Top £1 Million HGV Finance Lenders UK 2026
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Best £1 Million HGV Finance Lenders Compared
| Rank | Lender | Best for | Published loan range | Loan rate |
|---|---|---|---|---|
| 1 | Reward Funding | Haulage firms financing multiple HGVs at competitive monthly rates | £100,000 to £5,000,000 | interest 0.99% to 3% monthly |
| 2 | Liberty Leasing | Transport operators preferring annual-rate clarity on fleet finance | £10,000 to £2,000,000 | interest 11% to 16% annually |
| 3 | Lombard | Established logistics companies needing flexible HGV asset finance | Up to £5,000,000 | interest 4% to 11.5% monthly |
| 4 | Time Finance | Mid-market hauliers seeking annual-rate HGV purchase funding | Up to £5,000,000 | interest 5.5% to 13.5% annually |
| 5 | Admiral leasing | Transport firms comparing asset finance options for fleet growth | From £1,000 | interest 5.5% to 13.5% annually |
| 6 | Barclays | Larger haulage groups wanting bank-backed HGV funding | £1,000 to £25,000,000 | interest 8.5% to 14.9% annually |
| 7 | Acorn Business Finance | Logistics businesses exploring broker-led HGV finance solutions | £15,000 to £5,000,000 | interest 8% to 15% annually |
| 8 | Propel Finance | Included for comparison on wider-market fleet finance options | From £500 | interest 5% to 20% annually |
| 9 | Aldermore Asset finance | Haulage operators comparing rates for seven-figure HGV deals | £1,000 to £10,000,000 | interest 5% to 15% annually |
| 10 | Close Brothers | Mature transport firms funding large HGV fleet acquisitions | £25,000 to £100,000,000 | bespoke 3.5% to 10% monthly |
Asset finance lets transport companies spread the cost of heavy goods vehicles over time rather than paying upfront. The lender buys the HGV and you repay in fixed instalments, which helps haulage and logistics businesses preserve working capital while expanding or renewing their fleet. For firms seeking £1 million in HGV finance, this approach supports bulk fleet purchases or high-specification tractor units without tying up cash reserves needed for day-to-day operations.
Comparing HGV finance lenders goes beyond the lowest headline rate. Check whether the rate is quoted monthly or annually, as this changes the real cost significantly. Look at deposit requirements, which typically range from 10 to 20 per cent on heavy goods vehicles. Confirm the lender understands transport-sector assets, as specialist knowledge means faster valuations and smoother drawdowns. Finally, check the maximum facility size, since not all funders comfortably handle a seven-figure HGV transaction.
Important note:
Funding Agent
Published loan rangeFrom £10,000 to up to £1,000,000
Rate typeInterest from 6.8% annually
Why it is included:It is included because many business owners need to compare several finance routes before choosing where to apply.
Funding Agent can help businesses compare suitable options across a lender panel, especially when eligibility depends on turnover, sector, trading history, credit strength and available documents.
Best use case: When the borrower wants to avoid applying to one lender at a time.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Why it stands out
- Useful when a business wants to compare lender fit rather than guess which lender to apply to first.
- Can help position the application around the funding purpose, trading profile and available documents.
- Works well as a conversion route for readers who are unsure whether a direct lender will approve a larger unsecured facility.
Need to know
- Funding Agent is a broker, not a lender.
- The lender, not Funding Agent, sets the final rate, term, fees and approval decision.
- The best match may be unsecured, secured, revolving credit, invoice finance or another product depending on the case.
Expert take
Funding Agent is a useful honourable mention for business owners who want to compare lender options before submitting a full application. A larger unsecured loan is not always approved by the first lender a business finds, so understanding lender fit early can reduce wasted time and avoid unnecessary declines.
Reward Funding
Published loan range£100,000 to £5,000,000
Rate typeinterest 0.99% to 3% monthly
Overview: Competitive monthly rates starting from 0.99% make Reward Funding worth a close look for established hauliers financing HGVs at the million-pound level. It funds hard assets quickly, often within 24 hours, and understands structured asset finance for vehicle fleets. The trade-off is that facilities of this size require suitable security and may involve valuation or legal costs.
