At times businesses can require support to help them invest in their business growth plans to purchase assets, to replace assets when funding is tight, or you don’t want to tie up cash flow when purchasing assets.
In these circumstances, a loan or asset finance product could be the right solution for you. Options include a simple and straightforward loan, hire arrangements and a range leasing of products.
These finance products allow you to benefit from the asset with monthly repayments or rental, but you won’t necessarily own the asset. Below we have explored what is available.
The table below gives a quick comparison of the top UK providers for equipment and machinery financing.
| Company | Minimum amount | Maximum amount |
|---|---|---|
| HSBC | Not stated | £50 million |
| NatWest | Not stated | Not stated |
| Santander | £5,000 | Not stated |
| Metro Bank | Not stated | Not stated |
| Bank of Ireland | Not stated | Not stated |
| Bank of Scotland | Not stated | Not stated |
| Ulster Bank | Not stated | Not stated |
| Yorkshire Bank | Not stated | Not stated |
| Clydesdale Bank | Not stated | Not stated |
| Funding Circle | £10,000 | £500,000 |
| Ferratum | £2,000 | £50,000 |
| Cooperative Bank | £25,020 | £250,000 |
| Aldermore | Not stated | Not stated |
| Bibby Financial Services | Not stated | Not stated |
| ClearFunder | £10,000 | £100,000 |
| Paragon Bank | Not stated | Not stated |
| Peak Cashflow | Not stated | Not stated |
| rebuildingsociety com | Not stated | Not stated |
| Spotcap | Not stated | £250,000 |
| Ultimate Finance | £5,000 | £500,000 |
| Folk 2 Folk | £50,000 | £5 million+ |
| ThinCats | £250,000 | £1 million |
| LendingCrowd | £5,000 | £50,000 |
* The facts and figures included here come from each company’s website and were accurate at the time of writing but may have since changed. Also, please keep in mind these may not be apples to apples comparisons as each provider offers different solutions. This guide should be used as a starting off point for more research on your part.
Below we profile each of the companies’ services and features in a bit more detail.
Note companies are ranked in no particular order and this no way indicates one solution is better than another.
Topics
1. HSBC
Some of the features and benefits of HSBC’s equipment and machinery financing.
- Asset finance
- Funding to help replace or purchase new assets
- Choice of hire purchase, finance lease, operating lease and asset loans
- Tailorable solutions
- Aids businesses wanting to grow
- Can be used for IT hardware and software, equipment and commercial vehicles
- Bespoke solution available for borrowing over £5 million
- Provides support in monitoring, tracking and maintaining IT assets
- Has experienced support teams
- Can be used alongside other financing solutions
HSBC is a banking provider that offers a wide variety of business finance solutions which includes their range of asset finance products. They offer hire purchase, finance lease, operating lease and asset loans which they specialise in offering support in IT finance, printing equipment, structured asset finance and commercial vehicle finance.
HSBC’s specialist offerings provide direct relationships with printing equipment manufacturers and access to their IT Lifecycle Management System which helps you to monitor, track and maintain your IT assets, and their commercial vehicle finance to flexibly purchase vehicles. Their structured asset finance provides bespoke packages for loans between £5 million and £50 million.
2. NatWest
Some of the features and benefits of NatWest’s equipment and machinery financing.
- Choice of asset finance products
- Hire Purchase
- Operating Lease
- Finance Lease
- Contract Hire
- Provides assistance to grow businesses
- Terms from 1 to 10 years depending on the asset
- Can help to reduce risks
- Flexible terms
- Provided in partnership with Lombard
NatWest is a banking provider that offers a wide range of business finance solutions which includes a range of loan products such as asset finance. Their asset finance range is provided in partnership with Lombard and offers hire purchase, operating lease, finance lease and contract hire.
NatWest’s hire purchase offers terms from 1-10 years depending on the asset and has a flexible deposit. Operating lease can protect you from assets losing value and can be tailored to you. Finance lease is a rental agreement that doesn’t require an upfront sum and can be tailored to your needs. Contract hire is designed for vehicles and fleets.
3. Santander
Some of the features and benefits of Santander’s equipment and machinery financing.
- Flexible finance for purchasing
- Equipment finance
- Vehicle finance
- Low monthly payments
- Fixed payment amounts
- Preferential rates
- No adverse credit
- Trading for over 2 years
- Must be a Santander Business Banking customer
- Provided in partnership
Santander is a banking provider that offers a variety of business finance products which include two types of asset finance which are equipment finance and vehicle finance that they provide in partnership with asset finance partners. They offer a flexible method for purchasing equipment which has low monthly payments that are fixed and preferential rates for existing customers with no adverse credit history.
