Top 10 Lenders for £650,000 Equipment Finance in the UK (2026)
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Top 10 lenders for £650,000 equipment finance
| Rank | Lender | Best for | Published loan range | Loan rate |
|---|---|---|---|---|
| 1 | Reward Funding | Businesses funding large-scale machinery or production lines | £100,000 to £5,000,000 | interest 0.99% to 3% monthly |
| 2 | Liberty Leasing | Mid-to-large equipment leases with annualised rate pricing | £10,000 to £2,000,000 | interest 11% to 16% annually |
| 3 | Lombard | Established trading businesses acquiring high-value assets | Up to £5,000,000 | interest 4% to 11.5% monthly |
| 4 | Time Finance | Capital-intensive industries needing annual-rate equipment finance | Up to £5,000,000 | interest 5.5% to 13.5% annually |
| 5 | Admiral leasing | Flexible equipment leasing across a wide asset range | From £1,000 | interest 5.5% to 13.5% annually |
| 6 | Barclays | Bank-backed asset finance with access to the widest limits | £1,000 to £25,000,000 | interest 8.5% to 14.9% annually |
| 7 | Acorn Business Finance | Businesses funding equipment between £15,000 and £5 million | £15,000 to £5,000,000 | interest 8% to 15% annually |
| 8 | Propel Finance | Broad equipment finance from small to multi-million-pound assets | From £500 | interest 5% to 20% annually |
| 9 | Aldermore Asset finance | Accessible asset finance from £1,000 with flexible criteria | £1,000 to £10,000,000 | interest 5% to 15% annually |
| 10 | Close Brothers | Larger businesses funding vehicle fleets or heavy equipment | £25,000 to £100,000,000 | bespoke 3.5% to 10% monthly |
Asset finance lets a business acquire equipment by spreading the cost over time, with the asset itself securing the funding. It suits companies that need expensive machinery, vehicles, or production kit without draining cash reserves. For a purchase at the £650,000 level, this structure protects working capital while the equipment starts generating revenue from day one.
Comparing lenders goes well beyond the headline rate. Look at whether the rate is quoted monthly or annually, as this dramatically changes the real cost. Check the lender’s upper lending limit and whether they have experience with six-figure equipment deals. Deposit requirements vary and can affect upfront cash flow. Also weigh the funding speed against how urgent your equipment need is.
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: For equipment purchases at the £650,000 level, Reward Funding's revolving asset finance structure lets businesses draw against a facility rather than arranging separate loans for each asset. Monthly rates start at 0.99%, and the lender supports facilities up to £5 million. Expect security requirements and potential valuation costs as part of any large-ticket deal.
Best next step: Revolving facility suits multiple equipment purchases over time.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Revolving credit for ongoing equipment needs
- Rates from 0.99% monthly
- Facilities available up to £5 million
Need to know
- Asset security required for all facilities
- Valuation costs may apply upfront
- Monthly rates vary by asset type
Expert take
A direct asset lender built for mid-to-large equipment transactions. The revolving facility model works well for businesses planning staged equipment acquisitions, giving ongoing access to capital rather than a one-off arrangement.
Source:https://rewardfunding.co.uk/
Liberty Leasing
Published loan range£10,000 to £2,000,000
Rate typeinterest 11% to 16% annually
Overview: Liberty Leasing can fund equipment finance decisions within 24 hours, keeping straightforward asset purchases moving. Annual rates run from 11% to 16%, with facilities from £10,000 to £2 million. Because funding is tied directly to the asset, cash flow elsewhere stays intact. Deposits and independent valuations may be required.
Best next step: Quick 24-hour decisions on equipment finance applications.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Funding decisions within 24 hours
- Asset-linked lending preserves working capital
- Facilities from £10k to £2m
Need to know
- Deposits may be needed on larger assets
- Asset valuations often required
- Rates depend on equipment type and age
Expert take
A responsive leasing provider suited to businesses needing quick, no-fuss equipment funding. For a £650,000 asset purchase, the 24-hour turnaround removes a common bottleneck without complicating the rest of your working capital.
Lombard
Published loan rangeUp to £5,000,000
Rate typeinterest 4% to 11.5% monthly
Overview: Monthly rates from 4% make Lombard a cost-competitive route for financing equipment at the £650,000 level. The lender funds up to £5 million and returns decisions within 24 hours. As one of the UK's largest asset finance names, Lombard brings deep experience across machinery, vehicle and plant categories. Asset eligibility checks and suitability assessments form part of every application.
Best next step: Competitive monthly rates for high-value equipment purchases.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Monthly rates starting from 4%
- Decisions returned within 24 hours
- Facilities up to £5 million
Need to know
- Asset eligibility criteria apply
- Suitability assessments are mandatory
- Rates vary across equipment categories
Expert take
A heavyweight in UK asset finance with scale that smaller lenders cannot match. For a £650,000 equipment deal, Lombard's pricing and category experience across plant, machinery and commercial vehicles are hard to overlook.
