Compare Close Brothers and Lombard — two of the UK's largest asset finance houses — on rates, deal sizes, vehicle finance, equipment lending, eligibility, and which suits your business in 2026.
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Check EligibilityClose Brothers is a FTSE 250 financial services group that has been lending to UK businesses since 1878. Unlike the high-street banks, Close Brothers operates independently — it is not part of a larger clearing bank group, which gives its credit teams more autonomy in lending decisions.
The asset finance division covers vehicles, plant and machinery, technology, professional equipment, and specialist assets. Close Brothers assigns sector-specialist teams to different asset classes, meaning your application is assessed by people who understand the specific market you operate in. A construction company financing a crane is assessed by a team that understands plant values, utilisation rates, and residual pricing — not a generalist underwriter applying a standard credit model.
The application process typically starts with a broker or direct approach. You provide details of the asset you want to finance, your business financials, and any relevant trading history. Close Brothers assesses the deal based on your business strength and the asset’s value, often structuring bespoke terms rather than offering a fixed menu of products.
Close Brothers offers hire purchase, finance lease, and operating lease structures. Deal sizes range from £10,000 to multi-million-pound transactions, with terms typically between two and seven years depending on the asset type. Rates vary by asset class, term, and risk profile, but typically fall between 5% and 15% APR for standard transactions — with flexibility for more complex deals.
One important consideration in 2026 is the ongoing fallout from the FCA’s motor finance commission review. Close Brothers has significant exposure to the review of discretionary commission arrangements, with potential compensation liabilities still being assessed. Their commercial and specialist asset finance operations continue normally, but the motor finance division has faced disruption.
Lombard is the asset finance arm of NatWest Group and holds the distinction of being the UK’s oldest asset finance provider, with over 130 years of continuous lending. As part of NatWest, Lombard benefits from the capital backing, infrastructure, and client base of one of the UK’s largest banking groups.
Lombard finances a wide range of business assets — commercial vehicles, agricultural machinery, construction plant, manufacturing equipment, technology, and office fit-outs. The product range includes hire purchase, finance lease, and contract hire arrangements, with terms and structures tailored to the asset class.
For NatWest business banking customers, accessing Lombard is often seamless. Your relationship manager can introduce you to the asset finance team, and the existing banking relationship accelerates the credit assessment. For non-NatWest customers, Lombard is still accessible — either directly or through a broker — but the process may take slightly longer as a new credit profile needs to be established.
Lombard’s pricing is generally competitive for standard asset classes — a fleet of commercial vans, a CNC machine, or a set of IT equipment will attract rates in line with or below market average. Where Lombard may be less competitive is on non-standard or specialist assets where the NatWest group credit framework favours conventional deals over edge cases.
Deal sizes range from £10,000 to multi-million-pound facilities, and Lombard regularly finances fleet arrangements and large capital programmes for mid-market and larger businesses. Approval timelines are typically three to seven business days, though existing NatWest clients with established credit facilities can often receive faster decisions.
On a 5-year hire purchase agreement at 7.5% APR, monthly payments would be approximately £1,502. Over the full 60-month term, you would repay around £90,120, making the total cost of credit approximately £15,120. At the end of the term, you own the vehicle outright.
On a finance lease at a similar rate, monthly payments might be slightly lower — around £1,350 — because the lease factors in a residual value. However, you do not own the vehicle at the end and must either return it, extend the lease, or arrange a secondary rental period.
On the same 5-year hire purchase at 6.9% APR (competitive for a NatWest business banking customer), monthly payments would be approximately £1,479. Total repayable over 60 months would be around £88,740, with a cost of credit of approximately £13,740.
The difference of roughly £1,380 over the full term reflects Lombard’s pricing advantage on standard assets for established customers. On larger fleets — say ten vehicles at £75,000 each — that saving scales to nearly £14,000.
For standard commercial vehicles, plant, and mainstream equipment, Lombard typically edges Close Brothers on pricing by 0.5-1.5 percentage points. On a £200,000 equipment package over five years, that difference translates to £3,000-7,000 in total interest savings.
For specialist, premium, or non-standard assets — a rare piece of manufacturing equipment, a high-value prestige vehicle, or a complex multi-asset deal — Close Brothers often matches or beats Lombard because its independent credit appetite allows more flexibility in structuring the deal and accepting assets that fall outside Lombard’s standard criteria.
Neither lender publishes fixed rate cards — asset finance pricing is always deal-specific, depending on the asset type, term, deposit, business credit profile, and market conditions. However, general patterns emerge from broker experience and market data.
Lombard tends to offer lower rates on high-volume, standard asset classes: commercial vehicles, mainstream plant and machinery, and technology equipment. The NatWest group’s cost of capital is lower than Close Brothers’ independent funding, and this advantage flows through to pricing on vanilla transactions.