Santander’s equipment finance offers from £5,000 for a rental programme and hire purchase which is only available to Santander Business Banking customers who have been trading for over 2 years. Vehicle finance offers contract hire for 1 to 100 vehicles for business or personal use.
4. Metro Bank
Some of the features and benefits of Metro Bank’s equipment and machinery financing.
- Asset-based lending solution
- Suitable for machinery, vehicles and equipment
- Allows you to spread the cost of asset purchases
- Flexible repayments
- Also allows you to refinance assets
- Hire purchase
- Lease finance
- Suitable for new and used assets
- Assets must be durable, identifiable, moveable and saleable
- Has experienced Business Development Managers
Metro Bank is an independent banking provider that is an alternative high street banking service with stores with longer opening hours 7 days a week. Their services are designed for small businesses and include asset finance, loans, overdrafts and invoice finance.
Metro Bank’s asset finance offers hire purchase and lease finance products as well as asset refinancing. Their products are suitable for purchasing plant, equipment, machinery, commercial vehicles and cars. They provide flexible solutions which can be used for used and new assets. All assets must be durable, identifiable, moveable and saleable and you will need to pay a deposit which is typically 10% of the asset value.
5. Bank of Ireland
Some of the features and benefits of Bank of Ireland’s equipment and machinery financing.
- Asset finance
- Helps preserve credit lines
- Hire purchase
- Leasing
- Fixed rental payments
- 100% finance available
- Suitable for equipment, plant, vehicles and technology
- Straightforward financing
- Only a small initially outlay
- Can be tax-deductible
Bank of Ireland is a banking provider that operates in Ireland and they offer a range of business finance products which include asset finance, loans and overdrafts to new and established businesses. They offer two asset finance products which are hire purchase and leasing finance.
Bank of Ireland’s hire purchase is a straightforward facility to purchase assets with fixed monthly rental payments. Their lease finance offers tailored payment schedules to meet your needs and can provide 100% finance. This can be used to purchase new plant and equipment with only a small outlay and it is deductible for tax purposes.
6. Bank of Scotland
Some of the features and benefits of Bank of Scotland’s equipment and machinery financing.
- Asset finance
- Suitable for vehicles, machinery and equipment
- Loans from £7,500
- Terms from 1 to 5 years
- Give a response within 24 hours
- Attractive pricing
- Fast and efficient funding
- Hire purchase
- Finance lease
- Apply online or over the phone
Bank of Scotland is part of Lloyds Banking Group who offers a variety of business finance products which include asset finance, loans, overdrafts and credit cards. Their asset finance products include hire purchase and finance lease.
Bank of Scotland’s asset finance offers fast and efficient funding solutions which are affordable and help you maintain your cash flow. Hire purchase is straightforward financing that gives you asset ownership. Finance lease offers immediate purchase with no initial outlay and no ownership in return for monthly rental payments. They provide responses to applications within 24 hours from a phone or online application
7. Ulster Bank
Some of the features and benefits of Ulster Bank’s equipment and machinery financing.
- Business loans
- Designed for purchasing assets
- Structured payments to suit your needs
- Variable interest rates
- Loans from £1,000 to £25,000
- Terms from 1 month to 5 years
- Flexible loan solution
- Arrangement fees apply
- Applicants must be UK residents over 18
- Also offer asset finance in partnership with Lombard
Ulster Bank is an Irish banking provider offering a range of business finance products such as loans, asset finance, overdrafts and credit cards. They offer two products to assist businesses in purchasing assets which are business loans and asset finance that they provide in partnership with Lombard.
Ulster Bank has a business loan that is specifically for purchasing assets and offers loans from £1,000 to £25,000 on terms over 1 month to 5 years. It is a flexible solution that allows you to structure the payments to your needs on a variable interest rate. Asset finance can finance a range of assets from vehicles through to agricultural and construction equipment.
8. Yorkshire Bank
Some of the features and benefits of Yorkshire Bank’s equipment and machinery financing.
- Asset finance
- Hire purchase
- Lease finance
- Offers simple to comprehensive packages
- Flexible payments
- No or low upfront cost
- Retain working capital
- Fees and charges apply
- Suitable for a wide range of industries and purchases
- Tax and VAT breaks can apply
Yorkshire Bank is part of Clydesdale Banking Group and they offer a variety of business finance products such as asset finance, loans, overdrafts, credit cards, commercial mortgages and invoice finance. Their asset finance range offers hire purchase and lease finance.
