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Truck Finance
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Written by James Dutton
James is Head of Asset Finance in our funding division. He specialises in arranging finance for assets across a range of sectors, as well as experience in completing finance agreements for assets coming from abroad. James has more than 30 years of experience in the finance sector, providing him with the necessary expertise to arrange finance for businesses requiring finance facilities across the UK.
Finance your truck
Whether you're running a single-vehicle owner-operator setup or managing a growing fleet of HGVs, keeping your trucks road-ready and up to date is essential to staying competitive and meeting operator licence obligations.
With new and used trucks representing a significant capital outlay, most businesses choose to spread the cost through a finance agreement rather than tie up working capital. That's where our dedicated haulage finance team can help, whether that's through hire purchase, a finance lease, or an asset refinance agreement.
Whether you're replacing ageing vehicles, expanding your fleet, or financing a single unit, we'll work with you to find a funding structure that fits your cash flow and your business.
We can also arrange finance for other commercial vehicles and transport equipment, including trailers and refrigerated vehicles.
What is truck finance?
Whether your business depends on heavy goods vehicles for national distribution, local deliveries, or specialist freight, the right truck needs to be available at the right time for you, rather than having to wait to accumulate the funds to buy it outright.
At UK Business Finance, we can arrange finance for the purchase of new and used trucks across a wide range of types and specifications. We can also structure refinance agreements against HGVs your business already owns, giving you access to capital without having to give up on assets you use regularly.
Finance can be arranged as a hire purchase agreement, a finance lease, or through asset refinance.
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With full market access and absolutely no ties to any lender, we can objectively match you with the most effective and cost-efficient source of business finance. Contact our team today!
Benefits of truck finance
Protecting cash reserves: Financing the purchase of a new or used truck avoids a single large draw on cash, leaving working capital available for fuel, licencing, road tax, insurance, and the many other costs involved in keeping a commercial fleet operational.
Accessing funds tied up in existing vehicles: For businesses that own trucks outright, asset refinance offers a route to releasing that value. The truck is sold to the funder and immediately leased back to you; the business continues to operate it as normal while receiving a lump sum that can be applied wherever it is needed. Ownership transfers back at the conclusion of the agreement.
Budgeting with certainty: Finance agreements have fixed monthly repayments from the outset. Knowing exactly what the HGV will cost each month and when repayments need to be made makes forward planning more reliable and reduces the risk of cash flow surprises.
Investing in vehicles fit for purpose: A HGV that regularly requires attention creates scheduling difficulties that can damage client relationships. Truck finance gives businesses a way to invest in well-specified, dependable vehicles without waiting until there is enough cash to fund an outright purchase.
Finance shaped to fit the business: The terms of the agreement can be structured to reflect the individual circumstances of the business. This ensures that the operator has a finance facility that is manageable and does not put unnecessary strain on finances.
How we helped a north-west haulage business finance six HGVs
A north-west based haulage business approached UK Business Finance needing to move quickly on financing six Scania HGVs for their fleet.
The customer's own bank had been slow to reach a credit decision on separate banking facilities, which had knocked their confidence in that relationship and opened the door for us to quote for the first time.
The relationship we have with our wide lender panel, as well as the volume of business we place, meant we could secure a more competitive rate through one of our high street funders.
The customer was pleased with both our speed of response and the rate we achieved, and off the back of this deal, we have since agreed to finance a further four HGVs for the business, with two more due for delivery shortly.
Apply for truck finance
UK Business Finance operates as a commercial finance broker, giving your business direct access to a broad range of lenders who specialise in commercial vehicle funding.
Here is how we can help:
- Receive an initial quote in 60 seconds
- A wide-ranging panel of lenders
- Our team prepares and submits your application to lenders
- Years of thorough experience in the finance sector
For more information on truck finance, please reach out to our specialist team today.
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Our team of finance experts can provide industry-leading advice on finance options to suit a range of different scenarios. Call the team on 0808 301 0624 or Contact Us
What finance can be used for truck finance?