Best next step: Compare rates for HGV fleet finance
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Rates from 0.99% monthly interest
- Funds up to £5 million per facility
- Decisions typically within 24 hours
Need to know
- Security and valuation costs may apply
- Asset eligibility checks required
- Facilities reviewed and can be withdrawn
Expert take
A commercial asset finance specialist that works well for mid-to-large transport operators. For a £1 million HGV facility, the rate band and structured drawdown give established haulage firms genuine negotiating room.
Source:https://rewardfunding.co.uk/
Liberty Leasing
Published loan range£10,000 to £2,000,000
Rate typeinterest 11% to 16% annually
Overview: Liberty Leasing can turn around HGV finance decisions inside 24 hours, which helps transport firms moving quickly on fleet purchases or dealer deadlines. It funds asset deals from £10,000 to £2 million, covering single vehicles or multi-unit acquisitions. Bear in mind that rates sit between 11% and 16% annually, so cost-conscious buyers should compare carefully.
Best next step: Get a decision within 24 hours
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Same-day decisions on most applications
- Covers single HGVs or entire fleets
- Asset finance preserves working capital
Need to know
- Rates range from 11% to 16% annually
- Deposit may be required on larger deals
- Asset eligibility checks apply
Expert take
A responsive asset finance provider that suits transport businesses needing speed over rock-bottom pricing. For a £1 million HGV purchase, the quick turnaround is a genuine advantage, and comparing the annual rate against alternatives keeps total cost in check.
Lombard
Published loan rangeUp to £5,000,000
Rate typeinterest 4% to 11.5% monthly
Overview: Lombard can fund HGV acquisitions up to £5 million, giving growing haulage firms room to scale beyond a single purchase. As one of the UK's longest-standing asset finance names, it has deep experience structuring vehicle deals for the transport sector. Monthly interest sits between 4% and 11.5%, so rate visibility matters before committing.
Best next step: Explore Lombard HGV finance options
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Facilities available up to £5 million
- Decades of transport finance experience
- Funding decisions within 24 hours
Need to know
- Monthly interest from 4% to 11.5%
- Asset valuation may be required
- Deposit typically expected on HGVs
Expert take
A long-established asset funder with genuine transport sector pedigree. For a £1 million HGV deal, Lombard's upper limit leaves headroom, and its familiarity with haulage operators smooths the underwriting conversation.
Source:https://www.lombard.co.uk/
Time Finance
Published loan rangeUp to £5,000,000
Rate typeinterest 5.5% to 13.5% annually
Overview: Time Finance brings a flexible drawdown structure that can suit transport firms with seasonal cash-flow patterns or recurring fleet renewal cycles. Rather than a one-off loan, the facility revolves, letting hauliers draw against invoices or assets as needed. Rates run from 5.5% to 13.5% annually, and the facility cap reaches £5 million.
Best next step: Check revolving facility options for hauliers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Revolving drawdown suits fleet renewal cycles
- Facilities available up to £5 million
- Annual rates rather than monthly pricing
Need to know
- Rates from 5.5% to 13.5% annually
- Limits may be reviewed or withdrawn
- Invoice quality affects drawdown availability
Expert take
A flexible working-capital funder whose revolving model works well for hauliers with strong B2B invoicing. The structure can free cash for HGV deposits or bridge timing gaps between vehicle purchases and contract payments.
Source:https://www.timefinance.com/
Admiral leasing
Published loan rangeFrom £1,000
Rate typeinterest 5.5% to 13.5% annually
Overview: Admiral leasing accepts applications from as little as £1,000 and can fund HGV deals in around four hours, making it an accessible entry point for transport operators adding to a fleet quickly. Annual rates range from 5.5% to 13.5%, and the equipment leasing structure keeps the asset as security rather than tying up other business collateral.
Best next step: Apply for HGV leasing in hours
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Funding decisions in around 4 hours
- Equipment leasing preserves other security
- Accepts applications from £1,000
Need to know
- Annual rates from 5.5% to 13.5%
- Vehicle eligibility checks required
- Larger deals face more detailed underwriting
Expert take
A quick-moving equipment lessor that works for transport firms needing rapid HGV funding. The four-hour decision window is a standout, and preparing full financials upfront helps larger million-pound deals clear underwriting smoothly.