Source:https://www.lombard.co.uk/
Time Finance
Published loan rangeUp to £5,000,000
Rate typeinterest 5.5% to 13.5% annually
Overview: Asset finance and invoice finance sit alongside each other at Time Finance, which helps businesses that need equipment funding alongside working capital support. Annual rates range from 5.5% to 13.5% on facilities up to £5 million. A flexible drawdown structure suits seasonal or project-led equipment needs. Facilities are subject to review and costs can rise with heavier usage.
Best next step: Dual asset and invoice finance from a single provider.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Combined asset and invoice finance available
- Flexible drawdown for seasonal demands
- Facilities up to £5 million
Need to know
- Facility limits subject to periodic review
- Costs may increase with usage
- Invoice quality affects overall terms
Expert take
A hybrid lender bridging asset finance and invoice finance in a single relationship. For a £650,000 equipment purchase, having both facilities with one provider can simplify administration and give more headroom on working capital.
Source:https://www.timefinance.com/
Admiral leasing
Published loan rangeFrom £1,000
Rate typeinterest 5.5% to 13.5% annually
Overview: From £1,000 to multi-million-pound equipment deals, Admiral leasing covers the full spectrum of asset finance with annual rates between 5.5% and 13.5%. Funding can complete in as little as four hours. The lender also operates in property and bridging, bringing broader collateral experience to equipment transactions. Strong trading history and affordability evidence are typically expected.
Best next step: Equipment leasing decisions in as little as four hours.
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Funding from as little as £1,000
- Decisions in four hours possible
- Cross-sector asset experience
Need to know
- Strong trading history usually required
- Affordability evidence expected
- Personal guarantees may be requested
Expert take
An equipment leasing specialist with unusually fast four-hour turnaround capability. For a £650,000 asset purchase, Admiral's speed and cross-sector experience in property-backed lending add confidence when structuring larger equipment deals.
Barclays
Published loan range£1,000 to £25,000,000
Rate typeinterest 8.5% to 14.9% annually
Overview: With a lending range stretching to £25 million, Barclays brings bank-grade underwriting to equipment finance at every scale. Annual rates range from 8.5% to 14.9%, and the lender covers equipment, vehicles and machinery across most mainstream sectors. Bank due diligence can mean a longer process than alternative lenders, but pricing is often keener for well-established businesses with clean credit profiles.
Best next step: Bank-backed asset finance with facilities up to £25 million.
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Lending from £1k to £25m
- Mainstream bank underwriting standards
- Covers most equipment and vehicle types
Need to know
- Bank underwriting can be slower
- Strong trading history often needed
- Personal guarantees may apply
Expert take
A mainstream bank lender whose scale suits larger equipment transactions. For a £650,000 asset purchase, Barclays rewards businesses with solid trading histories and clean affordability profiles with competitive rates that alternative funders struggle to match.
Acorn Business Finance
Published loan range£15,000 to £5,000,000
Rate typeinterest 8% to 15% annually
Overview: A single relationship covering asset, term and revolving finance is Acorn Business Finance's answer to complex equipment funding needs. Annual rates of 8% to 15% apply on facilities from £15,000 to £5 million. Equipment purchases sitting inside a wider refinancing or growth plan can be handled without juggling multiple lenders. Security and legal costs should be budgeted for.
Best next step: Multi-product lender covering asset, term and revolving finance.
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Asset, term and revolving options
- Facilities from £15k to £5m
- Single relationship for multiple needs
Need to know
- Security typically required
- Legal costs may apply
- Personal guarantees sometimes needed
Expert take
A multi-discipline finance house that handles asset, term and revolving facilities together. For a £650,000 equipment purchase, Acorn's ability to wrap associated funding needs into one conversation saves time and keeps the borrowing structure coherent.
Propel Finance
Published loan rangeFrom £500
Rate typeinterest 5% to 20% annually
Overview: Equipment purchases from £500 to six figures come under Propel Finance's asset finance remit, suiting mixed-value portfolios. Annual rates range from 5% to 20%, with funding completing within two to five days. The asset-linked structure ties repayments to the equipment, leaving day-to-day cash flow undisturbed. Deposit terms and eligibility vary by asset type and age.
Best next step: Equipment finance from £500 with two-to-five-day turnaround.
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Funding available from just £500
- Two-to-five-day completion typical
- Asset-linked structure protects cash flow
Need to know
- Deposit terms vary by asset type
- Equipment age affects eligibility
- Rates span a wide 5%-20% band
Expert take
An asset finance provider with a remarkably low entry point that also handles larger six-figure deals. For a £650,000 equipment purchase, Propel's broad rate band means credit profile drives pricing — stronger applicants access the sharper end.
