Commercial Vehicle Refinance for UK Businesses
Explore releasing capital or replacing borrowing against eligible existing vans, HGVs, trucks and fleets. NBS reviews ownership, value, settlement and affordability before assessing possible refinance routes through lenders and specialist partners.
- An existing business van, truck or HGV may have usable equity.
- Current vehicle finance needs a cost and settlement review.
- Several vehicles need assessment as part of a fleet requirement.
Asset and provider criteria vary. Registered keeper status is not proof of ownership, and market value is not the same as cash available to release. NBS Finance is a commercial finance broker and introducer, not a lender.
Refinancing existing vehicles or buying another one?
This page concerns vehicles already owned or financed by the business. If you are purchasing an additional vehicle, use commercial vehicle purchase finance. For machinery or plant as well as vehicles, see asset refinance.
Potential assets include business vans, trucks, HGVs, commercial trailers, fleets and specialist vehicles where a provider accepts the asset. No vehicle type is automatically eligible. Consider whether releasing capital is worth the new repayments and security obligations.
Owned outright, on finance or part of a fleet?
| Position | What may be reviewed | Important limitation |
|---|---|---|
| Owned outright | Evidence of title, asset condition and current valuation. | A lender assesses the asset and business; historic purchase cost is not a funding entitlement. |
| Outstanding HP or other finance | Agreement type, legal title, valid settlement quotation and security. | Existing obligations must be addressed; a lease or other arrangement may not allow the proposed refinance. |
| Several vehicles or a fleet | A vehicle-by-vehicle schedule, ownership, valuations and settlements. | One asset’s equity does not remove another asset’s title problem or guarantee combined funding. |
Age, mileage, condition, specialist use and residual value affect appetite. Providers also review trading, affordability and existing charges. The V5C records the keeper; ownership needs separate evidence. Do not assume the business can sell or pledge a vehicle while another party holds title.
Worked example: calculate net cash, not gross finance
Every amount below is hypothetical and is not an offer. Assume a provider accepts the vehicle and agrees gross finance of £56,000 against an £80,000 valuation. This is not a universal 70% entitlement.
| Item | Illustrative amount |
|---|---|
| Vehicle market valuation | £80,000 |
| New gross finance | £56,000 |
| Outstanding settlement | −£30,000 |
| Applicable fees assumed for this example | −£2,000 |
| Potential net proceeds before further deductions | £24,000 |
Net available cash = new gross funding − existing settlement − applicable costs. £56,000 − £30,000 − £2,000 = £24,000. Confirm VAT treatment, early settlement charges, legal or valuation costs and any other deductions in the actual proposal.
If the required settlement and costs exceed the new gross funding, there may be no cash release and a contribution may be needed. Compare the full new repayment schedule with the remaining cost of the existing arrangement.
How the refinance process progresses
- Describe the business, purpose, vehicle types and number of assets.
- Provide ownership evidence and the vehicle schedule.
- Confirm agreement types and obtain current settlement quotations.
- A suitable provider assesses valuation and asset condition.
- The lender reviews affordability, security and the proposed structure.
- Agree the terms and how existing obligations will be settled.
- Complete the new arrangement and required title or security steps.
- Any available net funds are released under the agreed payment arrangements.
Structures and payment routing differ by lender. Review a current settlement quotation with its expiry date; an estimated balance may not be the amount required to close the agreement.
When refinance can be the wrong choice
- High settlements or negative equity leave little or no usable cash.
- Older assets, high mileage or weak residual value limit lender appetite.
- Existing security, title restrictions or agreement terms prevent the proposed structure.
- Extending the term may lower an instalment but increase total borrowing cost.
- New repayments add pressure to a business with weak cash flow.
- Default can put an essential operating vehicle at risk, disrupting the business.
Consider repairs, downtime and replacement needs over the proposed term. Do not refinance solely because a monthly payment looks smaller. Where the real need is broader working capital, compare business loans and the business’s ability to repay. Haulage funding guidance considers operating costs alongside fleet requirements.
What to include in your enquiry
In the existing form, choose Asset refinance and describe the vehicle type and count. Include estimated value, whether finance is outstanding, approximate settlement, purpose, amount and timing. Mark uncertain values as “Not sure”; estimates are not valuations or confirmed settlement figures.
A provider may later need invoices or ownership evidence, registration details, mileage, condition, vehicle photos, finance agreements, current settlement quotes, accounts and bank information through the agreed secure process. See the asset refinance guide for preparation points.
NBS reviews the requirement and can introduce it for provider assessment where suitable. Any offer, valuation, funding amount, security, rate and costs are set by the provider. British Business Bank: asset refinancing provides further background.
Your questions, answered
Can I refinance an HGV?
An eligible HGV may be assessed. Title, age, mileage, condition, valuation, settlement and affordability determine whether a suitable provider can consider it.
Can I refinance a van still on HP?
Potentially, subject to the agreement, title and settlement. The current finance must be addressed within an agreed structure; being the keeper is not enough.
Can several vehicles be refinanced together?
A fleet requirement can be reviewed, but each asset’s title, value and outstanding obligations still need assessment. A combined facility is not automatic.
Do I need to own the vehicle outright?
Not necessarily. Outstanding finance can sometimes be settled as part of a new transaction, subject to the provider and agreement. Different lease or hire arrangements may be unsuitable.
How is refinance value calculated?
The provider uses an accepted valuation and its asset criteria to determine gross funding. Existing settlement and costs then reduce the potential cash released.
Does refinance reduce monthly payments?
It may change repayments, but there is no guarantee. A longer term can reduce instalments while increasing total cost; compare the full schedules and fees.
Can older or high-mileage vehicles qualify?
Some providers may consider them, while others will decline or restrict terms. There is no universal age or mileage limit for all lenders.
How long does commercial vehicle refinancing take?
Timing depends on ownership checks, settlement, valuation, underwriting and completion documents. NBS can discuss a realistic timetable after reviewing the actual assets.
Related funding guidance
Content reviewed 14 October 2026. Examples are illustrative; provider terms and regulatory requirements must be checked for the actual proposal.
Check Your Vehicle Refinance Options
Start with your business requirement, approximate amount and timing. NBS reviews the information and assesses suitable starting routes through lenders and specialist partners. Any offer is subject to the provider’s assessment and terms.
An enquiry does not commit you to accepting finance. Read the privacy notice and sharing authorisation in the enquiry before submitting.