Businesses that rely on trucks for their operations have access to several finance options depending on their circumstances. Asset finance and finance leases spread the cost of new or used vehicles across fixed monthly repayments, and asset refinance can help businesses raise capital from trucks they already own. Where funding requirements go beyond a specific vehicle, unsecured loans offer additional flexibility.
UK Business Finance works with truck operators across the UK to identify finance solutions that fit their needs. From single vehicle purchases to larger fleet requirements, our team can manage the finance process.
| Asset Finance | Asset Refinance | Finance Lease | Unsecured Loans | |
|---|---|---|---|---|
Typical term length | Medium Term | Medium Term | Medium Term | Short Term |
Flexibility | Medium | Medium | Medium | High |
Deposit required? | Yes | Yes | Yes | No |
Purpose | Purchase assets | Raise capital for multiple ventures | Lease assets | Multiple business needs |
How do we work?
1. Get a Customised Quote
When you reach out to us, we will likely request that you provide the following information. Your latest set of accounts, previous 6 months’ banks statements and director’s personal details.
2. Compare Options
Once the information from step 1 has been confirmed, we will reach out to our extensive panel of funders, who under normal circumstances, respond with an answer in 48 hours. After this, Know Your Customer (KYC) and identification checks will take place for the business and its directors.
3. Finalise the agreement
As soon as you agree to move forward with the terms and conditions, you will receive the relevant documents for you to sign and then return. After the final checks have been completed, the funds will be released. The time taken to release the funding varies depending on the funder, ranging from 24 to 72 hours.
Why does your business need truck finance?
For businesses that depend on trucks to deliver their service, keeping the fleet operational and fit for purpose is non-negotiable. The cost of acquiring and maintaining commercial vehicles can be significant, and having the right finance structure in place helps ensure those costs do not disrupt day-to-day operations.
- Purchase new trucks for your fleet
- Free up cash for operational costs
- Repayments structured around your business
- Reduce exposure to breakdown costs
- Replace vehicles nearing end of life
- Unlock capital from owned assets
- Take on new jobs with confidence
- Scale fleet capacity at your own pace
Why Choose UK Business Finance
100% Independent Broker
We're not tied to any lender. With access to 90+ finance providers, we match you with the most suitable funding solution, not the one that pays us the best commission.
Callback Within 30 Minutes
From the moment you contact us, we commit to responding within 30 minutes. When your business needs funding fast, every hour counts.
Nationwide Coverage, Local Expertise
With 8 regional offices and 100+ supporting locations across the UK, you'll work with a finance specialist who understands your local market.
Truck Finance FAQs
What types of trucks can I finance?
We can arrange finance for a wide range of commercial vehicles, including rigid trucks, tractor units, tipper trucks, curtainsiders, and specialist HGVs. Whether you're looking at a new vehicle from a manufacturer such as Scania, DAF, Volvo, or Mercedes-Benz, or a quality used truck, we can tailor a solution to suit your fleet and your budget.
What finance options are available for trucks?
Hire purchase is a popular choice for fleet operators as it allows you to spread the cost over a fixed term while working towards outright ownership. Finance leases are also available if you'd prefer to preserve working capital or rotate your fleet regularly. We'll help you identify the most appropriate structure based on how your business uses and manages its vehicles.
How much can I borrow to finance a truck or fleet?
The amount available will depend on factors such as the value of the vehicles, the size of your fleet, and your business's financial profile. We work with a panel of lenders experienced in commercial vehicle finance, and we'll work to find terms that reflect your specific circumstances.
Can I refinance trucks I already own?
Yes, sale and leaseback and refinance options are available on vehicles you already own outright, allowing you to release capital tied up in your fleet and put it to work elsewhere in the business. This can be a practical option for operators looking to improve cash flow without disrupting day-to-day operations.
Can I finance multiple trucks under one agreement?
In many cases, yes. Fleet finance arrangements can be structured to cover multiple vehicles, either under a single agreement or across a series of linked facilities. This can simplify the process and allow you to manage repayments in a more structured way.
Can I finance a used truck?
Yes, finance is available for both new and used trucks. Lenders will typically consider the age, mileage, condition, and current market value of the vehicle when assessing your application. Having a clear picture of the asset's service history and MOT record can help support a smoother application.
