Securing the right financial support is crucial for your business’s growth and sustainability.
With that in mind, asset finance is a valuable solution for companies looking to acquire necessary equipment and machinery without the immediate strain of substantial upfront costs negatively affecting the business’s cash flow.
In short, this financing option allows businesses to spread the cost over time while utilising the assets to generate revenue and make monthly repayments.
The UK boasts a robust asset finance market, with a diverse range of lenders catering to various industries. From traditional banks to specialised finance companies, the options are plentiful.
Whether you’re a small business owner or a large corporation, understanding the top asset finance lenders in the UK can help you make informed strategic decisions and secure the best financing for your needs.
Who are the Best Asset Finance Providers in the UK?
In no particular order, the top asset finance providers in the UK are:
- Aldermore
- Lombard
- ABN Amro
- Société Général
- Close Brothers
- BNP Paribas
- Investec
- HSBC
- Novuna
- Allica Bank
The Best UK Asset Finance Lenders
Aldermore
Aldermore provides tailored asset finance solutions designed to support various sectors, including manufacturing, agriculture, construction, and transportation, making them a versatile option.
Their primary products are:
- Hire Purchase: agreements that allow businesses to spread the cost of purchasing assets over time, eventually owning the asset outright at the end of the agreement.
- Finance Lease: enables businesses to use the asset for the majority of its useful life. Monthly payments are made over a fixed period, and businesses have the option to continue leasing, upgrade, or return the asset at the end of the term.
- Operating Lease: typically involves lower monthly payments and the asset is returned to Aldermore at the end of the lease term.
Why You Should Choose Aldermore
With flexible financing options, sector-specific expertise, and significant benefits, Aldermore stands out as a reliable partner for businesses looking to acquire essential assets without compromising their financial stability.
Lombard
Known for its robust financial solutions and customer-centric approach, Lombard helps businesses of all sizes acquire the assets they need to grow and thrive.
Lombard offers tailored finance solutions for various types of equipment, from machinery and vehicles to technology and renewable energy assets. They also provide coverage for IT equipment, software, and technology upgrades, as well as company cars, commercial vehicles, and fleets.
Lombard’s team of industry experts offers tailored advice and support, ensuring businesses get the most suitable finance solutions for their specific needs.
Customers can easily manage their accounts, view finance agreements, and make payments through Lombard’s secure online portal.
Why You Should Choose Lombard
Lombard prides itself on building long-term relationships with clients, providing ongoing support and advice to help businesses succeed. Lombard offers tools and services to help businesses manage their assets efficiently, ensuring maximum value and productivity.
With over a century and a half of experience, Lombard has established itself as a trusted and reliable provider of asset finance in the UK.
ABN Amro
With a strong focus on innovation, growth, development, and sustainability, ABN Amro can provide quality assistance for businesses across various industries.
They provide flexible leasing options for equipment and vehicles, while also supporting businesses in financing IT infrastructure and software, as well as renewable energy projects and environmentally friendly equipment.
ABN AMRO’s focus on innovation ensures that businesses have access to the latest finance solutions and technologies. This commitment helps clients stay ahead in rapidly evolving markets.
Why You Should Choose ABN AMRO
With a long-standing reputation in the financial industry, ABN AMRO is a trusted partner for businesses seeking reliable and effective asset finance solutions. Its extensive experience and robust advisory services provide businesses with the support they need to thrive.
Société Générale
Société Générale, a leading global bank, offers comprehensive asset finance solutions designed to empower businesses with the tools and resources they need for growth and innovation.
They tailor solutions for financing industrial equipment, as well as transport and logistics, IT, green energy, and other essential assets, enabling businesses to maintain competitive operations without substantial upfront costs.
The bank offers advice on sustainable finance options, helping businesses make eco-friendly investment decisions.
Why You Should Choose Société Générale
Société Générale’s commitment to innovation ensures that businesses have access to the latest financing solutions and technologies.
With a robust global presence and extensive experience in the financial industry, Société Générale is a top-tier partner for businesses seeking effective and customised asset finance solutions.
Close Brothers
With a commitment to flexibility and customer service, Close Brothers has cemented itself as a leading asset finance provider in the UK.
Close Brothers provides financing for a wide range of assets, including machinery, vehicles, and equipment, allowing businesses to preserve cash flow while acquiring necessary resources.
They pride themselves on understanding the unique needs of each client, offering personalised finance solutions and dedicated support throughout the financing process.
The service includes a user-friendly online platform that allows businesses to manage their finance agreements, make payments, and access essential account information.
Why You Should Choose Close Brothers
Close Brothers prioritises building long-term relationships with their clients, offering ongoing support and personalised service to ensure satisfaction and success.
With that focus on personalised service, industry expertise, and innovative tools, Close Brothers is a preferred choice for businesses seeking flexible and reliable asset finance options.
BNP Paribas
As a division of one of the world’s leading financial institutions, BNP Paribas Leasing Solutions combines financial strength with innovative products to support businesses across various industries.
When working with BNP Paribas, you’ll benefit from a secure online platform for managing finance agreements, making payments, and accessing account information, providing businesses with convenience and control.
As part of BNP Paribas, BNP Paribas Leasing Solutions offers the financial strength and stability of one of the world’s leading banks, providing clients with confidence and security.
Why You Should Choose BNP Paribas
They provide flexible financing options and customised solutions to ensure that businesses receive the support they need to achieve their specific goals.
They’ve developed a deep understanding of various industries, enabling them to deliver valuable insights and specialised advice, helping businesses make informed financial decisions.
