The practical answer
You need to follow the relevant lender’s consent and settlement process; one vehicle cannot simply be removed from a facility by selling it.
Identify which agreement covers the vehicle and request an asset-specific release figure where applicable. A multi-asset agreement may not allocate the balance in the way you expect.
Confirm how sale proceeds and any shortfall will be handled before accepting a buyer’s money. Update insurance, the asset register and the remaining repayment schedule once the lender confirms 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.
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