Yorkshire Bank’s hire purchase enables you to purchase an asset without having to pay the full amount just a small initial outlay followed by monthly payments. Hire purchase is tax-deductible and offers VAT relief. Their lease finance allows you to acquire an asset with only a small initial outlay and you can receive some of the sale proceeds at the end of the term.
9. Clydesdale Bank
Some of the features and benefits of Clydesdale Bank’s equipment and machinery financing.
- Asset finance solutions
- Has a range of simple to comprehensive packages
- Hire purchase
- Lease finance
- Flexible payments
- Tax and VAT relief can apply
- Minimal or no upfront cost
- Free up cash flow
- Fees and charges apply
- Available for a wide range of industries and purchases
Clydesdale Bank is a Scottish bank that provides a wide range of business finance products including invoice finance. Their range of asset finance products includes hire purchase and lease finance.
Clydesdale Bank’s hire purchase offers fixed or variable interest rates at competitive rates on a tailored payment plan. The interest charged can be offset against taxable profits and you can own the asset at the end of the term. Their lease finance is flexible with a choice of fixed and variable interest rates and you can receive a proportion of the asset sale at the end of the agreement and VAT can be recoverable.
10. Funding Circle
Some of the features and benefits of Funding Circle’s equipment and machinery financing.
- Business loan
- Suitable for asset purchases
- Borrow from £10,000 to £500,000
- Terms from 6 months to 5 years
- Fast and affordable loans
- Unsecured
- Rates from 1.9%
- No early repayment charges
- Simple online application form
- Decisions made in as little as 5 hours
Funding Circle is an alternative finance provider to traditional banks which has brought together investors to fund their loans. They provide loans to small businesses and they utilise funding from the government-owned British Business Bank. Their loans are designed for a variety of purposes including for purchasing assets.
Funding Circle’s loans are unsecured loans with fixed interest rates for loans from £10,000 to £500,000 over 6 months to 5 years. Their loan rates start at 1.9% and have no early repayment fees. Their loan process is quick with an online application form and decision in as little as 5 hours.
11. Ferratum
Some of the features and benefits of Ferratum’s equipment and machinery financing.
- Business loans
- Suitable for asset purchases
- Borrow from £2,000 to £50,000
- Fixed interest rates
- Transparent costs
- No early repayment fees
- Fast application form
- Decisions not just made on credit score
- Funds can be released within a business day
- To be eligible, you must have been operating over a year
Ferratum is an international financial provider that is part of Ferratum Business and they provide loan products to small businesses that want to borrow funding for a variety of reasons including asset purchases. They make their loan decisions based on your cash flow, not just your credit score.
Ferratum’s business loans offer fixed interest rates and transparent costs which includes no early repayment fees. Their loans offer from £2,000 to £50,000 on a simple 18-month loan term. They have a fast-online application form and decisions can be reached within one business day. Loans are only available to businesses that have been operating over a year.
12. Co-operative Bank
Some of the features and benefits of Co-operative Bank’s equipment and machinery financing.
- Variable-rate loan
- Borrow from £25,020 to £250,000
- Terms from 1 to 15 years
- Variable interest rate
- Offers up to 70% funding on asset purchases
- They apply interest monthly
- Arrangement fees apply
- Offers flexible repayment terms
- Typically a secured loan
- Only available to Co-operative Bank customers
Co-operative Bank is an ethical financial provider that offers a range of business finance products such as loans, overdrafts and business charge cards. They offer a variable rate loan that is suitable for asset purchases.
Co-operative Bank’s variable rate loan offers funding from £25,020 to £250,000 on terms from 1 to 15 years. For asset purchases, they have restricted the loan amount to 70% of the value of the assets. The loan offers flexible repayment terms and it is typically a secured loan. This loan product is only available to Co-operative Bank customers that are over 18 and a UK resident.
13. Aldermore
Some of the features and benefits of Aldermore’s equipment and machinery financing.
- Asset finance solutions
- Hire purchase
- Lease finance
- Suitable for a wide range of business equipment and vehicles
- Transparent application process
- Offers clear repayment plans
- Terms to suit you
- Spread the cost of asset purchases
- Designed to help businesses to grow and develop
- Expert support
Aldermore is a financial provider that offers a range of business finance products to small to medium-sized businesses. They offer a range of funding solutions such as asset finance, asset-based lending, invoice finance and other specialist finance products. Their asset finance products include hire purchase and lease finance.
Aldermore’s asset finance solutions can be used to fund a wide range of business assets which include cars and commercial vehicles through to wind turbines and IT equipment. They offer a transparent application process and a clear repayment plan to help fund business assets that can help businesses to grow and develop.
