United Trust Bank Vs Close Brothers Asset Finance: Asset Finance

For United Trust Bank and Close Brothers Asset Finance, asset finance is a direct fit, but the two lenders approach it a little differently. United Trust Bank sets out clearer deal size and term ranges, while Close Brothers gives you a wider set of asset finance structures, including hire purchase, leasing, and refinancing. If you need a specific asset funded, this comparison will help you see which lender is more likely to suit your business.

Products and terms at a glance

Both lenders provide asset finance, but the way they package it is different. United Trust Bank focuses on hire purchase, finance lease, and refinance for vehicles, plant, and equipment through approved brokers. Close Brothers Asset Finance offers hire purchase, leasing, and refinancing for SMEs, and it presents itself as a broader commercial finance provider.

United Trust Bank is the clearer one on published deal parameters. It says typical transactions are between £10,000 and £1 million, with repayment terms usually from 1 to 5 years. It also says larger transactions can be considered. Close Brothers does not set out a standard minimum and maximum on the same page, so the exact deal size will come through your quote.

Security is built into asset finance itself, because the asset usually supports the lending. In practice, that means the lender will look closely at the asset type, age, condition, and resale value. United Trust Bank's page shows that it works through approved asset finance brokers. Close Brothers also uses an enquiry-led model, which points to a more guided sales process than a self-serve lender.

On product fit, United Trust Bank looks more defined, while Close Brothers looks broader. If you want a straightforward asset finance facility with a clear size band, United Trust Bank is easier to frame. If you want more scope across leasing and refinance, Close Brothers gives you more product variety at the start of the conversation.

Costs and repayments in practice

Asset finance pricing is usually quote-based. That means you do not usually get a published rate card that applies to every deal. The cost depends on the asset, the deposit, the term, the business profile, and how much value the lender expects to recover from the asset if things go wrong.

United Trust Bank has published a starting price of 8.0% net on one of its asset finance pricing updates. That is not the same as a representative APR, and it is not a guaranteed rate for your business. Close Brothers does not publish a standard asset finance rate on its main product pages, so exact pricing arrives with the quote.

For both lenders, expect the total cost of borrowing to include more than interest alone. Common charges in asset finance can include documentation fees, arrangement fees, broker fees, and any early settlement charge. If you finance through a broker, the broker may also be paid by the lender, or charge you directly in some cases. That changes the true cost, so you should compare the full repayment figure rather than just the rate.

Interest rates and APRs for asset finance

Asset finance in the UK often uses a fixed or variable interest rate rather than a simple APR quote. APR, or annual percentage rate, is the total annual cost of borrowing including fees. It helps with comparison, but not every asset finance provider publishes one. Where a lender uses hire purchase, you will usually see an interest rate and a total repayable amount instead.

United Trust Bank's published starting price suggests it sits in the specialist end of the market rather than the cheapest mainstream tier. Close Brothers is also a specialist lender, and the pricing is shaped by deal structure and borrower profile. For a strong borrower buying a solid asset, either lender may price competitively against other specialist asset finance providers. For a weaker profile, the cost can rise quickly.

The wider UK market for asset finance is quote-led. Published market guides point to rates often being a few percentage points above the base rate for stronger cases, with higher pricing for more complex or higher-risk deals. That means a strong borrower may get a materially lower total cost than a weaker borrower, even for the same asset. Bank-owned asset finance providers are often cheaper for very strong cases, while specialist lenders can be more flexible on structure and credit profile.

Worked example 1, illustrative
Finance amount: £50,000
Term: 48 months
Rate assumption: 8.5% APR, illustrative
Monthly repayment: £1,233
Total repayable: £59,184

Worked example 2, illustrative
Finance amount: £150,000
Term: 60 months
Rate assumption: 9.5% APR, illustrative
Monthly repayment: £3,147
Total repayable: £188,820

These examples are only for comparison. Your own quote can move up or down based on asset type, deposit, business strength, and whether the lender sees the asset as easy to resell. If you have a strong balance sheet and a standard asset, you may see tighter pricing. If the asset is specialised or your credit profile is weaker, expect the total repayable to rise.

Speed and service

Asset finance speed depends on how much due diligence the lender needs. United Trust Bank works through approved brokers, which usually means the process is guided rather than fully self-serve. That can help if you want support with structure and paperwork, but it also means the timeline depends on the broker route and the size of the deal.

Close Brothers Asset Finance also uses an enquiry-led model, with a wider commercial finance setup behind it. That can suit businesses that want someone to shape the deal, especially where the asset or repayment profile is not standard. For both lenders, the funding timetable is not fixed on the public product pages, so speed varies.

On customer sentiment, United Trust Bank is rated 4 stars on Trustpilot, with 4,854 reviews shown. Close Brothers has a 3.7 out of 5 rating on Trustpilot, with 7,442 reviews shown. Those ratings give you a sense of service experience, but they do not tell you how your specific asset finance case will go.

Complaint handling also matters. United Trust Bank has a published complaints process and says you can raise a complaint by phone or online. Close Brothers has a dedicated complaints page for asset finance and also provides a route for vehicle finance commission complaints. That is useful if you want a lender with a clear escalation path.

One practical difference is the service model. United Trust Bank looks more broker-led, with support coming through intermediaries. Close Brothers is still relationship-driven, but it presents a broader commercial lending franchise. If you value a named contact and a lender that can handle multiple finance needs, Close Brothers may feel more joined up. If you already work with a broker, United Trust Bank fits neatly into that route.

