Lombard Asset Finance has operated for over 160 years and remains the dominant force in UK commercial asset finance. Their scale - they deploy billions in asset finance annually - gives them a cost of funds advantage that shows in their rates. For a well-established construction company with clean credit, a healthy balance sheet and a strong NatWest banking relationship, Lombard rates for excavator finance are routinely the best available in the independent market.
That said, Lombard is not the solution for every situation. Their criteria are conservative: they prefer limited companies over sole traders, established businesses over start-ups, and new assets over older used plant. They also have a £25,000 minimum, making them irrelevant for small compact excavator purchases. Understanding where Lombard excels and where they don't is key to using them appropriately.
Lombard Excavator Finance Rates - October 2026
| Factor | Details |
|---|---|
| Rate range (APR) | 4% – 11.5% |
| Typical term | 24 – 84 months |
| Minimum finance | £25,000 |
| Maximum finance | £10m+ (no formal upper limit) |
| Deposit required | 0% – 10% (new assets); higher for used |
| Decision speed | 48 hours to 2 weeks (complexity dependent) |
| Finance types available | Hire Purchase, Finance Lease, Operating Lease, Structured Finance |
| Asset age considered | Preference for new/near-new; used considered under 7 years |
How Do Lombard Rates Compare to the Market?
Lombard is the benchmark against which other asset finance lenders compete. For businesses that qualify for their best rates, they are simply the cheapest option for excavator finance - often by 1–2% compared with challenger banks, and significantly cheaper than specialist lenders.
The caveat is access. Lombard's criteria mean that many legitimate construction businesses - sole traders, businesses with minor historic adverse credit, those buying older plant - don't qualify, or don't qualify at the best rate. In those cases, Close Brothers, Shawbrook or Aldermore will produce a better outcome.
For large fleet purchases, Lombard also offers genuine structural advantages: their ability to handle complex multi-asset transactions, build operating lease residuals into their pricing, and work with tax planning advisers makes them the natural choice for significant capital expenditure programmes.
Lombard Strengths for Excavator Finance
- Lowest rates for strong credits - no independent lender consistently matches Lombard on rate for well-qualified limited companies. If you qualify, you will pay less interest over the term of your finance.
- High-value transactions - no upper limit means Lombard can handle fleet purchases, multi-machine deals and structured finance at a scale other lenders can't match.
- Full product range - HP, Finance Lease, Operating Lease and bespoke structured finance means they can match the finance structure precisely to your accounting and tax requirements.
- Depth and stability - as part of NatWest Group, Lombard has the financial depth to commit to long-term relationships and large deals. For businesses planning significant growth capex, they are a natural strategic partner.
Lombard Limitations for Excavator Finance
- Conservative criteria - sole traders, start-ups, businesses with adverse credit and operators buying older used plant are frequently declined or offered uncompetitive rates. Lombard is not built for these cases.
- Slower process - their underwriting process is more thorough than challenger lenders. Complex deals can take 1–2 weeks to approve and document, which is a problem if you're chasing an auction purchase.
- £25k minimum excludes small purchases - compact excavators and mini-diggers under £25,000 are outside their appetite entirely.
Rates shown are indicative as of October 2026. All finance subject to status. Doulton Bridging Finance is a broker, not a lender.