vehicle finance if they wish to in the coming months without the need to reapply for funding.

Funding outcome

Time Finance provided a £540,000 vehicle finance facility which enabled the customer to expand its fleet of plug-in hybrid taxis. The funding was arranged within two weeks, allowing the business to quickly scale operations and increase its vehicle availability.

Kirsten Jakobsen Business Funding Specialist at Vaughans said:

"Working with Time Finance was a genuinely refreshing experience. Despite the sector being new for the team, the Head of Structured Credit took the time to speak with me directly and even met with the customer to better understand their business. As a result, their appetite to support the opportunity increased further post meeting.

My Broker Manager was excellent throughout - highly communicative, proactive, and fully took ownership of my queries while keeping me regularly updated. Overall, a great experience."