Who each lender suits

United Trust Bank suits businesses that want asset finance for vehicles, plant, or equipment and prefer a clear, specialist structure. It is the better fit if you want published deal parameters, because it sets out a typical range of £10,000 to £1 million and 1 to 5 years. It also suits borrowers who are comfortable working through a broker.

Close Brothers Asset Finance suits businesses that want a wider asset finance menu, including hire purchase, leasing, and refinancing. It looks more flexible for SMEs that may need a tailored structure rather than a standard purchase facility. If you want to refinance existing assets or spread the cost of a broader mix of equipment, it may fit better.

Neither lender positions itself as a last resort provider. Both sit above unsecured lenders in the sense that the asset supports the deal, which can make pricing and approval terms more grounded than an unsecured business loan. At the same time, they are more specialised than a high street bank's general business lending offer. Banks can be cheaper for the strongest borrowers, but they are often stricter on structure and sector fit.

How United Trust Bank compares with other asset finance providers

United Trust Bank looks like a specialist bank rather than a pure direct-to-business marketplace or broker. That usually means a more structured credit process and a clearer focus on specific asset classes. Its published size and term ranges make it easier to understand than many competitors, but it still relies on a broker route.

Compared with banks, United Trust Bank is likely to sit somewhere between mainstream and specialist. It may be more flexible than a large high street bank on asset type, while still feeling more formal than an online lender. Compared with unsecured business loan providers, it is usually a better fit if you are buying a real asset and want the asset itself to help support the funding.

On cost, a strong borrower may find bank-led asset finance cheaper. On flexibility, United Trust Bank can be more practical if your business needs specialist asset funding rather than an unsecured cash lump sum. That makes it a useful middle ground for asset-backed borrowing.

How Close Brothers Asset Finance compares with other asset finance providers

Close Brothers Asset Finance feels like a larger specialist provider with a broad commercial finance offer. It is not a self-serve lender, and it is not trying to act like a simple online quote engine. Its strength is the range of asset finance structures it can support, which is useful if your deal is not straightforward.

Compared with banks, Close Brothers may be less rigid on structure and more open to equipment-heavy or mixed-asset deals. Compared with alternative lenders and unsecured providers, it will usually be more asset-focused and may offer more appropriate funding for capital purchases. If your priority is a direct, structured facility for equipment, it can be a better fit than unsecured debt.

Exact pricing is still quote-based, so cost will depend heavily on the quality of the deal. In practice, that means stronger borrowers with good assets are more likely to secure sharper pricing. Businesses with unusual assets or more complex needs may find Close Brothers easier to shape, even if the rate is not the lowest headline option.

How to apply

For United Trust Bank, the process runs through approved asset finance brokers. You will usually start with details of the asset, the supplier, the amount you need, your deposit, and your business accounts. The broker then packages the case and submits it to the lender.

For Close Brothers Asset Finance, the route is also enquiry-led. You contact the lender or its commercial finance team, outline the asset and funding need, and then provide trading and financial information. In both cases, expect to supply recent accounts, bank statements, VAT returns where relevant, asset quotes or invoices, and director details.

Both lenders will want to understand your business strength and the asset's value. If the asset is specialised, older, or harder to resell, the lender may ask for more detail. If you are refinancing, expect extra information on the existing asset and current agreement.

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?
Not always, but it often can be for the right deal. Because the asset helps support the lending, the pricing can be stronger than an unsecured loan. The exact outcome depends on the asset, the term, and your credit profile.

Which lender is clearer on deal size and term?
United Trust Bank is clearer on both. It publishes a typical deal size of £10,000 to £1 million and terms of 1 to 5 years. Close Brothers does not set out the same headline range on the product page.

Does Close Brothers Asset Finance only suit larger businesses?
No. It targets SMEs, but it can suit more established businesses that want hire purchase, leasing, or refinancing. The right fit depends more on the asset and the deal structure than on company size alone.

How does United Trust Bank compare with other asset finance providers?
It looks like a specialist bank with a broker-led model. That usually means clear structure, but less self-serve convenience than an online-only lender. It may suit you if you want an asset-backed facility and clear published parameters.

Will either lender publish a final rate before I apply?
No. Asset finance is usually quote-based, so the final rate depends on your business and the asset. You should compare the total repayable, not just the headline rate.

Final verdict

Choose United Trust Bank if:

• You want asset finance with a published size band of £10,000 to £1 million.
• You need a facility for vehicles, plant, or equipment over 1 to 5 years.
• You are happy to work through a broker and want a specialist bank structure.
• You prefer clearer upfront parameters before you request a quote.

Choose Close Brothers Asset Finance if:

• You want a broader asset finance offer, including hire purchase, leasing, and refinancing.
• You need a more tailored commercial finance conversation rather than a standard product shape.
• You value a larger specialist provider with a relationship-led service model.
• You are comparing deals where flexibility matters as much as headline pricing.

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

• United Trust Bank asset finance
• United Trust Bank asset finance intermediaries
• United Trust Bank regulatory information
• United Trust Bank complaints
• United Trust Bank asset finance pricing update
• Close Brothers Asset Finance
• Close Brothers what is asset finance
• Close Brothers enquiry form
• Close Brothers vehicle finance commission complaints
• FCA register, United Trust Bank Limited
• FCA register, Close Brothers Limited

Third-party sources

• United Trust Bank Trustpilot
• Close Brothers Trustpilot
• British Business Bank, what is asset finance
• MoneySuperMarket asset finance comparison
• Finance & Leasing Association asset finance