14. Bibby Financial Services
Some of the features and benefits of Bibby Financial Services’ equipment and machinery financing.
- Asset finance
- Hire purchase
- Lease finance
- Flexible solutions
- Tailored offering
- Personal approach
- Affordable repayments
- Also offers to refinance of assets
- Will finance a range of soft and hard assets
Bibby Financial Services is a financial services provider that offers a variety of business finance products which includes asset finance, invoice finance, corporate funding and international trade. They provide finance like asset finance to help businesses fund assets so that they can develop and grow.
Bibby Financial Services’ asset finance offers two products which are hire purchase and lease finance. Hire finance enables you to purchase a variety of assets like equipment outright and you pay back the loan monthly. Their lease finance product gives them ownership of the asset and you lease it from them. They provide a flexible service with a tailored and personal approach.
Bibby Financial Services website
15. ClearFunder
Some of the features and benefits of ClearFunder’s equipment and machinery financing.
- Business loan
- Suitable for the purchase of equipment and vehicles
- Borrow from £10,000 to £100,000
- Terms from 6 to 12 months
- Flexible loan solution
- Simple and quick loans
- Instant online quote
- Competitive pricing
- Cater for small to medium-sized businesses
- They consider all circumstances
ClearFunder is a finance provider that offers loan solutions to businesses as an alternative to traditional banks. Their loans are designed for small to medium-sized businesses in a variety of business sectors and they will consider all circumstances. Their loans are suitable for the purchase of assets such as equipment and vehicles.
ClearFunder’s loans are a flexible solution that offers competitive pricing for loans starting from £10,000 to £100,000 on terms from 6 to 12 months which are repaid monthly in affordable instalments. You can get an instant quote online, then make a simple and quick loan application online.
16. Paragon Bank
Some of the features and benefits of Paragon Bank’s equipment and machinery financing.
- Asset finance
- Suitable for equipment, construction, technology and vehicles
- Can be used for new and used assets
- Provide assistance to help you find the right solution
- Flexible terms
- Bespoke solutions
- Can defer VAT
- Offers a range of hire purchase and lease options
- Also offer commercial/business loans
- Experienced team to support you
Paragon Bank is a financial provider that offers a range of business lending products which include asset finance, invoice finance, development finance, structured lending and mortgages. Their asset finance range includes hire phase, finance lease, operating lease, sale and HP back and commercial/banking loan.
Paragon Bank’s asset finance offers a variety of funding solutions to purchase assets and their experienced team will help support you in finding the right solution for you. Their asset finance products can be tailored and are flexible and can be used for new and used assets. Their finance is suitable for equipment, construction, technology and vehicles.
17. Peak Cashflow
Some of the features and benefits of Peak Cashflow’s equipment and machinery financing.
- Asset finance
- Finance a variety of assets
- Bespoke solutions
- Can purchase new or used assets
- Suitable for equipment, vehicles, machinery, new technologies and more
- Fast turnaround
- Offers re-financing solutions for assets
- You can also release cash flow from existing assets
- Suitable for new and existing customers
- Experienced provider
Peak Cashflow is an independent finance provider that offers a variety of business lending solutions which includes asset finance, invoice finance and trade finance to help businesses purchase assets or release funding.
Peak Cashflow’s asset finance is a fast turnaround loan that is designed to help businesses to purchase assets such as equipment, vehicles, machinery, new technologies and more to help the businesses to grow and develop. Their asset finance solutions are a bespoke product that allows for the purchase of new and used assets. They also offer re-financing of assets and asset-based lending to release cash from existing assets.
18. rebuildingsociety.com
Some of the features and benefits of rebuildingsociety.com’s equipment and machinery financing.
- Business loan
- Suitable for equipment purchase
- Choice of secure and unsecured loans
- No hidden costs
- No early repayments
- Quick and simple loans
- Apply online
- Decisions can be reached in as little as 24 hours
- Peer-to-peer lender
- Suited to small to medium-sized businesses
rebuildingsociety.com is a peer-peer lending platform that is designed to match ethically minded investors with borrowers that are looking for business loans. Their loans are available to small to medium-sized British businesses who want to borrow funds for a variety of reasons which includes the purchase of assets such as equipment and machinery.
rebuidingsociety.com’s business loans are available as either a secured or unsecured loan. Their loans are transparent with no hidden fees or early repayment charges. You can apply online quickly and simply, and a decision can be reached in as little as 24 hours.
