Top 10 £1 Million Equipment Finance Lenders for UK Businesses 2026
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Top £1 million equipment finance lenders compared
| Rank | Lender | Best for | Published loan range | Loan rate |
|---|---|---|---|---|
| 1 | Reward Funding | Established manufacturers funding high-value production lines | £100,000 to £5,000,000 | interest 0.99% to 3% monthly |
| 2 | Liberty Leasing | Businesses upgrading vehicle fleets or engineering equipment | £10,000 to £2,000,000 | interest 11% to 16% annually |
| 3 | Lombard | Firms with 12+ months trading needing heavy plant finance | Up to £5,000,000 | interest 4% to 11.5% monthly |
| 4 | Time Finance | Growing companies funding specialist machinery or equipment upgrades | Up to £5,000,000 | interest 5.5% to 13.5% annually |
| 5 | Admiral leasing | Businesses comparing lease options for commercial vehicles and plant | From £1,000 | interest 5.5% to 13.5% annually |
| 6 | Barclays | Established firms with bank relationships seeking competitive equipment terms | £1,000 to £25,000,000 | interest 8.5% to 14.9% annually |
| 7 | Acorn Business Finance | SMEs requiring manufacturing or construction equipment at scale | £15,000 to £5,000,000 | interest 8% to 15% annually |
| 8 | Propel Finance | Later-stage businesses exploring flexible asset finance structures | From £500 | interest 5% to 20% annually |
| 9 | Aldermore Asset finance | Businesses with varied asset needs seeking wider lender comparison | £1,000 to £10,000,000 | interest 5% to 15% annually |
| 10 | Close Brothers | Well-established firms with strong turnover financing major equipment | £25,000 to £100,000,000 | bespoke 3.5% to 10% monthly |
Asset finance lets businesses spread the cost of expensive equipment over its working life instead of paying the full price upfront. A lender purchases the asset and leases it back to you for fixed monthly payments. For established UK businesses, this structure preserves working capital while securing the plant, machinery or vehicles needed to grow. At the £1 million level, asset finance is often used to acquire production lines, heavy plant or commercial vehicle fleets without draining cash reserves.
Comparing lenders at this scale means looking beyond the headline rate. Rate type varies widely — some lenders quote monthly flat rates while others use annualised interest, making direct cost comparisons essential. Deposit requirements, repayment term length and seasonal payment flexibility also shape the real cost. Lenders differ in which asset types they will finance, with some specialising in construction plant and others in manufacturing equipment. The upper loan limit matters too — not all providers routinely handle million-pound facilities.
Important note:
Funding Agent
Published loan rangeFrom £10,000 to up to £1,000,000
Rate typeInterest from 6.8% annually
Why it is included:It is included because many business owners need to compare several finance routes before choosing where to apply.
Funding Agent can help businesses compare suitable options across a lender panel, especially when eligibility depends on turnover, sector, trading history, credit strength and available documents.
Best use case: When the borrower wants to avoid applying to one lender at a time.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Why it stands out
- Useful when a business wants to compare lender fit rather than guess which lender to apply to first.
- Can help position the application around the funding purpose, trading profile and available documents.
- Works well as a conversion route for readers who are unsure whether a direct lender will approve a larger unsecured facility.
Need to know
- Funding Agent is a broker, not a lender.
- The lender, not Funding Agent, sets the final rate, term, fees and approval decision.
- The best match may be unsecured, secured, revolving credit, invoice finance or another product depending on the case.
Expert take
Funding Agent is a useful honourable mention for business owners who want to compare lender options before submitting a full application. A larger unsecured loan is not always approved by the first lender a business finds, so understanding lender fit early can reduce wasted time and avoid unnecessary declines.
Reward Funding
Published loan range£100,000 to £5,000,000
Rate typeinterest 0.99% to 3% monthly
Overview: Monthly rates from 0.99% make Reward Funding one of the more cost-conscious asset finance options for established businesses funding seven-figure equipment purchases. The revolving structure means you only draw what you need. Security against the equipment or other business assets will typically be required.
Best next step: Check eligibility for equipment finance
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Monthly rates from 0.99%
- Facilities up to £5 million
- Revolving drawdown structure
Need to know
- Asset security typically required
- Valuation costs may apply
- Limits can be reviewed or adjusted
Expert take
A flexible asset-based lender that structures facilities around equipment value rather than credit scores. For million-pound equipment finance, the monthly rate model keeps costs predictable on long-life assets.
Source:https://rewardfunding.co.uk/
Liberty Leasing
Published loan range£10,000 to £2,000,000
Rate typeinterest 11% to 16% annually
Overview: For equipment finance at the million-pound level, Liberty Leasing's annual-rate structure makes cost comparison straightforward against bank loans and other term facilities. Funding is secured against the asset itself, which can preserve existing bank lines for working capital. Deposit and valuation requirements vary by equipment type.
