The practical answer
It may be possible in some circumstances, but the reason, settlement, value and existing agreement terms need careful review.
Obtain a current settlement and explain what has changed since the original purchase. Early refinancing can involve costs without much equity having built up.
Compare the net cash or payment benefit with the full new commitment. Do not assume the asset can immediately support a second advance simply because its original finance was approved.
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: Asset refinance →Explore the relevant guides
New-start asset finance — For limited trading history, director experience and supporting evidence.