Close Brothers Asset Finance Vs White Oak UK Asset Finance

Close Brothers Asset Finance and White Oak UK both offer asset finance for UK businesses, but they approach it differently. Close Brothers gives you a wider spread of asset finance options, while White Oak UK publishes more of its core borrowing rules. If you want to fund equipment, vehicles or machinery, this comparison shows how each lender fits that need. Where product details are not published, the exact deal comes with a quote.

Products and terms at a glance

Both lenders offer asset finance, but the structure is not the same. Close Brothers Asset Finance offers hire purchase, leasing and refinance options, while White Oak UK focuses on SME asset finance for equipment, vehicles, machinery and other business assets. White Oak UK publishes more of its core deal terms, while Close Brothers gives a broader product range. That matters if you want either a simple purchase deal or a finance structure linked to an existing asset.

Close Brothers sits in the mainstream specialist end of the market. It is a long-standing UK asset finance provider and its offer covers more than one funding structure. White Oak UK feels more rules-based at the point of enquiry, because it publishes a borrowing range and deposit requirement. That can help if you want to know whether your deal is likely to fit before you go deep into the process.

If you are comparing the lenders on product fit, the main difference is flexibility versus clarity. Close Brothers may suit you better if you want to discuss a wider range of asset finance structures. White Oak UK may suit you better if you want a clearly defined SME asset finance facility for a straightforward equipment or vehicle purchase.

Costs and repayments in practice

Asset finance pricing is usually quote-based rather than fully published. That means the cost you are offered depends on the asset, deposit, term, business strength, sector and whether the asset is new or used. Both Close Brothers Asset Finance and White Oak UK follow that model. You should expect the headline rate to be only part of the picture, because fees and any settlement charge can change the total cost.

Interest rates and APRs for asset finance

Asset finance in the UK is usually priced with a fixed rate or a lease style quote, not with a simple headline APR alone. That makes direct lender-to-lender comparison harder than with an unsecured loan. Close Brothers and White Oak UK do not publish a standard live rate for every case, so the exact cost comes with the quote.

The wider UK market often prices asset finance in a range that depends on asset type, deposit, risk and term. Stronger borrowers often see lower pricing, while weaker credit, older assets or smaller deposits push the cost up. For context, a mid-market illustrative assumption of 9.5% annual interest is a useful planning figure, but it is not a lender quote.

Worked example 1
Finance amount: £25,000
Term: 48 months
Rate assumption: 9.5% per annum, illustrative
Monthly repayment: £627
Total repayable: £30,096

Worked example 2
Finance amount: £100,000
Term: 60 months
Rate assumption: 9.5% per annum, illustrative
Monthly repayment: £2,109
Total repayable: £126,540

These examples help you compare the shape of the deal, not the lender quote. If you need a lower monthly payment, a longer term can help, but it usually increases the total repayable. A bigger deposit can do the opposite. White Oak UK publishes a minimum 10% deposit, which gives you a clearer starting point for planning. Close Brothers leaves more of that structure to the final agreement.

On risk appetite, both lenders sit above the most cautious high street bank offers and below last-resort finance. Close Brothers is the more established specialist of the two, and that usually means a broader appetite than a standard bank loan team, especially where the asset is central to the deal. White Oak UK is also a specialist, but its published eligibility suggests a stronger focus on established SMEs with a usable asset and a defined deposit.

Speed and service

Speed matters in asset finance because the asset often needs to be bought or released quickly. Neither lender publishes a fixed approval timetable for every case, so the timeline is varies. In practice, the pace will depend on how much information the lender needs, whether the asset is new or used, and how quickly you return documents. White Oak UK gives the impression of a more structured process, while Close Brothers has the broader relationship-led model you often see with larger specialist lenders.

Close Brothers has a Trustpilot rating of 3.7 out of 5 from 7,437 reviews. White Oak UK has a Trustpilot rating of 4.4 out of 5 from 178 reviews. That points to a stronger customer sentiment for White Oak UK, although the review volumes are very different. White Oak UK also publishes a complaints route through its own complaints process, and Close Brothers publishes its own complaints procedure and FOS contact details.

For service style, Close Brothers is the more relationship-led option. White Oak UK looks more like a streamlined specialist lender with clearer upfront product rules. If you value a wider product conversation, Close Brothers may be the easier fit. If you want a cleaner published starting point and a smaller, tighter SME facility, White Oak UK may feel more direct.

Who each lender suits

Close Brothers Asset Finance suits businesses that want a broad asset finance conversation rather than a single fixed-format product. It offers hire purchase, leasing and refinance, so it can work well if you are buying equipment, replacing vehicles or releasing cash tied up in assets. It also suits businesses that want a well-established specialist lender with a long track record in the UK market.