19. Spotcap
Some of the features and benefits of Spotcap’s equipment and machinery financing.
- Business loan
- Suitable for the purchase of assets
- Borrow up to £250,000
- Terms from 1 month to 2 years
- Transparent terms
- No early repayment fees
- Online application
- Fast decision turnaround within 1 working day
- Offers dedicated support
- Rated highly on Trustpilot
Spotcap is an online financial provider who offers lending products to small to medium-sized businesses for a variety of reasons which includes the purchase of equipment and machinery. They offer a tailored approach to their loans and a fast service to reduce the pressure you are under.
Spotcap’s business loan offer loans up to £250,000 on terms from 1 month to 24 months that are quick and simple to apply for online with a fast turnaround that can give you a decision in as little as 1 working day. Their loans are transparent with no early repayment terms and they are rated highly on Trustpilot.
20. Ultimate Finance
Some of the features and benefits of Ultimate Finance’s equipment and machinery financing.
- Asset finance
- Borrow from £5,000 to £500,000
- Terms from 1 to 5 years
- Hire purchase
- Lease finance
- No front costs
- Affordable monthly payments
- Suitable for equipment, machinery and vehicles
- Decisions can be reached in 24 hours
- Once agreed funding is available within a day
Ultimate Finance is a specialist finance provider offering a range of business finance solutions which includes asset finance, loans and invoice finance. Their asset finance products include hire purchase and lease finance which can be used to purchase business assets including equipment, machinery and vehicles.
Ultimate Finance’s hire purchase allows you to purchase the asset at the end of the period, Ultimate Finance owns the asset and you pay a monthly hire payment. Their lease finance model enables you to lease the asset from Ultimate Finance through a monthly fee and at the end of the period you can continue to hire the asset, or they will sell it.
21. Folk 2 Folk
Some of the features and benefits of Folk 2 Folk’s equipment and machinery financing.
- Business loan
- Peer-to-peer lender
- Suitable for the purchase of assets
- Borrow from £50,000
- Terms from 6 to 60 months
- Secured loan
- Offers an interest-only options
- Rates start at 0.38%
- Transparent loans
- Simple and efficient loans
Folk 2 Folk is a peer-to-peer loan provider that offers a platform that brings together local investors and borrowers in a single place. Their ethos and their investors are locally minded and want to support businesses in their communities to grow and develop which includes the purchase of assets like equipment.
Folk 2 Folk’s business loans offer funding from £50,000 to over £5 million plus on rates from 0.38% over periods from 6 months to 60 months. Their loans are available as secured loans only, but they can offer interest-only options and are flexible. Their loans are transparent and simple to make the loan process simpler.
22. ThinCats
Some of the features and benefits of ThinCats’ equipment and machinery financing.
- Business loans
- Available for a variety of reasons including the purchase of assets
- Loans from £250,000 to £15 million
- Terms from 6 months to 5 years
- Provides working capital loans
- Secured loans only
- Personalised approach
- Tailored solutions
- Decisions made beyond algorithms
- Has an online eligibility checker
ThinCats is a financial provider offering business loan solutions which bring together institutional and retail investors with businesses that require funding. Their loans are offered to small to medium-sized businesses that require funding for a wide variety of reasons including the purchase of assets such as plant, machinery, equipment, technology products and vehicles.
ThinCats’ business loans are working capital loans that are provided on a secured basis and offer loans from £250,000 to £15 million on terms from 6 months to 5 years. They try to offer an alternative approach to lending through providing personalised service and tailored solutions where they make decisions on more than just algorithms.
23. LendingCrowd
Some of the features and benefits of LendingCrowd’s equipment and machinery financing.
- Business loan
- Available for asset purchases
- Peer-to-peer lender
- Loans from £5,000 to £50,000
- Terms from 6 months to 5 years
- Transparent terms
- Low fees with interest rates from 5.95%
- Fast decisions within 24 hours
- Funding released on the same day as arranged
- Control your loan through choosing the bid you want to select
LendingCrowd is a peer-to-peer lending provider that has a lending platform that allows borrowers to post their loan requirements for lenders to place bids and compete for your opportunity. The platform offers loans from 5.95% and enables borrowers to select the investor they want to borrow from.
LendingCrowd’s business loans offer funding from £5,000 to £50,000 on periods from 6 months to 5 years for a variety of loan reasons which includes the purchasing of assets. Their loans offer transparent terms and low fees. They provide fast loan decisions within 24 hours and they will release funding to you on the same day the loan is arranged.
* Please note we may be paid a fee if you visit Swoop and/or EJ Finance to take out a loan.