Top 10 Lenders to Secure £950,000 HGV Finance in 2026
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Top lenders for £950,000 HGV finance
| Rank | Lender | Best for | Published loan range | Loan rate |
|---|---|---|---|---|
| 1 | Reward Funding | Established transport firms funding HGVs at the £950,000 level | £100,000 to £5,000,000 | interest 0.99% to 3% monthly |
| 2 | Liberty Leasing | Mid-sized haulage businesses needing HGV finance up to £2 million | £10,000 to £2,000,000 | interest 11% to 16% annually |
| 3 | Lombard | Transport operators seeking flexible monthly-rate asset finance for HGVs | Up to £5,000,000 | interest 4% to 11.5% monthly |
| 4 | Time Finance | Growing logistics firms prioritising competitive annual rates on HGV purchases | Up to £5,000,000 | interest 5.5% to 13.5% annually |
| 5 | Admiral leasing | Transport businesses open to equipment leasing structures for vehicle assets | From £1,000 | interest 5.5% to 13.5% annually |
| 6 | Barclays | Established hauliers with existing banking relationships funding fleet purchases | £1,000 to £25,000,000 | interest 8.5% to 14.9% annually |
| 7 | Acorn Business Finance | Mid-market transport firms seeking tailored HGV finance packages | £15,000 to £5,000,000 | interest 8% to 15% annually |
| 8 | Propel Finance | Transport operators exploring flexible asset terms for vehicle acquisitions | From £500 | interest 5% to 20% annually |
| 9 | Aldermore Asset finance | Established hauliers wanting transparent pricing on large HGV investments | £1,000 to £10,000,000 | interest 5% to 15% annually |
| 10 | Close Brothers | Large fleet operators needing bespoke HGV funding at scale | £25,000 to £100,000,000 | bespoke 3.5% to 10% monthly |
Asset finance lets transport businesses spread the cost of a heavy goods vehicle over its working life, rather than paying the full purchase price upfront. The lender buys the HGV and you repay in fixed instalments, with the vehicle itself acting as security. For haulage and logistics firms acquiring a £950,000 HGV, asset finance preserves working capital while putting the vehicle straight to work generating revenue.
Comparing lenders for £950,000 HGV finance goes beyond the headline rate. Look at whether the rate is fixed annually or calculated monthly, as this shapes your total repayment over the agreement term. Check the lender's experience with heavy goods vehicles specifically, because specialist transport funders often structure deals around vehicle type and usage patterns. Deposit requirements and balloon payment options also vary widely between lenders at this amount.
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: A revolving asset finance facility that lets transport businesses draw against fleet value as needed, rather than locking into a fixed-term loan for each vehicle. Reward Funding can structure a single arrangement covering multiple HGVs, with monthly rates from 0.99%. Security against the vehicles or wider business assets is required, and drawdown limits may be reviewed periodically.
Best next step: Explore revolving HGV fleet finance options
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Revolving drawdown against fleet value
- Covers multiple vehicles under one facility
- Rates start from 0.99% monthly
Need to know
- Security against vehicles or assets required
- Drawdown limits can be reviewed or reduced
- Legal and valuation costs may apply
Expert take
Reward Funding runs a secured revolving model suited to hauliers who upgrade or add vehicles regularly. A £950,000 HGV purchase works well here if you have existing fleet equity to support the facility.
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 competes on transparent annual pricing, with rates from 11% to 16% on asset finance agreements for HGVs and commercial vehicles. The lender funds from £10,000 up to £2,000,000, making larger single-vehicle or small-fleet purchases straightforward. Funding is tied directly to the asset, so a deposit or valuation may be needed depending on the vehicle age and condition.
Best next step: Compare HGV asset finance rates with Liberty Leasing
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Transparent annual interest rates
- Covers single HGVs and fleet deals
- Funding decisions typically within 24 hours
Need to know
- Rates vary with vehicle age and profile
- Deposit may be required on older vehicles
- Funding tied exclusively to the financed asset
Expert take
Liberty Leasing keeps pricing transparent with annual rates, which is less common in HGV finance. For a £950,000 vehicle, the rate band and quick turnaround suit operators who value certainty over the cheapest headline figure.
Lombard
Published loan rangeUp to £5,000,000
Rate typeinterest 4% to 11.5% monthly
Overview: Lombard writes asset finance up to £5,000,000 across commercial vehicles, plant and machinery, giving transport firms ample headroom for high-value HGVs or multi-vehicle programmes. As a long-established name backed by a major banking group, Lombard tends to suit businesses with solid trading histories and clean credit profiles. Monthly interest rates fall between 4% and 11.5%, with funding decisions typically within 24 hours.
Best next step: Check Lombard HGV finance eligibility
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Lends up to £5,000,000 per facility
- Backed by major banking group strength
- Decisions often within 24 hours
Need to know
- Suits established businesses with clean credit
- Asset eligibility checks apply to all vehicles
- Monthly rate structure needs careful comparison
Expert take
Lombard brings bank-backed stability to larger transport finance deals. A £950,000 HGV purchase aligns with their appetite, provided your business has the trading record and credit profile they expect.
