The practical answer
Potentially. A new lender may settle an existing eligible agreement and, where sufficient equity exists, may release additional cash to the business.
Obtain a current settlement for each agreement and supply accurate vehicle details so value can be assessed. A vehicle’s original purchase price does not establish current equity.
Ask to see net cash released after settlements and charges, and compare total future cost. Lower instalments over a longer term do not necessarily mean a saving.
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
Truck & HGV finance — For tractor units, trailers and the wider haulage requirement.
Van finance — For commercial vans, conversions and intended use.