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Close Brothers Asset Finance Vs Aldermore Bank Asset Finance
Close Brothers Asset Finance and Aldermore Bank both offer asset finance for UK businesses, but they do not sit in exactly the same place in the market. Close Brothers focuses on flexible funding for SMEs, including hire purchase, leasing, and refinancing. Aldermore also offers a broad asset finance range, with hire purchase, leasing, loans, and refinance options. If you want to spread the cost of equipment, vehicles, or machinery, both lenders can fit the brief, but the way they structure deals and service them is different.
- Both lenders offer asset finance, but their product mix and service style differ.
- Pricing is quote-based, so exact costs depend on the asset, your deposit, term, and credit profile.
- Aldermore publishes more detail on asset finance agreements and variable-rate support.
- Close Brothers suits businesses wanting specialist asset funding and refinance options.
- If you need a non-standard structure or a broker-led comparison, both can still be in scope.
Products and terms at a glance
Both lenders clearly operate in the asset finance market, but they package the product a little differently. Close Brothers Asset Finance offers hire purchase, finance lease, operating lease, and refinance or capital release. Aldermore Bank offers hire purchase, leasing, loans, and refinance, and its documents also cover agreements for brokers and intermediaries.
Neither lender publishes a simple online rate card for asset finance. That is normal for this market, because the price depends on the asset, its age, your deposit, the term, and how much risk the lender sees in the deal. In practice, you should expect a quote rather than a headline price.
| Feature | Close Brothers Asset Finance | Aldermore Bank |
|---|---|---|
| Asset finance available | Yes | Yes |
| Main products | Hire purchase, leasing, refinance, operating lease | Hire purchase, lease, loans, refinance |
| Minimum deal size | Varies | Varies |
| Maximum deal size | Varies | Varies |
| Typical term | Varies | Varies |
| Security | Asset-backed, terms vary by structure | Asset-backed, terms vary by structure |
| Soft search or indicative quote | Varies | Varies |
| Own book or securitised | Retained on own book | Retained on own book |
| Top-up or renewal | Varies | Varies |
| Early repayment | Settlement terms vary by agreement | Settlement terms vary by agreement |
Close Brothers is a specialist asset finance provider rather than a broad high-street lender. Aldermore is a bank, but its asset finance arm still behaves like a specialist business finance unit. That makes both more relevant for equipment funding than a standard unsecured loan provider.
For a business buying a truck, machine, printer, or other fixed asset, either lender can work. If you want capital release from an existing asset, Close Brothers makes that use case especially clear. If you want a wider lender relationship that may also cover other business finance needs later, Aldermore has the broader banking brand behind it.
Costs and repayments in practice
Asset finance usually uses quote-based pricing rather than a published APR (annual percentage rate, the yearly cost of borrowing including interest and some fees). That means the final price can change with the asset type, term, deposit, residual value, and credit profile. Both lenders follow that model.
Close Brothers does not publish a standard asset finance rate on its main product pages. Aldermore also prices asset finance by quote, and it publishes a transition rate for variable-rate agreements. That matters if your deal is linked to a variable rate, because your repayments can move when the underlying rate changes.
Fees can also affect the total cost of borrowing. In asset finance, look out for documentation fees, arrangement fees, option-to-purchase fees, and settlement charges. Where a lender does not publish a standard fee schedule for every deal, the exact cost forms part of the quote.
| Cost factor | Close Brothers Asset Finance | Aldermore Bank |
|---|---|---|
| Headline rate | Quote-based | Quote-based |
| APR | Varies | Varies |
| Arrangement or documentation fee | Varies | Varies |
| Early repayment charge | Varies by agreement | Varies by agreement |
| Variable rate option | Varies | Yes, for some agreements |
| Broker fee passed to borrower | Varies | Varies |
Interest rates and APRs for asset finance
UK asset finance pricing is usually quoted individually. That is because the lender is pricing both the asset and the business behind it. For stronger profiles and mainstream assets, market pricing is usually lower than for older kit, niche assets, or deals with a smaller deposit.