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 works well for haulage and logistics firms that invoice B2B customers on payment terms and need to release working capital alongside asset funding. Their combined invoice finance and asset finance capability means a transport business financing a £950,000 HGV can also draw against unpaid invoices to cover running costs. Rates on asset finance sit between 5.5% and 13.5% annually.
Best next step: Combine invoice and asset finance for haulage
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Blends invoice and asset finance options
- Frees working capital from unpaid invoices
- Annual rate structure aids budgeting
Need to know
- Suitability depends on debtor quality
- Invoice facility limits can be reviewed
- Asset security required on vehicle finance
Expert take
Time Finance occupies a niche for hauliers who invoice on credit and need both asset and working capital funding. The dual-product model suits transport firms managing cash flow gaps between fuel, wages and customer payments.
Source:https://www.timefinance.com/
Admiral leasing
Published loan rangeFrom £1,000
Rate typeinterest 5.5% to 13.5% annually
Overview: Admiral leasing advertises funding decisions in as little as four hours, making it one of the quicker routes for transport operators who need to move fast on a vehicle purchase. The lender covers equipment and commercial vehicle leasing from £1,000 upwards, with annual rates quoted between 5.5% and 13.5%. A strong trading record and personal guarantee may be requested on larger facilities.
Best next step: Get a fast HGV leasing decision
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Decisions possible within four hours
- Covers all commercial vehicle types
- Annual rates from 5.5%
Need to know
- Personal guarantee may be requested
- Strong trading history often expected
- Asset eligibility and valuation checks apply
Expert take
Admiral leasing prioritises speed, which matters when a good HGV deal appears at short notice. The four-hour decision promise is attractive, though underwriting for a £950,000 vehicle will understandably involve closer scrutiny.
Barclays
Published loan range£1,000 to £25,000,000
Rate typeinterest 8.5% to 14.9% annually
Overview: Barclays offers asset finance from £1,000 to £25,000,000, making it a natural fit for transport businesses funding high-spec HGVs or entire fleet expansions through a high-street bank. Underwriting tends to be more thorough than alternative lenders, with annual rates from 8.5% to 14.9%. Established haulage firms with strong accounts and a relationship manager will find the process most familiar.
Best next step: Speak to Barclays about HGV asset finance
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Lends up to £25,000,000 for fleets
- High-street bank stability and reach
- Can bundle with wider business banking
Need to know
- Bank underwriting can be slower and stricter
- May require detailed affordability evidence
- Security and legal costs typically apply
Expert take
Barclays is the high-street option for transport firms that already bank there and prefer a single relationship. A £950,000 HGV deal will face full bank credit assessment, so strong accounts and patience help.
Acorn Business Finance
Published loan range£15,000 to £5,000,000
Rate typeinterest 8% to 15% annually
Overview: Acorn Business Finance works as a broker, matching HGV purchases to a panel of asset finance lenders rather than funding from a single balance sheet. This opens access to rates between 8% and 15% annually across deals from £15,000 to £5,000,000. Transport firms that want to compare multiple offers without running separate applications will find the broker route most practical.
Best next step: Access multiple HGV funders through Acorn
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Broker access to multiple funders
- Covers HGVs, trailers and specialist kit
- Annual rates from 8%
Need to know
- Broker terms and panel scope vary
- Strong trading history may be expected
- Asset valuation and security checks apply
Expert take
Acorn operates as a broker, which can widen the search for competitive HGV finance terms. For a £950,000 vehicle, a broker with transport sector experience may unearth funders a direct application would miss.
Propel Finance
Published loan rangeFrom £500
Rate typeinterest 5% to 20% annually
Overview: Propel Finance quotes annual rates from 5% to 20% on asset finance starting at £500, giving transport firms a wide pricing window that can accommodate different credit profiles and vehicle types. Funding decisions typically take two to five days, which is slightly slower than some competitors but still reasonable for a planned HGV purchase. The asset itself secures the finance, and a deposit or valuation may be required.
Best next step: Request an HGV finance quote from Propel
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Wide rate band suits varied profiles
- Funds vehicles from £500 upwards
- Asset-secured, preserving cash reserves
Need to know
- Funding takes two to five days
- Deposit may be needed on some vehicles
- Higher rates apply to weaker profiles
Expert take
Propel Finance's rate band stretches wide enough to cover both prime and near-prime transport borrowers. The two-to-five-day timeline suits planned purchases, though the top-end rate merits close attention on a £950,000 commitment.
Aldermore Asset finance
Published loan range£1,000 to £10,000,000
Rate typeinterest 5% to 15% annually
Overview: Aldermore Asset Finance lends from £1,000 to £10,000,000, offering hire purchase and finance lease structures that give transport firms clear options for how they hold and depreciate HGV assets. Annual rates fall between 5% and 15%, with funding decisions typically within 48 hours. The lender's experience across commercial vehicles means underwriting is familiar with the residual values and usage patterns of modern HGVs.