Aldermore Asset finance
Published loan range£1,000 to £10,000,000
Rate typeinterest 5% to 15% annually
Overview: SMEs and mid-market businesses financing equipment will find Aldermore's annual rates of 5% to 15% competitive against many alternative lenders. Facilities span £1,000 to £10 million, with funding decisions typically returned within 48 hours. Extensive experience across plant, machinery and vehicle categories means most mainstream equipment types are covered. Deposits and asset suitability assessments form part of the standard process.
Best next step: SME-focused asset finance with competitive annual rates.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Facilities from £1k to £10m
- Competitive rates from 5% annually
- 48-hour funding turnaround typical
Need to know
- Asset suitability assessments required
- Deposits may be needed
- Standard SME underwriting applies
Expert take
A well-established asset finance operation with deep SME and mid-market reach. For a £650,000 equipment deal, Aldermore's £10 million ceiling and competitive annual pricing give growing businesses confidence that future, larger purchases can be accommodated.
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: Transport, manufacturing and construction businesses regularly turn to Close Brothers for equipment finance at the £650,000 level. Bespoke monthly rates between 3.5% and 10% reflect institutional-grade pricing, and facilities stretch from £25,000 to £100 million. Decisions come back within 24 hours. The lender's mid-market focus means businesses below £500,000 turnover may not fit its typical borrower profile.
Best next step: Bespoke asset finance for mid-market and larger businesses.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Facilities from £25k to £100m
- Bespoke rates from 3.5% monthly
- Deep sector knowledge in key industries
Need to know
- Minimum £500k turnover typically expected
- Mid-market and corporate focus
- Asset type and age affect terms
Expert take
A blue-chip asset finance house built for mid-market and larger corporate borrowers. For a £650,000 equipment purchase in transport, manufacturing or construction, Close Brothers brings institutional-grade funding with the sector knowledge to structure deals intelligently.
Asset Finance Calculator
Understanding interest rates and costs for £650,000 equipment finance
When borrowing £650,000 through equipment finance, the interest rate you pay depends heavily on the lender and your business profile. Monthly-rate lenders such as Reward Funding publish rates from 0.99% to 3% per month, while Close Brothers and Lombard sit in the 3.5% to 11.5% per month range. Annual-rate lenders offer a different structure. Time Finance and Admiral leasing both quote from 5.5% to 13.5% per year. Liberty Leasing publishes 11% to 16% annually, and Barclays lists 8.5% to 14.9% annually.
The table below shows how rates compare for a £650,000 facility across five lenders:
| Lender | Rate type | Typical range |
|---|---|---|
| Reward Funding | Monthly interest | 0.99% to 3% per month |
| Close Brothers | Monthly interest | 3.5% to 10% per month |
| Lombard | Monthly interest | 4% to 11.5% per month |
| Time Finance | Annual interest | 5.5% to 13.5% per year |
| Liberty Leasing | Annual interest | 11% to 16% per year |
Loan terms, deposits and LTV for £650,000 equipment finance
Equipment finance at the £650,000 level comes with a range of term lengths and deposit expectations. Loan terms vary significantly across the market. Reward Funding offers shorter facilities from 3 months to 1 year, while Admiral leasing and Aldermore Asset finance both extend to 7 years. Barclays stands out with terms up to 25 years for qualifying assets.
Loan-to-value ratios determine how much deposit you need. Propel Finance and Aldermore Asset finance both offer up to 100% LTV, meaning no upfront deposit may be required on a £650,000 asset. Close Brothers publishes a maximum LTV of 90%, and Reward Funding caps LTV at 85%. A higher LTV preserves working capital but typically comes with tighter affordability checks and may affect the rate offered.
Eligibility requirements for £650,000 equipment finance applications
Lenders assess several criteria when reviewing a £650,000 equipment finance application. Trading history is a key filter. Lombard and Close Brothers both require a minimum of 1 year in business. Aldermore Asset finance accepts applicants from 6 months of trading, making it accessible to younger companies seeking high-value equipment.
Turnover thresholds also differ. Lombard requires at least £25,000 in annual turnover, while Close Brothers sets a higher bar at £500,000. Aldermore publishes no minimum turnover requirement. Personal guarantees are common at this borrowing level. Reward Funding, Liberty Leasing, Time Finance, Aldermore, and Close Brothers all require a personal guarantee from directors. No lender on this list requires homeownership as a condition, which keeps equipment finance accessible to directors who do not own residential property.
Lease vs hire purchase for £650,000 equipment finance
Structuring £650,000 in equipment finance means choosing between a finance lease and hire purchase. With a finance lease, the lender buys the asset and rents it to your business for a fixed period. You never own the equipment, but rental payments are typically fully tax-deductible. This suits assets that depreciate quickly or need regular upgrading.
Hire purchase splits the cost into instalments with ownership transferring after the final payment. This works well for long-life assets such as heavy machinery or specialist vehicles where your business wants equity in the equipment. At £650,000, the deposit requirement varies by lender and asset type. Some lenders offering 100% LTV can fund the full purchase price, though a deposit often reduces monthly costs. Your accountant can advise on the tax treatment of each option for your specific situation.