Barclays
Published loan range£1,000 to £25,000,000
Rate typeinterest 8.5% to 14.9% annually
Overview: Barclays brings mainstream bank backing to HGV asset finance, with facilities stretching from £1,000 to £25 million. For established transport firms with strong trading histories, a high-street lender can offer relationship pricing and the reassurance of a regulated institution. Annual rates land between 8.5% and 14.9%, and bank underwriting tends to be more thorough than alternative lenders.
Best next step: Speak to Barclays about HGV finance
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- High-street bank with regulated lending
- Facilities available up to £25 million
- Relationship pricing for existing customers
Need to know
- Annual rates from 8.5% to 14.9%
- Bank underwriting can be slower
- Strong trading history typically required
Expert take
A familiar high-street name with the balance-sheet strength to back large HGV deals. Transport operators with clean accounts and a long trading record will find the underwriting accommodating and the relationship pricing worth the extra paperwork.
Acorn Business Finance
Published loan range£15,000 to £5,000,000
Rate typeinterest 8% to 15% annually
Overview: Acorn Business Finance structures asset deals from £15,000 to £5 million and has experience across transport, construction, and specialist sectors. For a £1 million HGV acquisition, its panel-based approach can match the right funder to the deal rather than pushing a one-size product. Annual rates range from 8% to 15%, and it can layer in revolving or term structures.
Best next step: Match your HGV deal to a specialist
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Panel access matches funder to deal
- Facilities available up to £5 million
- Covers transport and specialist sectors
Need to know
- Annual rates from 8% to 15%
- Security and valuation costs may apply
- Strong trading history expected
Expert take
A finance arranger whose panel model gives haulage firms access to multiple funders through one application. For a million-pound HGV deal, the broker-led approach can surface options a direct lender might not offer.
Propel Finance
Published loan rangeFrom £500
Rate typeinterest 5% to 20% annually
Overview: Propel Finance quotes annual rates from 5% to 20%, giving transport firms a wide cost spectrum that rewards strong applications. It starts from just £500 but scales to cover substantial asset deals, funding vehicles and machinery through straightforward asset finance. Expect funding within two to five days rather than same-day, so plan around purchase timelines.
Best next step: Check Propel rates for HGV assets
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Annual rates starting from 5%
- Asset finance preserves working capital
- Covers vehicles and machinery
Need to know
- Funding takes 2 to 5 days
- Rates can reach 20% annually
- Asset eligibility checks required
Expert take
A broad-spectrum asset funder where rate outcomes depend heavily on the application strength. Transport operators with solid financials stand to land near the lower end, making Propel worth including in a rate comparison.
Aldermore Asset finance
Published loan range£1,000 to £10,000,000
Rate typeinterest 5% to 15% annually
Overview: Aldermore's asset finance arm can fund deals from £1,000 to £10 million and typically returns decisions within 48 hours. The bank backs SMEs across multiple sectors, and its scale means multi-vehicle fleet transactions get handled without straining its underwriting. Annual rates run from 5% to 15%, rewarding well-prepared applications.
Best next step: Explore Aldermore HGV asset finance
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Facilities available up to £10 million
- Decisions typically within 48 hours
- Annual rates from 5% to 15%
Need to know
- Two-day turnaround, not same-day
- Strong trading record expected
- Asset valuation may be required
Expert take
A substantial SME-focused bank with the capacity to handle million-pound HGV transactions without blinking. The 48-hour decision window is reasonable for a bank, and the rate band rewards thoroughly prepared applications.
Source:https://www.aldermore.co.uk/business/business-finance/asset-finance/
Close Brothers
Published loan range£25,000 to £100,000,000
Rate typebespoke 3.5% to 10% monthly
Overview: Close Brothers has built a reputation specifically around mid-market transport, manufacturing, and construction lending. Its asset finance facilities stretch from £25,000 to £100 million with bespoke monthly pricing between 3.5% and 10%. For hauliers turning over £500,000 or more, Close Brothers understands fleet economics and structures deals around how transport businesses actually operate.
