Forklift Finance

Q: Can I finance a used forklift?

Yes. Most lenders finance used forklifts up to 8 years old. Rates for used forklifts are typically 0.5–1% higher than new. An inspection or valuation may be required for older machines.

Q: What deposit do I need?

For hire purchase, most lenders ask for 10–20% deposit. Finance leases and operating leases often require no deposit. A larger deposit reduces monthly payments and may secure a better rate.

Q: How quickly can I get forklift finance?

Most forklift finance applications are approved within 24–48 hours. For straightforward deals under £30k, same-day approval is common. Multiple unit orders may take 3–5 working days.

Q: Do I need to have been trading for a minimum period?

Most lenders require 2+ years of trading history for standard terms. Newer businesses can still access finance but may need a personal guarantee or a higher deposit.

Spread the cost of forklifts from £8,000 to £80,000+ with flexible finance options. HP, lease, or refinance — compare rates from 40+ lenders.

Typical Cost

£8k – £80k

Approval Speed

24–48 hours

Same-day for < £30k

Rates From

From 5.0% APR

Finance options

Hire Purchase (HP)

Rate: From 5.5% APR
Term: 12–60 months
Deposit: 10–20%
Ownership: Yours at the end
Best for: Businesses wanting to own the forklift outright

Finance Lease

Rate: From 5.0% APR
Term: 12–60 months
Deposit: None required
Ownership: Return or buy (balloon payment)
Best for: Tax-efficient — claim 100% of payments against profit

Operating Lease

Rate: From 5.8% APR
Term: 24–48 months
Deposit: None required
Ownership: Return at end
Best for: Includes maintenance options. Off balance sheet.

Representative example

Borrow £25,000 over 48 months at 5.9% APR (fixed). Monthly repayment: ~£520. Total amount payable: ~£24,960. Rates depend on your circumstances.

Popular models

Model	Price Range	Type
Toyota Tonero 2.5t	£22,000 – £32,000	Counterbalance Forklift
Linde H30D	£28,000 – £40,000	Diesel Counterbalance
Jungheinrich EFG 220	£25,000 – £38,000	Electric Counterbalance
Hyster H3.0FT	£24,000 – £35,000	LPG Counterbalance

Tax benefits

Forklifts qualify for Annual Investment Allowance (AIA), letting you deduct the full purchase cost from taxable profits in year one — up to £1,000,000. HP agreements allow capital allowances. Lease payments are typically fully deductible from profits as a business expense.

Market context

Over 30,000 new forklifts are sold annually in the UK. The UK forklift market is worth £1.8bn including rentals and service. Electric forklifts now account for over 65% of new forklift sales in the UK, up from 40% five years ago.

Bad credit?

Several of our 200+ lenders specialise in businesses with imperfect credit histories. You may need a larger deposit or personal guarantee, but options exist. Our eligibility check uses a soft search only — no impact on your credit score.

Frequently asked questions

Can I finance a used forklift?