Tractor units are funded on haulage rates and licence standing, so we place them with funders who understand long-haul mileage rather than pricing them like large vans.
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Yes. An HGV tractor unit is funded as a titled commercial vehicle, normally on hire purchase or finance lease, with the unit itself standing as the security. New and used both fund, and the second-hand artic market is deep enough that funders stay comfortable with genuinely high-mileage stock. The point that catches operators out is the operator licence: a funder expects the vehicle to sit on a valid O-licence with spare margin on the disc, and a new entrant has to evidence the financial standing the Traffic Commissioner requires before the agreement will complete.
Used kit: Yes — used tractor units fund readily, commonly up to around ten years old, with mileage and service history weighing far more than the registration plate.
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Business asset finance is quoted on a flat rate, so that is what this shows — with the equivalent APR underneath, because the two are not the same number. A quick guide only; your actual rate depends on the asset, term, deposit and lender.
Representative example: on Hire Purchase, borrowing £25,000 over 48 months at a 6.0% flat rate (equivalent to 11.5% APR representative), you would repay around £646 a month; total amount repayable approximately £31,000, of which £6,000 is the cost of finance. This calculator is for illustration only — it is not a quote or an offer of finance, and the rate and repayments you are offered will depend on the asset, term, deposit and your circumstances. CW Asset Finance is a credit broker, not a lender, and may receive a commission from the lender that funds your agreement. All finance is subject to status, affordability and lender approval. CW Asset Finance is an Appointed Representative of Rural Finance Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 630701).
Tractor units are the easiest HGV asset to place because resale is national and liquid — a funder can move a repossessed unit through a commercial auction quickly, which lets them look past mileage that would frighten a car lender. Assessment splits sharply between owner-drivers and fleets. An owner-driver is underwritten almost personally: homeowner status, personal credit, the contract or haulier they pull for, and whether they have driven under someone else’s disc long enough to prove earnings. An established fleet is read from filed accounts, existing agreements and disc authorisation. Declines cluster around new-start operators with no O-licence granted yet, and around units bought privately with no verifiable service record.
Examples of the machines we are asked to fund. This is not an exhaustive list — if what you are buying is not here, it does not mean we cannot fund it. Your supplier quote is what the agreement is written against.
| Machine | What it is |
|---|---|
| Scania R450 6x2 | Tractor unit for general haulage |
| Scania S500 Highline | Long-haul flagship with tall sleeper cab |
| DAF XF 480 FTG | Mid-lift tractor unit for trunking |
| DAF XG+ 530 | Premium long-distance tractor unit |
| Volvo FH 500 Globetrotter | Popular sleeper unit for nights out |
| Mercedes-Benz Actros 2545 | Six-wheel unit with fuel-saving aerodynamics |
| MAN TGX 18.510 | Four-wheel tractor for lighter trunking |
| Renault Trucks T High 480 | High-roof unit for continental work |
| Iveco S-Way AS440 | Long-haul unit, diesel or gas |
| Volvo FM 460 4x2 | Lower-cab unit for urban multi-drop |
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Usually a general haulier adding a unit because a contract has been won or renewed, or replacing a unit that has come off warranty and started costing money in downtime. Also owner-drivers stepping out of subcontracting into their own disc, and fleets running a rolling replacement cycle who change three or four units at a time to keep the average age of the disc down.
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Bought on hire purchase, business plant and machinery normally qualifies for capital allowances on the full cost even though you pay for it monthly, which is a large part of why hire purchase is the common structure. On a finance lease you generally set the rentals against profit instead. The rules change between budgets and your position depends on how you trade, so treat this as the direction of travel and get your accountant to confirm the detail before you commit.
Often, yes, but it is assessed differently. A brand new operator is judged on the financial standing evidence behind the O-licence application as well as on credit, and funders will want to see driving and trade experience behind the business. Having the licence granted, or at least the application in, makes a material difference to how many funders will look.
Rarely on its own. Tractor units are expected to cover enormous distances and funders price that in. What matters is whether the mileage is supported by service history, whether the engine and gearbox have a known history, and whether the unit came from a fleet or a one-owner operator rather than an untraceable private sale.
Usually yes. Many funders will put a tractor unit and trailer on a single schedule where both are bought at the same time, which keeps the paperwork simple. Some prefer separate agreements because the assets depreciate at different speeds, and that can actually work in your favour on the trailer side.
Not always before applying, but almost always before drawdown. Funders want the vehicle to go onto a valid disc with spare margin, because a unit that cannot legally be specified is a unit that cannot earn. We routinely run applications alongside a licence application and time the payout around the grant.
It depends whether you intend to keep the unit past the agreement. Hire purchase suits operators who run units long and want ownership at the end. Finance lease suits those who change on a fixed cycle and want the flexibility of handing the asset back or selling it on as agent. We will talk both through against how you actually run.
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See everything we fund in HGV and truck finance →
Not an offer of finance. All finance is subject to status, affordability and lender approval.
Tell us what you’re looking to fund and Conor will come back to you personally — usually the same day.
Prefer to talk? Call 07581 364281 · serving Leeds, York, Harrogate, Wakefield, Selby, Tadcaster & across North & West Yorkshire.