Aldermore Bank was founded specifically to serve businesses that mainstream banks have turned away - and in the excavator finance market that mandate shows. While they're not a construction specialist in the way that Haydock Finance is, Aldermore's asset finance team has a broad remit to say yes where other lenders say no, making them a frequent solution for ground-works contractors, drainage businesses and plant hire operators with imperfect credit histories.
Their underwriting is genuinely flexible. A business with one or two satisfied CCJs from several years ago, or a director with a historic personal default, will often get a fair hearing at Aldermore where other lenders would auto-decline. They look at the whole picture: current trading, cash flow, asset quality and what caused the credit issue - not just whether the score meets a threshold.
Aldermore Bank Excavator Finance Rates - October 2026
| Factor | Details |
|---|---|
| Rate range (APR) | 5.5% – 14% |
| Typical term | 24 – 60 months |
| Minimum finance | £5,000 |
| Maximum finance | £2,000,000 |
| Deposit required | 0% – 25% (higher for adverse credit) |
| Decision speed | 24 – 48 hours |
| Finance types available | Hire Purchase, Finance Lease |
| Asset age considered | Up to 10 years (case by case older) |
How Do Aldermore Rates Compare to the Market?
Aldermore is not the cheapest lender on the market for clean-credit businesses - Close Brothers, Lombard and Novuna can typically beat their rates for straightforward cases. However, Aldermore is frequently the most competitive option for businesses with adverse credit, where the specialist sub-prime lenders (such as Time Finance) may charge even more while offering less flexible terms.
For businesses in the 5–12% credit band - those with minor adverse history or thin credit files - Aldermore often comes out ahead of the market because they price the risk more accurately than lenders who only offer binary clean/sub-prime pricing.
Their speed is also competitive: 24–48 hours is meaningfully faster than the traditional bank-owned lenders, and comparable with the fastest specialist lenders.
Aldermore Strengths for Excavator Finance
- Adverse credit considered - CCJs, defaults and thin credit files are assessed individually. Aldermore looks at the story behind the credit history, not just the automated score. This is their single biggest differentiator for construction businesses.
- Flexible underwriting - each case is reviewed by a human underwriter, not an automated scoring system. This means unusual business structures, seasonal income patterns, or recent start-ups can get a proper assessment.
- Fast turnaround - 24–48 hours is consistently achievable. For a contractor who has just found an excavator at auction and needs finance quickly, this responsiveness can be decisive.
- Low minimum finance amount - at £5,000, Aldermore will fund micro-diggers and compact excavators that some lenders won't bother with.
Aldermore Limitations for Excavator Finance
- Rates are higher than the market best for clean credits - if your credit profile is genuinely strong, you can almost certainly get a better rate from Lombard, Close Brothers or Novuna. Aldermore's value is in difficult cases, not competitive ones.
- Maximum £2m can be a constraint - for larger fleet purchases or high-value demolition equipment, Aldermore's ceiling may require additional lenders to be brought in alongside.
- Deposit requirements increase with adverse credit - businesses with CCJs or defaults may be asked for a 20–25% deposit, which adds to the upfront cash requirement.
Rates shown are indicative as of October 2026. All finance subject to status and credit approval. Doulton Bridging Finance is a broker, not a lender.