Best next step: Talk to a transport finance specialist
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Deep transport sector expertise
- Bespoke pricing per transaction
- Facilities up to £100 million
Need to know
- Typically requires £500k+ turnover
- Monthly rate pricing from 3.5%
- Mid-market focus, not for micro-fleets
Expert take
A genuine transport-sector specialist whose underwriting is built around haulage business models. For established operators seeking £1 million in HGV finance, Close Brothers brings industry knowledge that generalist lenders rarely match.
Asset Finance Calculator
How asset finance works for £1 million HGV purchases
Asset finance for HGVs typically takes two forms: hire purchase (HP) or a finance lease. With HP, your transport business pays a deposit, makes monthly payments over an agreed term, and owns the vehicles once the final payment clears. With a lease, the lender retains ownership and you pay for use of the HGVs. Both structures work for single high-value units or a fleet.
Deposits on HGV finance at this level usually range from 10% to 20% of the asset value. Some lenders offer up to 100% loan-to-value. Propel Finance and Aldermore both publish LTVs of 100%, while Close Brothers goes to 90% and Reward Funding to 85%.
VAT-registered transport businesses can typically reclaim VAT on commercial vehicle purchases, and lenders often finance the VAT element so you are not out of pocket while waiting for your return. The HGVs themselves serve as security, meaning lenders can repossess if your business defaults.
Comparing rates and terms on £1 million HGV finance
HGV finance rates vary considerably by lender and by your transport business’s profile. Reward Funding publishes rates from 0.99% to 3% per month. Close Brothers offers bespoke pricing from 3.5% to 10% per month. On the annual side, Liberty Leasing sits at 11% to 16% per year, Time Finance at 5.5% to 13.5% per year, and Aldermore at 5% to 15% per year.
Term lengths also differ. Admiral leasing and Aldermore both offer terms up to 7 years, which suits HGV fleets where spreading costs matters. Liberty Leasing caps at 5 years. Barclays extends to 25 years on asset finance, though typical HGV finance terms run 3 to 5 years.
| Lender | Rate range | Max term | Max LTV |
|---|---|---|---|
| Reward Funding | 0.99%–3% monthly | 1 year | 85% |
| Close Brothers | 3.5%–10% monthly | 7 years | 90% |
| Aldermore | 5%–15% annually | 7 years | 100% |
| Liberty Leasing | 11%–16% annually | 5 years | Not confirmed |
What lenders look for in transport businesses seeking £1 million HGV finance
Lenders funding £1 million in HGV finance expect a well-established transport operation. Close Brothers requires a minimum turnover of £500,000 and at least one year of trading. Lombard sets its bar at £25,000 turnover and 12 months of trading history. Aldermore accepts businesses from 6 months old with no minimum turnover requirement.
A personal guarantee is standard at this level. Reward Funding, Liberty Leasing, Time Finance, Aldermore, and Close Brothers all require one. This means directors are personally liable if the business defaults on the finance agreement.
Beyond the numbers, lenders assess your operator licence standing, DVSA compliance history, and the quality of your existing fleet maintenance records. They want evidence that your transport business runs professionally. Long-term contracts or consistent spot-market revenue provide reassurance that you can service a £1 million facility across the full term.
Preparing a strong application for large HGV fleet finance
A £1 million HGV finance application needs more than basic accounts. Lenders expect to see detailed fleet management records, including planned preventive maintenance schedules, MOT pass rates, and vehicle downtime logs. Clean operator licence history carries significant weight.
Prepare financial forecasts that show how the new HGVs generate revenue. If the vehicles replace older units, demonstrate the efficiency gains. For fleet expansion, provide evidence of new contracts or growing demand from existing customers. Lenders want a clear path from asset to income.
Have your last two years of filed accounts ready, along with management accounts for the current period. Bank statements should show consistent cash flow. If your business holds an O-licence, include your OCRS score and any DVSA earned recognition status. Strong documentation signals a lower-risk transport operation and can improve the rates and terms you are offered at the £1 million level.
