Lombard helps businesses to buy the equipment they need to grow, funding a wide range of assets from business vehicles to machinery. Loan amounts from £5,000 to £250,000 between 12 and 84 months.
97% of Lombard customers would recommend it to a friend
A niche lender which only offers asset finance
Lombard business loans overview
If you’re about to splash out on new equipment for your business or have equity locked up in existing assets, it’s possible that you could put your working capital or equity to better use elsewhere – say, funding faster growth. That’s where Lombard comes in.
A direct lender (not a broker) founded in 1861, Lombard has been in the asset finance game for more than 150 years.
The lender has “relationship managers” based throughout the UK, priding itself on catering to the peculiarities of different sectors and local markets.
See how much it'll cost you to take out a Lombard loan
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Please note this calculator provides illustrative estimates only.
This tool is designed to help you estimate the monthly and overall costs of borrowing . You can adjust the duration of the loan and the interest rate to get a better idea of what would be affordable. Our calculations assume that any fees involved are bundled in with the loan amount and repaid over the same term, at the same rate. Refer to your loan agreement for exact repayment amounts as they may vary from our calculations.
To make comparing even easier we came up with the Finder Score. Costs, speeds and features across 50+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
To make comparing even easier we came up with the Finder Score. Costs, speeds and features across 50+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Asset finance is about accessing new equipment for your business or unlocking the value in existing assets (technically “asset refinance”).
It’s a blanket term covering a few different types of finance. For example, if your firm needs expensive new gear, but you don’t have that sort of cash lying around, then companies like Lombard could buy the equipment themselves and sell it to you bit-by-bit (like a hire purchase arrangement) or lease it to you for as long as you need it.
Asset refinance involves a straightforward loan secured against an existing asset (more like a mortgage or logbook loan).
As you’d probably expect, all these approaches work out more expensive than just purchasing an asset outright. However, in many situations, purchasing the asset up-front is simply not an option for a company, and even if it is an option, you might find a better purpose for those funds.
Fast decision. Get a decision on your loan in as little as 24 hours for transactions up to £150,000.
Tailored quotes. You are given a personalised price to meet your requirements.
Release cash. Free up cash reserves to fund growth elsewhere in your business.
Specialist expertise. Specialising solely in asset management, Lombard has expertise and knowledge spanning a range of industries and can help you choose the right finance option for you.
Lombard’s asset finance options
Lombard offers four types of asset finance. You should consider the pros and cons of each of them and decide which best suits your business before you apply.
Hire purchase
Benefits
Find a vehicle at your preferred local dealer.
Compare deals easily by using finance that isn’t attached to a car dealership.
Receive a personalised interest rate.
You have the option to keep your vehicle at the end.
There’s an optional larger final payment (or “balloon” payment), which would bring your monthly payments down.
Considerations
You will own the vehicle.
You will need to find your own vehicle.
You will need to sell or exchange the vehicle at the end of the finance term if you don’t want to keep it.
Contract hire
Benefits
Choose your vehicle from Lombard’s large range.
Benefit from purchasing discounts and special offers.
Hand the vehicle back at the end of the finance term.
Services such as maintenance are available.
Considerations
You will have to return the vehicle or arrange an extension on your term.
You will need to select a vehicle provided by Lombard.
You will need to agree on your mileage beforehand, though this can be changed. Excess mileage fees may apply.
Finance lease
Benefits
Rent rather than buy the asset to free up cash.
Equal payments over an agreed term.
Lombard recovers the cost of purchase from you over the term plus any interest charged.
Considerations
You won’t own the asset.
The rentals can be offset against your profits at your discretion, except for when the structure of the lease is long funding. It is subject to provisions of HMRC Statement of Practice 3/91. Lombard will still retain the right to any capital allowances.
Operating lease
Benefits
Effective for high-value, specialised equipment or assets you need to support a specific contract.
You can base rentals on the value of the asset over the period you require it for.
You can link rentals directly to the revenue that your asset generates.
Considerations
Unlike a finance lease, rentals won’t recover the full cost of the asset.
The lease will sit on your balance sheet as a right-of-use asset in most cases but not all – please speak with your accountant for more information.
The interest rate you are offered will depend on factors like the assets you want to finance, the term of the loan, the performance of your business and its credit rating. You will be given a personalised interest rate that may differ from the advertised “Representative APR”.
How can I apply?
Once you know the type of asset finance that you want for your business, you can apply for an instant quote on the Lombard website. If you are unsure what would suit your needs best, you can fill in a simple form requesting a callback. A finance expert will call you and talk through your options with you.
Lombard customer reviews and complaints
Lombard won the business loans category in the Finder Customer Satisfaction Awards 2024. In our survey, 97% of its customers said they’d recommend the brand to a friend. Many respondents commented that the lender was easy to deal with.
Lombard is rated “Average” on Trustpilot, with a score of 3.2 out of 5 stars, but that is based on only 36 reviews (updated October 2024). Positive reviewers on Trustpilot praised Lombard’s responsiveness and excellent customer service, while negative feedback focused on some issues with individual finance agreements.
There is little mention of Lombard business loans on Reddit, although a few users suggested Lombard as a company to consider when other forum members enquired about asset finance providers.
Customer support
To contact Lombard’s customer support, call 0345 877 8888. Lines are open on Monday to Friday from 9am to 5pm.
Frequently asked questions
Lombard will finance almost any business asset, from airplanes through to healthcare equipment and renewable energy infrastructure.
Yes. If you make a lump-sum payment, your agreement will be amended and rescheduled to reflect this. Lombard will send you a partial early repayment letter (PER) or letter of variation (LOV) with the relevant new documents. If you want to make a lump-sum payment, you should contact Lombard before doing so.
If you have a hire purchase or lease purchase agreement, you will pay a purchase fee at the end of the term. This transfers legal ownership from Lombard to you and will be taken as part of your final monthly payment. This fee will be agreed with you beforehand.
If you’re experiencing financial difficulties, you should contact Lombard at the earliest opportunity. It may be able to help you reach a new agreement that you can afford to meet.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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