A practical mid-market illustration for asset finance is around 8.5% APR to 12.5% APR, although the actual quote for your business may sit outside that range. Banks and bank-backed lenders can be cheaper for strong applicants, but specialist lenders are often more willing to consider non-standard assets or weaker profiles.
| Illustrative example | Example 1 | Example 2 |
|---|---|---|
| Finance amount | £25,000 | £75,000 |
| Term | 48 months | 60 months |
| Rate assumption | Illustrative, 9.5% APR | Illustrative, 10.5% APR |
| Monthly repayment | £637 | £1,611 |
| Total repayable | £30,576 | £96,660 |
These examples are only for illustration. They show how term and rate affect the total cost, not what either lender would quote you. If your deal includes a balloon payment, residual value, or VAT structure, the repayment profile will look different.
If you are comparing total cost, don't look at the monthly figure alone. A lower monthly payment can hide a longer term, a larger final payment, or a higher all-in cost. In asset finance, the right question is not just what you pay each month, but what the asset costs over the full agreement.
Speed and service
Both lenders work through a relationship-led model rather than a fully self-serve online journey. That usually means more human involvement than an instant online loan platform, especially on larger or more complex asset deals. It can help if your asset is specialist or if you need a tailored structure.
Close Brothers and Aldermore both support business customers through phone and broker channels. Aldermore also has a stronger intermediary focus in its asset finance offering, which suits brokers placing deals on behalf of clients. Close Brothers feels more specialist and more directly focused on asset-backed business funding.
Trustpilot ratings give a rough sense of customer sentiment, although they are not the whole story. Close Brothers has a rating of 3.7 out of 5 from 7,437 reviews. Aldermore has a rating of 4.5 out of 5 from 6,321 reviews.
Complaint handling is also part of service quality. Close Brothers publishes a complaints process and directs customers to the Financial Ombudsman Service if a complaint is unresolved. Aldermore does the same, and it also publishes complaint process information for customers. FOS (Financial Ombudsman Service) uphold rates across the market have been around a third of resolved complaints in recent reporting periods, so any lender with a complaints process needs to be judged on how quickly and fairly it handles issues, not just the existence of a process.
Indicative decision speed and funding time vary for both lenders. For straightforward asset deals, decisions can move quickly. For larger, older, or more specialist assets, underwriting naturally takes longer. If speed matters more than structure, ask for the exact timeline when you request a quote.
Who each lender suits
Close Brothers suits businesses that want a specialist asset finance provider with a strong focus on equipment, vehicles, and refinance. It is a useful fit if you need help funding a hard asset, want to release cash from an existing asset, or expect the deal to need a more tailored structure.
Aldermore suits businesses that want asset finance from a bank with a wider business finance range. It may also suit you if you work through a broker, want the option of hire purchase or leasing, and prefer a lender that publishes more support material for intermediary-led deals.
How Close Brothers Asset Finance compares with other asset finance providers
Close Brothers Asset Finance looks like a specialist lender rather than a mainstream bank. That usually means more flexibility on structure, but not always the lowest price for the cleanest deals. Banks can be cheaper on plain-vanilla finance for strong borrowers, while specialist lenders often have the edge on non-standard assets, sector knowledge, and refinance cases.
Compared with an unsecured business loan provider, Close Brothers is more asset-led and usually more suited to funding a specific purchase. An unsecured lender may be faster for working capital, but asset finance is often better value when the money is tied to a machine, vehicle, or piece of equipment. Close Brothers therefore sits closer to the specialist end of the market than the fast-cash end.
How Aldermore Bank compares with other asset finance providers
Aldermore Bank sits between a specialist lender and a broader bank. It offers asset finance with a bank brand and a wider business finance menu, which can help if you want one provider for more than one funding need. That said, its asset finance pricing is still quote-based, so you won't know the exact cost until you run the deal through.
Against other asset finance providers, Aldermore looks strongest where you want a bank-backed lender with a broker-friendly process and clear asset finance documentation. Against unsecured lenders, it will usually be more structured and tied to the asset itself, which can be an advantage when you want to preserve cash flow and match repayments to the useful life of the asset.
