Yes. HGVs, rigids, tractor units, trailers and specialist bodies are routinely funded through asset finance, usually on hire purchase or a lease. The truck itself acts as the security, so the lender looks at the vehicle alongside your accounts and haulage experience. Approval always rests with the lender.
Most operators spread the cost over a term chosen to sit alongside the working life of the vehicle and the contracts it will run on. Hire purchase gives you ownership at the end once every payment and any option-to-purchase fee is made. A lease keeps the vehicle off your balance sheet in the traditional sense and hands it back at the end, but you never own it and end-of-contract condition charges can apply.
Lenders will want to understand your O-licence position, whether the work is contracted or spot-hire, and how the vehicle is specified. A truck built to an unusual specification can be harder to resell, which sometimes means a tighter deposit or a shorter term.
The risks are the same as any secured borrowing. The payments are a fixed commitment whether or not the vehicle is earning, and if you fall behind the lender can recover the truck. Fuel, tyres, maintenance and insurance sit on top of the finance payment, so build the full running cost into your rates before you commit.
CW Asset Finance is an independent credit broker with a panel of 60+ lenders, including funders who specialise in commercial vehicles rather than treating them as a sideline. We can usually give you an indicative decision in as little as 24 hours.