The practical answer
Potentially, but the existing finance must be properly settled and title released as part of an agreed transaction.
Ask for the current lender’s details and a dated settlement, then let the proposed lender confirm the payment route. The seller may not own the asset outright while HP remains.
Do not pay the seller on an unsupported promise that they will clear finance later. Confirm how any difference between price and settlement is handled before completing the purchase.
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: Private-sale asset finance →Explore the relevant guides
VAT on asset finance — For VAT timing and the cash needed alongside funding.