The practical answer
A transfer requires the lender’s agreement and may need a new credit assessment or different documentation.
Explain the reason, company ownership, asset user, financial position and who will take on obligations. Common directors do not make the companies the same borrower.
Do not simply move the asset and direct debit to the new company. Confirm any release of the original company or guarantors in writing; a payment change alone does not establish legal release.
Commercial finance is subject to status, lender approval and the specific asset and transaction. The right structure depends on the complete circumstances of the business.
What should I do next?
Have the asset details, supplier information and an outline of what the business needs ready. DCF can then discuss the requirement and identify which lenders may be suitable.
Read: Compare finance structures →Explore the relevant guides
New-start asset finance — For limited trading history, director experience and supporting evidence.