Key highlights
- Existing loans need not rule out a new vehicle approval
- Lenders focus on whether cash flow covers a new repayment
- Disclosing current facilities lets a lender assess accurately
- Term and deposit can be structured to sit alongside commitments
- Request an obligation-free, indicative quote across 80+ lenders
It is common for a growing business to carry more than one facility. Having existing loans does not rule out a new vehicle finance approval, as long as the numbers stack up. Overdrive compares 80+ lenders to find the right fit for your commitments.
Can you borrow with existing business loans?
Lenders focus on whether your business can comfortably meet a new repayment on top of existing commitments. Where your cash flow supports it, existing loans are simply part of the picture rather than a barrier.
Why disclose your existing facilities?
Being upfront about current facilities lets a lender assess accurately and avoids surprises later. A clear, well-presented position tends to move an application along more smoothly, subject to lender criteria.
How do you structure a new vehicle loan?
The term, deposit and structure of a new vehicle loan can be shaped to sit sensibly alongside your other commitments. Simon Kendrick works to find a structure that keeps repayments manageable.
How do you check your capacity?
Request an obligation-free, indicative quote and Overdrive will assess your existing commitments and outline what a new vehicle facility might look like.
Ready to compare cheap rates?
Free quote in minutes, decisions in 24–48 hours. No credit-score impact to enquire.