Refinance

    Asset refinance: release cash from vehicles and machinery you own

    Reviewed by Luca Scalzo, Director, WFYA Limited · Last reviewed

    Asset refinance lets a business raise cash against vehicles, machinery or equipment it already owns, while continuing to use them. A lender advances an amount based on the value of the assets, and the business repays it in fixed instalments over an agreed term.

    We Finance Your Asset is a credit broker, not a lender. We introduce refinance applications from UK businesses to lenders on our panel.

    Who can apply for asset refinance?

    • Haulage companies with trucks and trailers that are paid off or nearly paid off.
    • Construction and plant businesses with machines that hold their value.
    • Businesses that bought assets with cash and now need working capital.
    • Companies that want to restructure existing finance into one agreement.

    How does asset refinance work?

    1. 01

      Tell us what you own

      List the assets in our application form, with age, condition and any finance still outstanding.

    2. 02

      Valuation and lender search

      Lenders on our panel assess the value of the assets, sometimes with an independent valuation, and the business's ability to repay.

    3. 03

      Cash released

      If a lender approves, any existing finance on the assets is usually settled and the balance is paid to your business. You keep using the assets throughout.

    What types of asset refinance are there?

    • Refinance on hire purchase: the lender buys the asset from your business and sells it back to you over the agreement. You own it again after the last payment.
    • Sale and leaseback: the lender buys the asset and leases it back to you. Read sale and leaseback explained.

    What assets can be refinanced?

    • HGVs, trailers, vans and fleet vehicles.
    • Construction equipment and heavy plant.
    • Agricultural machinery.
    • CNC machines and production equipment.
    • Assets with existing finance, where the settlement is paid out of the new agreement.

    What documents do you need to apply for asset refinance?

    Our application form asks for the information lenders need first, so it helps to have it ready:

    • Your company name and Companies House number.
    • The director's contact details, date of birth and home address history.
    • Details of the asset: what it is, its price, the supplier and, for vehicles, the registration and mileage if known.
    • The deposit you plan to put in and the term you would like.
    • Your last three months of business bank statements, which you can upload with the form.

    Lenders may then ask for more, such as recent accounts, proof of identity or the supplier's invoice, depending on the amount and your business.

    How long does asset refinance take?

    It depends on the asset, the lender and how quickly the documents arrive. The lender then makes its own decision; straightforward applications with complete documents move fastest, while larger amounts, used or specialist assets and newer businesses can take longer.

    What deposit and term should you expect for asset refinance?

    Most agreements involve some upfront payment, and the amount depends on the lender, the asset and your business. Newer businesses, older or specialist assets and larger amounts may need a bigger deposit. Terms are usually set by the expected working life of the asset. We will tell you what the lenders on our panel ask for once we know your details. We do not quote interest rates on this website because the cost depends on your circumstances: see what affects the cost of asset finance.

    Sources

    Checked on 31 October 2026.

    Frequently asked questions

    How can I release cash from vehicles my business already owns?

    Through asset refinance or sale and leaseback. A lender values the vehicles, pays off any existing finance, and advances the rest to your business. You repay in instalments and keep using the vehicles.

    How much can I raise through asset refinance?

    It depends on the market value of the assets, how much finance is still outstanding and the business's ability to repay. Lenders usually advance a proportion of the value rather than all of it.

    Can I refinance an asset that still has finance on it?

    Yes, if there is enough value above the outstanding balance. The new lender usually settles the old agreement as part of the deal.

    Is there a refinance option for haulage companies?

    Yes. Trucks and trailers are among the most commonly refinanced assets because they hold value well. See HGV finance.

    What is the difference between refinance and a business loan?

    With refinance the money is secured on specific assets, which lenders can value. An unsecured business loan is assessed mostly on the business's finances. Secured refinance can open options for businesses with valuable equipment.

    Talk to us about your asset

    Tell us what you want to finance. Our team reviews every application and comes back to you.

    Start your application

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    We Finance Your Asset helps businesses grow by making asset financing simple and accessible. Working with multiple lenders to get you the best fit.

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    We Finance Your Asset is a trading name of WFYA Limited (company no. 13810779), registered office Wyvols Court, Basingstoke Road, Swallowfield, Reading RG7 1WY. WFYA Limited (FRN 1023831) is an appointed representative of ITC Compliance Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 313486). We are a credit broker, not a lender. We work with a panel of lenders and are not independent. We may receive commission from the lender, which can vary by lender and product; we will tell you about it before you proceed. Finance is subject to status. Business finance for limited companies is not regulated by the Financial Conduct Authority.