At a glance: Close Brothers Asset Finance is one of the UK's most established independent lenders for construction equipment. Their appetite for MEWP finance - including boom lifts, scissor lifts, and spider platforms - is strong across both new and quality used equipment. Rates start from around 4.5% for well-established contractors with clean credit.
Close Brothers MEWP Finance Rates - October 2026
Close Brothers offers hire purchase, finance lease, and operating lease products for mobile elevating work platforms. The rates below reflect indicative ranges for businesses with at least two years' trading history and satisfactory credit profiles. Actual rates depend on equipment age, business profile, deposit, and term.
| MEWP Type | Finance Type | Indicative Rate | Min Advance | Max Advance | Typical Term |
|---|---|---|---|---|---|
| Articulated Boom Lift | Hire Purchase | 4.5–7.5% | £10,000 | £5m+ | 36–60 months |
| Telescopic Boom Lift | Hire Purchase | 4.5–7.5% | £10,000 | £5m+ | 36–60 months |
| Scissor Lift (new) | Finance Lease | 5.0–8.0% | £10,000 | £2m | 36–48 months |
| Scissor Lift (used) | Hire Purchase | 6.0–10.0% | £10,000 | £500k | 24–48 months |
| Spider Lift / Access Platform | Hire Purchase | 5.5–9.0% | £10,000 | £750k | 24–60 months |
| Vertical Mast / Push-Around | HP or Finance Lease | 5.5–9.5% | £10,000 | £250k | 24–48 months |
| MEWP Fleet (3+ units) | Fleet HP / Finance Lease | 4.5–7.0% | £50,000 | £5m+ | 36–60 months |
| Adverse Credit / Start-Up | Hire Purchase | 9.0–12.0% | £10,000 | £250k | 24–48 months |
Rates are indicative and subject to credit assessment, equipment inspection, and lender appetite at time of application. All rates quoted as flat rates per annum unless stated.
Close Brothers - Strengths and Limitations for MEWP Finance
Strengths
- High-value advances available (£5m+ for established businesses)
- Experienced in working-at-height sector - understand equipment values
- Both new and quality used MEWP lending
- Fleet finance with bespoke structuring available
- Finance lease as well as HP products
- Decisions from experienced credit underwriters, not just scorecards
- UK-based relationship managers for larger cases
- Accepts articulated boom lifts up to £500k single unit
Limitations
- £10,000 minimum advance - not suitable for small single scissor lifts
- Rates less competitive on older used equipment (5+ years)
- Start-up businesses (under 12 months) face limited appetite
- Full accounts required for deals over £100k
- Not the best option for sole traders with adverse credit
- Slower process than digital-first lenders like Novuna
About Close Brothers Asset Finance
Close Brothers Asset Finance is the equipment lending arm of Close Brothers Group plc, a FTSE-listed UK merchant bank. They have been lending to the construction and plant hire sector for over 30 years. Unlike challenger lenders, Close Brothers takes a relationship-based approach, with sector specialists who understand LOLER inspection schedules, the working-at-height regulatory environment, and the residual values of major MEWP brands including Genie, JLG, Haulotte, and Niftylift.
For access hire companies running fleets of boom lifts and scissor lifts, Close Brothers is often among the first calls. Their fleet structuring capability - including cross-collateralised facilities and revolving credit lines - makes them particularly relevant for companies looking to grow a hire fleet rapidly without constantly returning to individual lenders.