Beware of predatory taxi loans
With medallion prices soaring in some cities, an increasing number of drivers are taking out loans they can’t afford to repay. Some of these loans also came with seemingly-attractive features like interest-only repayments that only served to increase the cost and keep drivers in debt for longer. Many end up filing for bankruptcy because they weren’t able to make their repayments. Consider all sources of financing before you borrow and make sure your future income estimates leave room for an unexpected dip in revenue.