On risk appetite, both lenders sit above the strictest high-street bank style and below the most flexible short-term business finance products. That usually means they can look at more cases than a plain unsecured lender, but the best pricing will still go to stronger profiles with clear trading history and solid affordability.
How to apply
The application process for both lenders is fairly similar. You usually start with the asset details, the purchase price, the deposit, the term you want, and basic company information. The lender then looks at your business, the asset, and the repayment shape before issuing terms.
For asset finance, you will normally need recent management or year-end accounts, bank statements, a quote or invoice for the asset, and details of any existing borrowing. If the asset is specialist, the lender may also ask for extra information on usage, condition, or resale value.
Close Brothers often suits deals that need a more tailored discussion, while Aldermore has a clearer intermediary-led structure for many asset finance cases. If you are using a broker, they can often package the deal and compare it with other asset finance options before you proceed.
Once the offer is accepted, the lender arranges documentation, the asset is funded, and repayments begin under the agreed schedule. If you want the option to settle early, ask how settlement is calculated before you sign, because the cost of ending the deal early can change the true all-in price.
Not sure which lender fits your situation? A commercial finance broker can submit one application and compare live quotes from multiple asset finance providers at once, including both lenders covered in this article. Funding Agent works with a panel of UK lenders and can help match your business to the most suitable option.
Frequently asked questions
Is asset finance cheaper than an unsecured business loan?
It often is when you are funding a specific asset, because the asset itself supports the deal. Unsecured loans can still work better if you want flexibility for wider business use. The cheaper option depends on your profile, term, and the type of asset.
Do Close Brothers and Aldermore both offer asset finance?
Yes. Both lenders offer asset finance, but their product range and service style are not identical. Close Brothers is more specialist, while Aldermore combines asset finance with a wider banking offer.
Which lender is more likely to suit a broker-led application?
Aldermore has a strong intermediary focus, so it can suit broker-led deals well. Close Brothers also works through brokers, especially where the asset or structure needs a more specialist conversation.
How does Close Brothers Asset Finance compare with other asset finance providers?
It sits in the specialist part of the market. That can help if you need refinance, a more bespoke structure, or support for a less standard asset. Stronger, cleaner deals may get sharper pricing from larger bank-backed competitors.
How does Aldermore Bank compare with banks and other unsecured providers?
Aldermore sits closer to a bank than many specialist lenders, but its asset finance is still built around the asset itself. That means it can be more structured than an unsecured loan, but more suitable for equipment funding and asset purchases.
Final verdict
Choose Close Brothers Asset Finance if:
- You need a specialist asset finance lender for equipment, vehicles, or refinance.
- You want a structure that can be tailored around a specific asset.
- You are comfortable with quote-based pricing and settlement terms that vary by deal.
- Your funding need sits closer to specialist asset finance than to a simple unsecured loan.
Choose Aldermore Bank if:
- You want asset finance from a bank with a wider business finance range.
- You prefer a lender with a strong intermediary and broker-facing model.
- You want hire purchase, leasing, loans, or refinance under one brand.
- You value a bank-backed option that still operates in the specialist asset finance market.
If you are still unsure which option suits your business, Funding Agent can compare live asset finance quotes from multiple UK lenders in a single application. There is no obligation and it will not affect your credit score.
Sources
Official sources
- Close Brothers Asset Finance homepage
- Close Brothers asset finance explanation
- Close Brothers complaints procedure
- Close Brothers financial difficulties page
- Aldermore asset finance page
- Aldermore asset finance agreement documents
- Aldermore hire purchase page
- Aldermore asset finance FAQs
- Aldermore support for asset finance customers
- Aldermore complaint process
- Aldermore legal information
Third-party sources
- Close Brothers Trustpilot profile
- Aldermore Trustpilot profile
- Close Brothers FCA register entry
- Aldermore FCA register entry
- Financial Ombudsman Service annual complaints data 2025/26
- Financial Ombudsman Service annual complaints data 2023/24
- British Business Bank asset finance guide
- Clifton Private Finance asset finance rates guide
- Merchant Savvy asset finance guide
