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Vehicle asset refinance releases the equity tied up in a van, truck or other commercial vehicle you already own, turning it into working capital while you keep using the vehicle.
What is vehicle asset refinance?
If you own a van, dropside truck or other commercial vehicle outright, vehicle asset refinance lets you release some of the equity tied up in it as working capital. The vehicle stays on the road and in use; the finance simply unlocks value that would otherwise sit idle on your books.
It’s a simple, broadly available product, distinct from materials asset refinance, which is tailored specifically to scaffolding stock rather than vehicles.
When vehicle asset refinance makes sense
- You need working capital and don’t want to take out an unsecured loan
- A vehicle is paid off and sitting as unused equity
- You’re covering a gap between contract payments
- You’d rather raise funds against an asset you own than apply for new borrowing
How vehicle asset refinance works
Tell us about your vehicle
Share the make, model, reg, mileage and condition of the vehicle you'd like to refinance.
We value the asset
Our lender panel assesses the vehicle's current value against your business details.
Review your offer
See how much can be released and the repayment structure before agreeing to anything.
Receive your funds
Once agreed, funds are released into your business and you carry on using the vehicle as normal.
Vehicle asset refinance eligibility
Vehicle refinance is available to sole traders and limited companies, and generally applies to vehicles owned outright or with minimal outstanding finance.
- Vans, tippers, flatbeds, dropside trucks, HGVs and trailers considered
- Vehicle should generally be owned outright, or close to it
- Sole traders and limited companies considered
- A separate, simpler product to materials asset refinance
What you’ll need to apply
Because refinance is based on the vehicle you already own, a few details about it help us value it accurately.
- The vehicle’s make, model, age and mileage
- V5 logbook details
- Confirmation of any outstanding finance on the vehicle
- Your business trading history
- How much you’re looking to release
Looking to fund a vehicle you don’t own yet instead? See used van finance or dropside truck finance. For the full range of commercial vehicle finance we arrange, visit vehicle finance.
FAQs about vehicle asset refinance
Vehicle asset refinance lets you release the cash tied up in a vehicle you already own, such as a van, dropside truck or HGV, without selling it. You continue using the vehicle while repaying the finance over fixed monthly instalments.
Vans, tippers, flatbeds, dropside trucks, HGVs and trailers used by scaffolding and construction businesses can typically be refinanced, subject to the vehicle’s age, condition and value.
This depends on the vehicle’s current market value and how much, if any, finance is still outstanding against it. Our team can give you an estimate once you share the vehicle’s details.
The vehicle generally needs to be owned outright, or very close to it. If there’s existing finance on it, that’s not necessarily the end of the road. Share the details with our team and we’ll confirm whether refinancing is possible in your circumstances.
Refinancing releases cash without giving up the vehicle. You keep using it for work while repaying the finance, rather than losing access to it altogether.