Best next step: Explore Aldermore HGV finance lease options
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Hire purchase and lease structures
- Lends up to £10,000,000
- Experienced in commercial vehicles
Need to know
- Funding decisions within 48 hours
- Asset profile affects rate and terms
- Deposit or balloon payment may apply
Expert take
Aldermore understands transport assets well enough to underwrite with confidence. The choice between HP and lease lets hauliers align the finance structure with how they account for and replace fleet vehicles.
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 a long track record in transport and logistics finance, lending from £25,000 to £100,000,000 with bespoke rates quoted from 3.5% to 10% monthly. The lender typically targets established mid-market businesses turning over more than £500,000 and understands the seasonal and operational patterns of haulage work. This sector experience can make a meaningful difference on a complex £950,000 HGV transaction.
Best next step: Apply to Close Brothers for transport finance
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Deep transport sector experience
- Lends up to £100,000,000
- Bespoke pricing for larger deals
Need to know
- Typically requires £500k+ turnover
- Bespoke monthly rate structure
- Geared to established mid-market firms
Expert take
Close Brothers is one of the most transport-literate funders in the UK market. A £950,000 HGV purchase fits their mid-market sweet spot, and their sector knowledge means fewer awkward conversations about how haulage actually works.
Asset Finance Calculator
How asset finance works for £950,000 HGV purchases
At £950,000, HGV finance is typically structured as hire purchase or a finance lease. The vehicle itself acts as security, which keeps the arrangement straightforward compared to unsecured borrowing.
Most lenders on this page offer asset finance with a maximum loan-to-value (LTV) ratio. Reward Funding publishes up to 85% LTV, while Propel Finance and Aldermore Asset finance both go to 100% LTV. Close Brothers offers up to 90%. The LTV determines your deposit requirement. At 85% LTV on a £950,000 HGV, you would need roughly £142,500 upfront. At 100% LTV, the full purchase price can be financed, though lenders may still ask for a deposit on larger transactions.
VAT treatment matters too. If the HGV is a commercial vehicle for a VAT-registered haulage business, the VAT on the purchase price can often be reclaimed. Some lenders will finance the VAT element, others will not. Check this with each lender before proceeding.
Lease versus hire purchase for heavy goods vehicle finance at £950,000
When financing a £950,000 HGV, the choice between a finance lease and hire purchase affects ownership, tax treatment, and monthly costs.
With hire purchase, you own the vehicle at the end of the term after making all payments. The HGV appears on your balance sheet and you can claim capital allowances. This suits haulage firms that plan to keep vehicles long term.
With a finance lease, the lender retains ownership and you pay a fixed monthly rental. Lease payments are typically treated as an operating expense, which can help with cash flow planning. At the end of the lease, you can often extend the rental, return the vehicle, or sell it on the lender's behalf and keep a share of the proceeds.
For a £950,000 HGV, the repayment term varies by lender. Liberty Leasing offers terms from 1 to 5 years. Admiral leasing and Aldermore Asset finance both offer up to 7 years. Barclays extends to 25 years on asset finance. A longer term reduces monthly payments but increases total interest paid.
Qualifying for £950,000 HGV finance as a haulage business
Lenders assess HGV finance at this level partly on the asset and partly on your trading strength. A £950,000 heavy goods vehicle is a substantial commitment, so expect closer scrutiny than on smaller deals.
Trading history is a common filter. Lombard asks for at least 1 year. Aldermore Asset finance accepts businesses from 6 months. Close Brothers requires 1 year and a minimum turnover of £500,000. Lombard sets its turnover floor at £25,000. If your haulage business is newer or has lower revenue, Aldermore may be the more accessible route.
Most lenders listed ask for a personal guarantee from directors. Reward Funding, Liberty Leasing, Time Finance, Aldermore, and Close Brothers all require one. None of the lenders with confirmed data require homeownership.
The HGV itself is also assessed. Lenders will check the vehicle age, expected residual value, and whether it is a standard tractor unit or a specialist rigid. Strong residual values improve your chances at this amount.
Comparing rates and terms on £950,000 heavy goods vehicle finance
Rates on HGV finance at £950,000 vary widely, so comparing total cost is essential. Some lenders quote monthly rates, others annual. Reward Funding publishes rates from 0.99% to 3% per month, while Lombard sits at 4% to 11.5% per month. Close Brothers, using bespoke pricing, ranges from 3.5% to 10% per month.
On an annual basis, Liberty Leasing and Admiral leasing both quote 5.5% to 13.5%. Aldermore Asset finance and Acorn Business Finance fall between 5% and 15% annually. Barclays ranges from 8.5% to 14.9% annually. Time Finance publishes 5.5% to 13.5% annually.
Beyond the headline rate, check for arrangement fees, documentation fees, and early settlement penalties. Some lenders also offer a balloon payment option, where a lump sum at the end keeps monthly costs lower. This can work well for haulage firms that replace vehicles on a set cycle.
At £950,000, even a 1% rate difference can mean tens of thousands in extra cost over the term, so getting multiple quotes matters.