Best next step: Compare equipment finance rates
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 11% to 16%
- Lending up to £2 million
- Asset-secured preserves cash flow
Need to know
- Deposit may be required
- Equipment type affects eligibility
- Valuation costs may apply
Expert take
A straightforward asset finance house that leans on equipment resale value as primary security. The annual rate structure suits businesses comparing equipment finance against bank term loans.
Lombard
Published loan rangeUp to £5,000,000
Rate typeinterest 4% to 11.5% monthly
Overview: Lombard funds heavy machinery and specialist equipment with monthly-rate facilities up to £5 million, backed by decades of asset finance underwriting. The lender's experience with complex asset classes means fewer delays on technical valuations. Expect a thorough credit review for seven-figure facilities.
Best next step: See Lombard's equipment finance terms
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Monthly rates from 4%
- Lending up to £5 million
- Decades of asset finance experience
Need to know
- Thorough credit review required
- Asset eligibility checks apply
- Deposit may be needed
Expert take
A long-established name in UK asset finance with deep experience underwriting heavy plant and specialist machinery. The monthly rate model works well for assets with clear depreciation curves.
Source:https://www.lombard.co.uk/
Time Finance
Published loan rangeUp to £5,000,000
Rate typeinterest 5.5% to 13.5% annually
Overview: Businesses pairing asset finance with working capital needs can use Time Finance's combined invoice and equipment funding under one relationship. Annual rates from 5.5% apply, with facilities reaching £5 million. The dual-product structure suits firms managing seasonal cash flow alongside capital expenditure.
Best next step: Explore Time Finance's asset funding
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 5.5%
- Combined asset and invoice finance
- Facilities up to £5 million
Need to know
- Invoice quality affects eligibility
- Limits can be reviewed
- Asset security required
Expert take
A combined asset and invoice finance provider that can cross-secure facilities. For businesses funding million-pound equipment, the dual relationship can streamline future borrowing.
Source:https://www.timefinance.com/
Admiral leasing
Published loan rangeFrom £1,000
Rate typeinterest 5.5% to 13.5% annually
Overview: A four-hour funding decision sets Admiral Leasing apart when equipment purchases cannot wait. The leasing structure covers assets from £1,000 upwards with annual rates between 5.5% and 13.5%. Strong trading history and affordability evidence will be expected for larger facilities.
Best next step: Get a quick equipment finance decision
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Decisions in four hours
- Annual rates from 5.5%
- Equipment leasing from £1,000
Need to know
- Strong trading history needed
- Personal guarantee may apply
- Asset eligibility checks required
Expert take
A responsive equipment leasing specialist geared for speed. The four-hour decision window helps businesses secure assets before competitors or price changes close the deal.
Barclays
Published loan range£1,000 to £25,000,000
Rate typeinterest 8.5% to 14.9% annually
Overview: High-street lending at the seven-figure level comes through Barclays' asset finance division, which covers equipment purchases up to £25 million at annual rates from 8.5%. The bank's broad product range means equipment funding can sit alongside existing facilities. Bank underwriting timelines apply.
Best next step: Check Barclays asset finance eligibility
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Lending up to £25 million
- Annual rates from 8.5%
- Broad product range available
Need to know
- Bank underwriting can be slower
- Strong trading history expected
- Personal guarantee may apply
Expert take
A high-street bank whose asset finance division handles large-ticket equipment funding. The annual-rate structure and broad product range suit established firms with existing banking relationships.
Acorn Business Finance
Published loan range£15,000 to £5,000,000
Rate typeinterest 8% to 15% annually
Overview: Acorn Business Finance handles equipment funding from £15,000 to £5 million, working across construction, manufacturing and transport sectors. Annual rates range from 8% to 15%. The firm's multi-funder access means asset type and sector fit can be matched to the right underwriter.
Best next step: View Acorn's equipment finance options
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Funding from £15,000 to £5M
- Multi-sector expertise
- Annual rates from 8%
Need to know
- Trading history required
- Asset valuation may apply
- Personal guarantee possible
Expert take
A multi-sector asset finance broker with access to various funders. The £15,000 to £5 million range covers everything from single machines to full production-line funding.
Propel Finance
Published loan rangeFrom £500
Rate typeinterest 5% to 20% annually
Overview: From agricultural kit to construction plant, Propel Finance funds a wide spectrum of equipment with annual rates starting at 5%. The lender approves assets from £500 upwards, though larger facilities take two to five days to complete. Equipment type and condition influence the final rate.
Best next step: See Propel's equipment finance rates
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Annual rates from 5%
- Funding from £500 upwards
- Wide asset spectrum covered
Need to know
- Funding takes two to five days
- Equipment condition affects rate
- Asset eligibility checks apply
Expert take
A high-volume asset funder comfortable with a wide asset spectrum. The low minimum and annual-rate structure from 5% give growing businesses headroom when scaling equipment spend.
