The practical answer
Potentially. A lender may consider settling an existing HP agreement and replacing it with new finance, subject to the settlement, asset value and overall proposal.
Request a dated settlement from the current lender and supply the asset’s identity and condition. The accounting balance is not a substitute for the actual release figure.
Check whether the new structure extends the term, creates a final payment or changes guarantees. A reduction in monthly outgoings can come with a higher total cost.
Commercial finance is subject to status, lender approval and the specific asset and transaction. The right structure depends on the complete circumstances of the business.
What should I do next?
Have the asset details, supplier information and an outline of what the business needs ready. DCF can then discuss the requirement and identify which lenders may be suitable.
Read: Asset refinance →Explore the relevant guides
Compare HP, finance lease & contract hire — For ownership plans and full end-of-term commitments.