White Oak UK suits established SMEs that want asset finance with clear published rules. It requires at least 3 years of trading, a business-use asset and a minimum 10% deposit. It also states borrowing from £10,000 to £2 million over 0 to 60 months. That makes it a stronger fit if you already know the asset you want and want a defined funding range before you apply.

How Close Brothers Asset Finance compares with other asset finance providers

Close Brothers looks more like a specialist lender than a bank, but it sits close to the mainstream of the market. It has more product breadth than many single-purpose asset finance providers, which helps if you need a choice between leasing, hire purchase and refinance. Banks can be cheaper in some cases, but they are often slower and stricter on structure. Close Brothers is more flexible than a bank, but exact cost still comes down to the quote.

Compared with other asset finance providers, Close Brothers looks useful for businesses that want a wider discussion and may need a refinance angle as well as new-asset funding. It is less obviously self-serve than some newer digital lenders. That can be an advantage if your deal is more complex, but it also means the process may take more back-and-forth than a simple online application.

How White Oak UK compares with other asset finance providers

White Oak UK looks more like a specialist product provider with a strong SME focus. It publishes more upfront deal information than Close Brothers, including borrowing range, term and deposit. That can make it easier to judge fit before you apply. It is not a bank, and its published terms suggest a more selective but still practical approach for established businesses.

Compared with banks and some larger mainstream lenders, White Oak UK is likely to feel more accessible on structure, though not necessarily cheaper. Compared with more flexible alternative lenders, it may be more disciplined on trading history and deposit. That positions it as a solid middle ground for SMEs that want a clear asset finance facility without moving into very short-term or unsecured business borrowing.

How to apply

The application process is straightforward for both lenders, but it is not identical. Close Brothers Asset Finance usually involves speaking to the lender about the asset, the structure you need and the business case. White Oak UK offers a more direct SME route, with published criteria that help you check fit before you start. In both cases, the lender will want enough detail to judge the asset, your business and the likely repayment profile.

Expect to provide basic company details, trading history, asset details, recent accounts or management information, and bank statements. You may also need supplier quotes, especially if you are financing a specific machine, vehicle or piece of equipment. If the deal is secured on the asset, the lender may ask for title or purchase information. The exact checklist varies by lender and deal size.

White Oak UK also signals a more defined online starting point, while Close Brothers may lean more on conversation and relationship handling. That means White Oak UK can feel quicker to triage, while Close Brothers can feel more suitable if your asset structure is less standard.

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 better than an unsecured business loan?
Asset finance is often a better fit when the borrowing is tied to a specific asset. The asset helps support the deal, which can make the structure more practical for equipment, vehicles and machinery. An unsecured loan may be better if you need flexibility for wider business use.

Which lender is more transparent on asset finance terms?
White Oak UK publishes more of its core borrowing terms, including deal size, term and deposit. Close Brothers gives a broader product range, but more of the final detail sits inside the quote. If you want a clearer starting point, White Oak UK is easier to size up quickly.

How does Close Brothers Asset Finance compare with other asset finance providers?
Close Brothers sits in the specialist mainstream. It offers more product variety than some smaller lenders and may suit more complex asset deals. Exact cost and speed still depend on the asset, deposit and business profile.

Does White Oak UK suit newer businesses?
Not usually for asset finance. White Oak UK states that businesses need to have traded for 3 years or longer. That makes it more suitable for established SMEs than start-ups.

Can I settle asset finance early?
Yes, but the rules depend on the agreement. Early settlement can involve a charge or a settlement figure that changes the total cost. It is best to factor that in if you think you may repay early.

Final verdict

Choose Close Brothers Asset Finance if:

• You want a broader asset finance choice, including hire purchase, leasing and refinance.
• You prefer a specialist lender with a long UK track record.
• Your deal is less standard and you want more flexibility in how the facility is structured.

Choose White Oak UK if:

• You want a clearly defined SME asset finance offer with published borrowing rules.
• You need between £10,000 and £2 million and can meet a minimum 10% deposit.
• You have traded for at least 3 years and want a more rules-led application path.

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, what is asset finance
• Close Brothers, about us
• Close Brothers, terms and conditions
• Close Brothers, complaints procedure
• White Oak UK asset finance
• White Oak UK legal disclaimer
• White Oak UK complaints
• White Oak UK, asset finance vs business loans

Third-party sources

• FCA register entry for Close Brothers Limited
• Trustpilot reviews for Close Brothers
• Trustpilot reviews for White Oak UK
• British Business Bank, what is asset finance
• MoneySuperMarket, compare asset finance
• Finance & Leasing Association, asset finance news
• Financial Ombudsman Service complaints data 2024/25
• Financial Ombudsman Service complaints data 2023/24