Aldermore Asset finance
Published loan range£1,000 to £10,000,000
Rate typeinterest 5% to 15% annually
Overview: Aldermore Asset Finance covers equipment purchases from £1,000 to £10 million, with annual rates between 5% and 15%. The specialist bank's funding timeline of around 48 hours balances thorough underwriting with reasonably quick access to capital for planned equipment upgrades.
Best next step: Explore Aldermore asset finance
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Lending from £1,000 to £10M
- Annual rates from 5%
- Funding within 48 hours
Need to know
- Credit review required
- Asset type affects terms
- Deposit may be needed
Expert take
A specialist bank with a well-established asset finance arm. The £1,000 to £10 million lending range accommodates both single-asset and fleet-scale equipment programmes.
Source:https://www.aldermore.co.uk/business/business-finance/asset-finance/
Close Brothers
Published loan range£25,000 to £100,000,000
Rate typebespoke 3.5% to 10% monthly
Overview: Mid-market manufacturers and hauliers funding heavy equipment at the million-pound level often land with Close Brothers, whose bespoke asset finance reaches £100 million. Monthly rates from 3.5% reflect tailored underwriting. The lender typically expects £500,000-plus turnover and sector experience.
Best next step: Check Close Brothers equipment terms
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Bespoke monthly rates from 3.5%
- Lending up to £100 million
- Deep sector expertise
Need to know
- £500k turnover typically expected
- Monthly rate structure applies
- Strong sector track record needed
Expert take
A mid-market focused lender with deep knowledge across transport, manufacturing and construction. The bespoke monthly-rate structure reflects the tailored underwriting behind each facility.
Asset Finance Calculator
How £1 million equipment finance works for established UK businesses
At £1 million, equipment finance typically uses hire purchase or finance lease structures rather than operating leases. The asset itself secures the borrowing, so lenders focus heavily on equipment type, condition and resale value.
Several lenders on this list serve the £1 million bracket comfortably. Close Brothers offers facilities from £25,000 to £100 million, making them a natural fit for high-value transactions. Barclays covers £1,000 to £25 million through its asset finance arm. Aldermore handles up to £10 million, while Reward Funding, Lombard and Acorn Business Finance all reach £5 million.
At this scale, you will typically deal with a specialist asset finance underwriter who understands your sector. The funding covers the equipment cost net of VAT if you are VAT-registered, with repayments structured over a term that matches the asset's useful economic life.
What lenders assess on a £1 million equipment finance application
For a £1 million equipment deal, lenders want proof your business can sustain the repayments. Trading history and turnover are the first filters.
Lombard asks for at least one year of trading and £25,000 in annual turnover. Close Brothers sets a higher bar at one year and £500,000 turnover, reflecting its focus on larger transactions. Aldermore has a lower threshold at six months trading with no minimum turnover requirement. Several other lenders on this list do not publish minimums publicly, so speaking to a broker helps clarify what each lender will accept in practice.
Personal guarantees are common at this level. Reward Funding, Liberty Leasing, Time Finance, Aldermore and Close Brothers all require them. None of the lenders with confirmed data require you to be a homeowner, which keeps the application focused on business performance and asset quality rather than personal property.
Deposits and LTV ratios on £1 million equipment finance
Deposit requirements vary significantly across lenders, and on a £1 million deal the difference matters. A lender offering 85% loan-to-value means you need £150,000 upfront. One offering 100% LTV means no deposit at all.
| Lender | Maximum LTV | Deposit on £1m |
|---|---|---|
| Aldermore | 100% | £0 |
| Propel Finance | 100% | £0 |
| Close Brothers | 90% | £100,000 |
| Reward Funding | 85% | £150,000 |
Even with a 100% LTV facility, lenders may still ask for an advance rental of one to three monthly payments. This is not a deposit but does reduce the net amount financed. On a £1 million deal, one month at a typical rate can mean £10,000 to £30,000 upfront, so factor this into your cash flow planning.
How equipment type shapes your £1 million finance terms
The asset you are buying directly affects the rate, term and deposit a lender will offer. Lenders categorise equipment by how easily it can be resold if they need to recover their funds.
Heavy plant and machinery with a strong second-hand market, such as excavators, CNC machines or commercial vehicles, typically attracts better terms. These assets hold value well and are easier for a lender to remarket. Specialist or bespoke equipment with a limited resale market may attract higher rates, shorter terms, or a larger deposit to offset the lender's risk.
Technology assets like servers, medical imaging equipment or telecoms infrastructure depreciate faster. Lenders often shorten the term to match the asset's useful life, which pushes monthly repayments higher. If your £1 million spend includes a mix of asset types, some lenders will structure the facility in tranches with different terms for each category, so ask your broker about blended solutions.
