Close Brothers Asset Finance is a division of Close Brothers Group plc, one of the UK's oldest merchant banks. Unlike bank-owned asset finance arms that tighten criteria in line with retail lending policy, Close Brothers underwrites each deal on its own merits - making them a consistently strong option for ground-works contractors, plant hire firms, and owner-operators who need an excavator but don't fit the "clean credit, limited company, new asset" mould.
For excavators specifically, Close Brothers will consider everything from a compact 1.5t micro-digger to a 50t+ demolition machine. Their appetite extends to used and part-ex assets, and they have a track record of supporting businesses in their first two years of trading - a segment many lenders avoid entirely.
Close Brothers Excavator Finance Rates - October 2026
| Factor | Details |
|---|---|
| Rate range (APR) | 4.5% – 12% |
| Typical term | 24 – 60 months (up to 84 months on some assets) |
| Minimum finance | £10,000 |
| Maximum finance | £5m+ (larger deals subject to credit committee) |
| Deposit required | 0% – 20% (typically 10% for used assets) |
| Decision speed | Same day to 48 hours |
| Finance types available | Hire Purchase, Finance Lease, Refinance |
| Asset age | Up to 15 years old (case by case) |
How Do Close Brothers Rates Compare to the Market?
Close Brothers sits in the mid-tier on headline rate - they are rarely the cheapest option for blue-chip limited companies with strong balance sheets, where Lombard or Caterpillar Financial can sometimes undercut them. But they are routinely the best outcome for businesses that don't qualify for those headline rates in the first place.
Where Close Brothers genuinely leads the market is on breadth of appetite. Their construction plant team has deep knowledge of excavator values, residuals and the ground-works sector - which means they can price risk accurately rather than simply declining or loading a heavy premium. For a contractor with a couple of historic CCJs, or a plant hire business wanting to finance a 12-year-old Komatsu, Close Brothers is often the realistic first call.
Their rates are broadly competitive with Aldermore and Novuna for standard cases, and better than Haydock or Time Finance for businesses with stronger profiles. On adverse credit cases, their pricing tends to be fairer than specialist sub-prime lenders.
Close Brothers Strengths for Excavator Finance
- Broad appetite for construction plant - dedicated asset finance teams with genuine sector knowledge; they understand excavator values and don't decline based on unfamiliarity with the asset class.
- Sole trader and partnership-friendly - one of few mainstream lenders who will assess sole traders seriously, looking at bank statements and trading history rather than requiring corporate structure.
- New-to-plant operators considered - businesses entering the excavator market for the first time, or diversifying into a new asset type, are given proper consideration rather than automatic referral to a guarantor or deposit.
- Used and older plant accepted - comfortable with second-hand excavators, including assets 10–15 years old, provided condition and provenance stack up. This is a significant differentiator from bank-owned lenders.
Close Brothers Limitations for Excavator Finance
- Not the cheapest for clean credits - if your business has a strong balance sheet, good profitability and a clean Experian/Dun & Bradstreet score, Lombard or a manufacturer captive may offer a lower headline rate.
- Larger deals require more documentation - transactions above £500k typically require management accounts, asset schedules and sometimes a site visit, adding time to the process.
- No operating lease product - Close Brothers focuses on hire purchase and finance lease structures. If you specifically need an operating lease with a guaranteed residual, you'll need to look at Novuna or a leasing specialist.