Bottom line: Close Brothers offers plant finance from 5.4% APR on new equipment via Finance Lease. Hire Purchase on new plant starts from 5.9% APR. Used plant runs from 6.8–8.2% APR depending on age. They accept auction purchases, will fund ex-rental plant, and make same-day decisions on facilities under £100,000 - making them the benchmark lender for most UK plant operators.
Current Close Brothers Plant Finance Rates
Rates shown are indicative as of October 2026 and subject to individual credit assessment. The rate you receive depends on trading history, credit profile, asset age, and loan-to-value.
| Asset / Product | Finance Type | Rate From | Typical Term | Notes |
|---|---|---|---|---|
| New excavator / plant | Hire Purchase | 5.9% APR | 2–7 years | 10–20% deposit. Title transfers at end of term. |
| New plant | Finance Lease | 5.4% APR | 2–7 years | Asset remains on lender's books. Lower monthly cost. |
| Used plant (up to 7 years) | Hire Purchase | 6.8% APR | 2–5 years | Includes ex-rental and auction purchases. |
| Used plant (7–15 years) | Hire Purchase | 8.2% APR | 2–4 years | Older plant considered case-by-case. Valuation required. |
| Heavy plant / cranes | Hire Purchase | 6.2% APR | 3–7 years | Specialist valuation required. FORS/CPCS records help. |
| MEWP / access equipment | Hire Purchase | 5.9% APR | 2–5 years | Includes scissor lifts, boom lifts, cherry pickers. |
Rates are representative. Your actual rate will be confirmed in writing once we present your case to Close Brothers and receive a formal credit decision.
Product Terms at a Glance
- Loan terms: 2–7 years depending on asset age and type
- Deposit: Typically 10–20% of asset value
- Minimum facility: From £10,000
- Same-day decisions: Available for facilities under £100,000
- Auction purchases: Accepted - invoice and title documentation required
- Refinance / sale and leaseback: Available on assets already owned
- Minimum trading: 6+ months (with director guarantee for newer businesses)
Why Close Brothers for Plant Finance?
Market position
UK's largest specialist plant and machinery lender - their underwriters understand construction equipment values and depreciation curves that generalist banks do not.
Speed
Same-day credit decisions for facilities under £100,000 - critical when you're bidding on a contract and need equipment confirmed quickly.
Asset breadth
Will fund ex-rental plant, age 7–15 year old machines, and purchases at public auction - categories many lenders decline entirely.
Early-stage businesses
Accepts 6+ months trading history, well below the 2–3 year minimum required by high-street banks. Younger businesses can access competitive rates with appropriate security.
Refinance
Sale and leaseback allows you to release capital tied up in plant already on your balance sheet - useful for businesses needing working capital or deposit for a new purchase.
Direct access via DBF
As a specialist broker, we present your case directly to Close Brothers' commercial team - not through a call centre queue - which improves decision speed and outcome.
When Close Brothers May Not Be the Best Fit
Close Brothers is the right first call for most plant finance enquiries, but there are cases where we would look elsewhere on your behalf:
- Adverse credit: Close Brothers requires a reasonably clean credit profile. For businesses with CCJs, defaults, or recent missed payments, lenders such as Aldermore or Shawbrook may be more appropriate.
- Complex ownership structures: SPVs, holding companies, and non-standard structures are better handled by Shawbrook, which specialises in this area.
- Manufacturer-subsidised deals: New JCB or Caterpillar purchased from an authorised dealer may attract lower rates via the manufacturer's captive finance arm.
As your broker, we assess all options across our panel and recommend the lender that gives you the best combination of rate, terms, and approval likelihood for your specific case.