Close Brothers is more competitive on specialist or complex deals. Their independent credit committee can approve transactions that would not fit Lombard’s group-aligned criteria, and they are willing to take positions on unusual assets where Lombard might price conservatively or decline.
Both lenders price deposits favourably — a 10-20% deposit typically improves your rate and monthly payments. Broker-introduced deals may also carry slightly different pricing than direct approaches, as both lenders have established broker panels.
Choose Lombard. The integrated relationship means faster approvals, potentially better pricing, and the convenience of managing your banking and asset finance within the same group. Your NatWest relationship manager can facilitate introductions and provide supporting information that speeds up the credit process.
Choose Close Brothers. Their independent credit appetite and sector-specialist teams mean they are more comfortable financing assets that do not fit standard categories. Whether it is a bespoke piece of manufacturing equipment, a prestige vehicle, or a complex multi-asset arrangement, Close Brothers has more flexibility to structure and approve the deal.
Choose Lombard for competitive fleet pricing, particularly if you are a NatWest customer. Lombard’s contract hire and hire purchase products for commercial vehicle fleets benefit from NatWest’s scale and their long history in motor finance. The pricing advantage on volume deals can be significant.
Choose Close Brothers. As an independent lender, their credit team has more discretion to approve transactions where the business profile does not fit a clearing bank’s standard model. This includes newer businesses, those with complex ownership structures, or companies in sectors that mainstream lenders view cautiously.
Both lenders work extensively through brokers, but Close Brothers is particularly broker-friendly. Their specialist teams are geared towards working with intermediaries, and many of their best deals come through broker introductions. If your broker recommends Close Brothers for your specific deal, it is likely because they have found Close Brothers more competitive or more flexible for your particular situation.
Close Brothers has a 3.9 out of 5 Trustpilot rating, though this is somewhat misleading — most reviews relate to their motor finance and retail lending divisions rather than commercial asset finance. B2B asset finance clients rarely leave Trustpilot reviews. Broker and industry feedback on the commercial division is generally positive, with praise for specialist knowledge, flexible credit decisions, and the ability to finance complex assets. Criticisms relate mainly to the motor finance commission issues and slower processing on larger, more complex deals.
Lombard scores 3.7 out of 5 on Trustpilot, again with limited representation from their core B2B client base. Positive feedback from the asset finance division highlights competitive pricing, the convenience of NatWest integration, and professional account management. Negative themes include bureaucracy on non-standard requests, slower response times for non-NatWest clients, and occasional inflexibility on deal structures that fall outside standard parameters.
Both scores should be interpreted with caution — B2B asset finance relationships are rarely reflected in consumer review platforms, and the majority of reviews relate to other parts of each group’s operations.
Close Brothers and Lombard are both credible, established asset finance providers with over a century of lending experience each. The choice between them is driven by your specific deal rather than one being universally better.
For standard commercial assets financed by established businesses — particularly NatWest customers — Lombard will typically offer the most competitive pricing and the smoothest process. For complex, specialist, or non-standard deals where independent credit flexibility matters, Close Brothers is the stronger choice.
Many businesses and brokers obtain quotes from both and negotiate based on the competing offers. Given that asset finance pricing is deal-specific, getting proposals from both lenders is the most reliable way to ensure you receive the best available terms for your particular transaction.
| Feature | Close Brothers | Lombard |
|---|---|---|
| Amount range | £10,000 to multi-million | £10,000 to multi-million |
| Interest rates | Variable by asset and term; typically 5-15%+ APR | Competitive on standard assets; variable by deal |
| Approval speed | 3-7 days standard; longer for complex deals | 3-7 days typical; faster for NatWest clients |
| Min trading history | 2 years typical; case by case for newer firms | 2 years typical; NatWest relationship helps |
| Min turnover | Assessed by case; no rigid published minimum | Assessed by case; larger deals more competitive |
| Credit requirements | Independent credit assessment; flexible approach | NatWest group credit framework; standard approach |
| Repayment style | Hire purchase, finance lease, operating lease | Hire purchase, finance lease, contract hire |
| Trustpilot score | 3.9 / 5 (Average — limited consumer reviews) | 3.7 / 5 (Average — B2B focused, fewer reviews) |
Choose Close Brothers if your deal is complex, your asset is specialist or high-value, or your credit profile does not fit standard clearing bank criteria — their independence and sector expertise give them flexibility that group-backed lenders cannot replicate. Choose Lombard if you are an established business within the NatWest or RBS ecosystem, financing standard commercial assets, and want the backing of the UK's oldest and largest asset finance provider. For vanilla asset finance at scale, Lombard's pricing and breadth are hard to beat. For anything non-standard, Close Brothers' independence is the advantage.
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