Investec
Investec offers bespoke financial solutions tailored to meet the needs of businesses across various industries. With a commitment to innovation and customer satisfaction, Investec helps companies acquire essential assets and maintain financial agility.
Their services include lease finance, hire purchase, and refinancing to release capital from existing assets, improving cash flow and funding new opportunities.
Each financing package is crafted to fit the unique requirements of the client, providing personalised and effective financial support.
Why You Should Choose Investec
Investec is dedicated to driving innovation in asset finance, offering advanced digital tools and flexible financing options that enable businesses to stay ahead of the curve in a dynamic market environment.
With a focus on tailored financing, industry expertise, and sustainability, Investec is a preferred partner for businesses seeking reliable and effective asset finance solutions.
HSBC
Backed by the strength and stability of one of the world’s largest banking institutions, HSBC provides comprehensive financial support.
This includes a wide range of customisable financing solutions designed to meet the unique needs of each business, ensuring optimal support and flexibility for growth.
The service includes personalised support through dedicated relationship managers who offer expert advice and tailored financial solutions.
Why You Should Choose HSBC
Companies benefit from the financial strength and stability of a global banking leader, providing confidence and security in their financial partnerships.
Novuna
With a focus on supporting businesses of all sizes, Novuna provides funding for various types of equipment and assets, ensuring companies can maintain competitiveness and drive innovation.
They work closely with clients to understand their goals and provide tailored financial solutions. Their customer-centric approach ensures businesses receive the support and flexibility needed to thrive.
Novuna leverages advanced digital tools and platforms to streamline the application and approval process.
Why You Should Choose Novuna
Novuna offers a variety of financing terms to match the specific needs and financial situations of businesses, providing greater flexibility and control.
With extensive experience in multiple sectors, Novuna offers insightful advice and tailored solutions that address the unique needs of each industry.
Allica Bank
Allica Bank is a modern, relationship-focused bank dedicated to serving established SMEs in the UK.
Their asset finance solutions are designed to help businesses invest in essential equipment and assets without the upfront financial burden.
They’re committed to building strong relationships with their clients. Their relationship managers work closely with businesses to understand their goals and provide personalised financial solutions.
Why You Should Choose Allica Bank
Allica Bank offers flexible financing terms and competitive rates, ensuring that businesses can find a solution that fits their financial situation. Their transparent pricing structure means there are no hidden fees, allowing businesses to plan their finances with confidence.
What are Asset Finance Providers?
Asset finance providers are financial institutions or companies that offer financing solutions specifically designed for acquiring business assets such as machinery, vehicles, and equipment.
These providers help businesses obtain critical assets without the need for significant upfront capital expenditure, offering various financing options, including leasing, hire purchase, and equipment finance.
By spreading the cost of these assets over an agreed period, asset finance providers help businesses maintain cash flow and invest in growth.
What You Need From an Asset Finance Provider
Choosing the right asset finance provider is crucial for ensuring that your business can get its hands on the necessary equipment and assets without straining your finances.
1. Flexible Financing Options
Comprehensive Solutions
- Look for a provider that offers a variety of financing options, such as hire purchase, finance leases, operating leases, and refinancing. This flexibility allows you to choose the best solution based on your specific needs and financial situation.
Customisable Terms
- The provider should offer tailored financing terms that align with your cash flow and budget. This includes the length of the financing period, payment schedules, and end-of-term options.
2. Industry Expertise
Sector-Specific Knowledge
- Choose a provider with experience in your industry. They’ll have a better understanding of the specific challenges you face, allowing them to offer more tailored advice and solutions.
Advisory Services
- Providers with industry expertise often have advisory services, helping you make informed decisions about asset purchases and financing strategies.
3. Competitive Rates and Transparent Pricing
Competitive Interest Rates
- Ensure the provider offers competitive interest rates that make financing affordable. Compare rates from multiple providers to ensure you’re getting the best deal.
Transparency
- Look for a provider with a transparent pricing structure. There should be no hidden fees, and all costs should be clearly communicated upfront.
4. Strong Customer Support
Dedicated Relationship Managers
- Providers that assign dedicated relationship managers can offer a more personalised service, understanding your business’s unique needs and providing ongoing support.
Responsive Customer Service
- Accessible customer service is crucial for addressing any issues that arise during the financing period. Check reviews and testimonials to gauge the provider’s customer service reputation.
5. Fast and Efficient Application Process
Quick Approvals
- The provider should have a streamlined application and approval process, allowing you to get the funds quickly and without needless delays.
Digital Tools
- Look for providers that use digital tools and platforms for application submission, document management, and account tracking.
6. Flexible Repayment Options
Tailored Repayment Plans
- Providers should offer flexible repayment plans to suit your business’s cash flow and revenue cycles, making it easier to manage repayments without financial strain.
Early Repayment Options
- Ensure the provider allows for early repayment options without significant penalties, offering more flexibility if your financial situation improves.
Conclusion
Choosing the right asset finance provider is crucial for acquiring the equipment your company needs and effectively managing its cash flow. The top UK asset finance providers each offer unique features and benefits tailored to meet diverse business needs.
Each provider has robust digital tools and customer support systems, ensuring that businesses can manage their finance agreements efficiently and receive timely assistance when needed. Whether you are a small start-up or a large enterprise, these providers offer the flexibility, expertise, and support needed to help your business grow and succeed.
By carefully evaluating their unique offerings, businesses can pinpoint the lender that best aligns with their operational needs and financial goals, ensuring a strategic investment in their future success.
To get an idea of the costs involved, take a look at our asset finance calculator.
