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On this page:

Intro to HGV Finance

What is an HGV?

Why finance an HGV?

Examples of Other Vehicles You Can Finance

Benefits of HGV Finance

Your HGV Financing Options

HGV Finance FAQs


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Intro to HGV Finance

If you're in the market for a new HGV, you may be wondering whether it's worth financing the purchase. Still, ultimately it comes down to what makes the most financial sense for you and your business.



What is an HGV?

An HGV, or heavy goods vehicle, is a truck that businesses use to transport large loads. Businesses typically use HGVs to transport items such as raw materials, manufactured products, and other commercial goods.

There are various types of HGVs, each designed for specific purposes. The most common type of HGV is the articulated lorry, consisting of a tractor unit and a trailer. You can typically use articulated lorries for carrying large loads, such as construction equipment or machinery. Other types of HGVs include tipper trucks, tanker trucks, and box trucks.

 There are a few things to consider when making your decision.


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An HGV is typically used for transporting large loads over long distances.



Why Finance an HGV?

There are several reasons why you might want to finance an HGV. Firstly, if you're starting your own business and need a vehicle to transport goods, an HGV is an excellent option. Secondly, if you already have a business but need to expand your fleet, financing an HGV can be a successful way to do this. Thirdly, financing an HGV can be a great option if you're looking for a more reliable and efficient vehicle than your current one. Finally, if you simply need a larger vehicle than your current one, financing can be the best way to get it.

Whether you want to finance one HGV or expand to a whole fleet, there are many things to consider before taking out finance.



Examples of Other Vehicles You Can Finance

In addition to HGVs, Love Finance can finance several other types of vehicles for your business. These include:

- Trucks

- Trailers

- Vans

- Cars

If you're looking to finance a different type of commercial vehicle, visit our commercial vehicle blog to explore your options.


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We finance a range of commercial vehicles - anything that you use for business purposes. 



Benefits of HGV Finance


Affordable monthly payments

You can split the cost of the vehicle into affordable monthly payments. Spreading the cost will save you money and protect your cash flow. On the other hand, buying an HGV outright would incur a hefty upfront payment.

Additionally, the lender will often give you some freedom regarding the payment terms, so you can choose a repayment term that suits you. For example, at Love Finance, you can choose to repay the loan over two to five years.


Flexible borrowing

HGV finance is a very flexible way of borrowing. You can choose how much you want to borrow, and you only have to pay back what you borrowed plus interest. You can keep your monthly payments affordable, even if you need to finance a more expensive vehicle.

You could choose to pay the loan back early, which would save you on interest. Love Finance never charges early repayment penalties.


Tax benefits

If you're a business owner, you may be able to claim tax relief on the interest you pay on your HGV loan. The interest payments are considered a business expense. Speak to your accountant for more information about claiming tax relief on your HGV loan.


cash flow loan

Financing an HGV rather than buying outright can save you vital cash. 


Offset interest payments against profits

If you're a limited company, you may be able to offset the interest payments on your HGV loan against your company's profits. Saving on expenses means that you could reduce your corporation tax bill.


Manage cash flow

One of the main benefits of HGV finance is that it can help you manage your cash flow. By spreading the cost of the vehicle over a number of years, you can free up cash to invest in other areas of your business.



Your HGV Financing Options

Hire purchase

Hire purchase is where you pay an initial deposit followed by monthly instalments. At the end of the term, you own the vehicle outright.



Leasing is where you make regular payments over a set period of time. At the end of the lease, you can either return the vehicle or buy it outright.


Contract hire

Contract hire is similar to leasing, but you don't have the option to buy the vehicle at the end of the contract.


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There are lots of options regarding HGV finance. Make sure to explore these options to get the best deal for your business.



HGV Finance FAQs

Q: Can I claim back any VAT on the purchase price of the vehicle?

A: Yes, if you're a business, you can claim back any VAT on the vehicle's purchase price.


Q: How can I spread the cost?

A: There are a few different ways to finance an HGV, including hire purchase, leasing, and contract hire.


Q: What are the benefits of financing an HGV?

A: There are many benefits to financing an HGV, including that you can spread the cost of the vehicle over a set period, claim back any VAT on the purchase price, and offset the interest payments against your corporation tax. HGV finance is less restricted than other types of finance, meaning it is easier to get approved for. 


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Financing an HGV is an excellent option for small businesses, whether you want to invest in one or a whole fleet. 




HGV finance is a great way to get the vehicle you need for your business without making a significant upfront payment. If you're considering financing an HGV, there are a few things to remember. Finance is flexible, and the lender can tailor it to suit your needs. However, you should consider what type of finance option best suits your needs. There are several options available, so be sure to compare their features and benefits before deciding. You should also be aware of the benefits of financing an HGV, such as the ability to spread the cost and claim back any VAT on the purchase price. Lastly, make sure you understand the process of how to finance an HGV so that you can make the best decision for your business.



Apply Now

If you're interested in applying for HGV finance, we can help. We offer a range of finance options to suit your needs and budget. We also have a team of expert account managers who are on hand to answer any questions you may have.

To apply now, simply fill out our online application form.



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