Aldermore's commercial vehicle finance starts from 5.7% APR on new HGV finance lease and 6.2% APR on new HGV hire purchase. Their particular strength is sole traders and businesses with complex or adverse credit profiles - areas where mainstream lenders routinely decline.
Current Aldermore Commercial Vehicle Finance Rates
Aldermore Bank is a specialist challenger bank that entered the asset finance market as a deliberate alternative to the major commercial lenders. Unlike some high-street banks that apply automated credit scoring to commercial vehicle applications, Aldermore underwrites decisions with human review - which is why their adverse credit and sole trader acceptance rates are significantly higher than mainstream competitors.
The rates below represent Aldermore's October 2026 position. These are indicative starting points; the rate applied to your facility depends on credit profile, trading history, asset type and the deposit offered.
| Asset Type | Finance Product | Rate From (APR) | Deposit | Notes |
|---|---|---|---|---|
| New HGV (rigid or artic) | Hire Purchase | 6.2% | 15–20% | Prime credit, 12+ months trading |
| New HGV | Finance Lease | 5.7% | 10–20% | Balloon options available |
| Used HGV (all ages in appetite) | Hire Purchase | 7.2% | 20–25% | Wider age range than most lenders |
| LCV / Van | Hire Purchase | 5.8% | 10–20% | New and used |
| Sole trader - any vehicle | HP or Finance Lease | From 6.5% | 20%+ | 12 months' trading required |
| Adverse credit cases | HP or Finance Lease | Individual | 20–30% | CCJs, defaults assessed case by case |
Who Aldermore HGV Finance Suits Best
Aldermore's underwriting appetite is deliberately broader than the high-street banks. Three borrower profiles where they consistently perform well:
Sole Traders in Haulage
Owner-drivers and small sole trader haulage businesses are a significant part of Aldermore's commercial vehicle book. Most banks require two to three years of filed accounts before considering a sole trader for a commercial vehicle facility. Aldermore requires 12 months, making them accessible to operators who are still building their trading history. Rates for sole traders start a little higher than limited company rates - typically 0.3–0.6 percentage points - reflecting the additional risk, but the facility is available where others will not lend.
Adverse Credit Businesses
Aldermore takes a manual underwriting approach to adverse credit. Satisfied CCJs, defaults that are two or more years old, and cases where the adverse arose from a specific and explainable event - a pandemic period, a supplier failure - are all considered. The broker's case narrative matters here: Aldermore's underwriters read the story around the credit file rather than relying solely on the automated score.
Older Asset Finance
Aldermore will fund used HGVs across a wider age band than Close Brothers. Where Close Brothers typically draws the line at assets ten years old at the end of the finance term, Aldermore may extend to vehicles 12 years old in good condition. For operators buying quality second-hand trucks from European markets, this makes Aldermore the more practical lender.
Strengths
- Sole traders from 12 months' trading
- Manual underwriting - adverse credit considered
- Wider asset age appetite than most lenders
- Finance lease with balloon available
- LCV, van and HGV all on one panel
- UK challenger bank - no overseas credit risk
- Auction and private purchases accepted
Limitations
- Sole traders need 12 months minimum (vs 6 months at Close Brothers)
- Rates marginally higher than Close Brothers for prime borrowers
- Heavy adverse credit requires 25–30% deposit
- No fleet facilities at the scale Close Brothers offer
- Slower decision on complex adverse cases
Aldermore vs Close Brothers: Which Is Right for You?
For the majority of commercial vehicle finance enquiries, the Doulton Bridging Finance panel submits to both Aldermore and Close Brothers simultaneously. The decision about which lender's terms to accept depends on your specific circumstances:
| Criterion | Aldermore | Close Brothers |
|---|---|---|
| New HGV HP from | 6.2% APR | 5.9% APR |
| Finance Lease from | 5.7% APR | 5.4% APR |
| Minimum trading history | 12 months | 6 months |
| Sole traders | Yes, from 12 months | Yes, from 6 months |
| Max asset age | ~12 years at end of term | ~10 years at end of term |
| Adverse credit | Strong appetite | Considered case by case |
| Fleet facilities | Limited | Strong (5+ vehicles) |
As a rule of thumb: if your priority is the lowest possible rate on a new vehicle and you are a well-established limited company, Close Brothers will typically win on price. If you are a sole trader, have some adverse credit history, or are financing an older vehicle, Aldermore may be the more practical and competitive choice in practice - because the rate you can actually achieve matters more than the headline rate of a lender who declines your application.