Guide
How to finance a used HGV for your business
Reviewed by Luca Scalzo, Director, WFYA Limited · Last reviewed
To finance a used HGV, choose the truck and check its history, decide between hire purchase and a lease, prepare your operator's licence, bank statements and the seller's details, then apply through a lender or a broker. The lender checks the business and the truck, and if it approves, pays the seller directly. Most used HGVs are financed on hire purchase, so the business owns the truck after the final payment.
What are the steps to finance a used HGV?
- 01
Choose the truck and check it
Get the registration, VIN, age, mileage, specification and price, and check its annual test history and any outstanding finance before you agree a deal.
- 02
Prepare and apply
Gather your operator's licence details, business bank statements and the seller's details, then apply through our application form.
- 03
Lender checks and payout
The lender assesses your business and the truck, sometimes with an inspection or valuation. If it approves, you sign and the lender pays the seller.
What should you check on a used HGV before financing it?
- Annual test history: HGVs and trailers have an annual test instead of an MOT; ask the seller for the test history.
- Outstanding finance: a lender will not finance a truck that is still owned by another finance company unless that finance is settled as part of the deal.
- Service and tachograph records: proof of regular maintenance supports the value.
- Age at the end of the term: lenders set a maximum age for the truck when the agreement ends, which limits the term on older trucks.
- Bodywork and equipment: tail lifts, fridges and specialist bodies affect the value and the inspection.
What documents will the lender want?
| Document | Why |
|---|---|
| Operator's licence details | Shows your business can legally run goods vehicles over 3.5 tonnes |
| Business bank statements (usually the last three months) | Shows cash flow and ability to repay |
| Company details and Companies House number | Identifies the business |
| Director details | Lenders often check directors, especially for younger companies |
| Seller's invoice or quote and the truck's details | Confirms the asset, price and seller |
| Accounts or contracts (for larger amounts or newer businesses) | Shows income and stability |
Hire purchase or lease for a used HGV?
Hire purchase suits operators who want to own the truck and run it for years; it is the most common choice for used trucks. A finance lease suits operators who replace trucks on a cycle. See HGV finance and hire purchase for more detail.
Sources
Checked on 31 October 2026.
Frequently asked questions
How old can a used HGV be for finance?
It depends on the lender and the type of truck. Lenders look at the truck's age at the end of the agreement, so an older truck usually means a shorter term.
Can a new haulage company finance a used lorry?
It is possible, often with a deposit and a director's guarantee. Lenders will look at the directors' experience and any contracts. See our guide for new limited companies.
Who are the best brokers for used lorry finance in the UK?
Look for a broker that is authorised or an appointed representative on the FCA Register, works with lenders that know haulage, explains commission clearly and has genuine reviews. We are a credit broker based near Reading working with a panel of lenders: check our FCA status.
Can I refinance a used HGV I already own?
Yes, through asset refinance or sale and leaseback. See asset refinance.
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