Close Brothers Asset Finance Ferry Finance - Rate Table (October 2026)
| Finance Type | Indicative Rate | Min Loan | Max Loan | Max LTV | Max Term | Key Feature |
|---|---|---|---|---|---|---|
| HP / Hire Purchase | 7–11% p.a. | £50,000 | £2,000,000 | 80% | 10 years | Long-standing specialist in commercial asset HP, fixed monthly payments |
Rates indicative for October 2026. Subject to status, MCA survey and coding. Contact us for a tailored quotation. Compare all 9 lenders →
About Close Brothers Asset Finance and Ferry/Passenger Vessel Finance
Close Brothers Asset Finance is one of the UK's longest-established specialist asset finance lenders, with a dedicated marine division that has been funding commercial passenger vessels for over two decades. Their hire-purchase product is particularly well suited to ferry and passenger-vessel operators because it delivers fixed, predictable monthly payments and full beneficial ownership of the vessel from day one - critical for operators who depend on their asset to generate revenue and who need certainty when tendering for public-authority contracts.
Indicative rates for ferry and passenger-vessel HP sit between 7% and 11% per annum depending on the borrower's trading history, the vessel's age and condition, MCA coding status, and overall covenant strength. Close Brothers will lend from £50,000 - making them accessible to smaller river-ferry or water-taxi operators - up to £2 million, with terms stretching to 10 years. LTV is typically up to 80% of the independently surveyed vessel value, meaning operators generally need a 20% deposit or equivalent equity position.
Close Brothers' underwriters have genuine marine experience and understand the seasonality inherent in passenger-vessel operations: they can accommodate stepped payment profiles that align with peak summer revenues and quieter winter periods. Their decision-making tends to be faster than clearing banks, with credit decisions often reached within five working days for straightforward propositions. They are regulated by the FCA and report to the PRA, providing the financial stability that long-term asset-finance clients need.
Strengths
- Fixed-rate HP gives operators complete payment certainty over the term - valuable for budgeting and local-authority contract tenders.
- Genuine in-house marine expertise: underwriters understand MCA Class V/VI coding, seasonal revenue patterns, and vessel survey requirements.
- Accessible minimum loan of £50,000 serves smaller operators including water-taxi fleets and river-ferry businesses.
- Will consider stepped or seasonal payment structures, reducing cashflow pressure in winter months.
Limitations
- HP products sit outside the VAT reclaim structure available on finance leases - a disadvantage for VAT-registered operators buying high-value vessels.
- Maximum £2 million may be insufficient for larger RoPax or multi-deck passenger ferries without a supplementary senior facility.
- Rates at the higher end (approaching 11%) reflect weaker covenant or older vessels - some operators may find bank debt cheaper.
Is Close Brothers Right for My Vessel?
Close Brothers is an excellent fit for owner-operated ferries, water-taxi fleets, and river-crossing operators who want fixed monthly costs, are comfortable with a deposit of around 20%, and value a lender with real marine knowledge over the cheapest headline rate. They are less suited to VAT-registered businesses seeking lease structures, or to very large RoPax projects above £2 million.
As a whole-of-market broker, Doulton Bridging Finance compares Close Brothers Asset Finance against all other lenders before making a recommendation. See all lenders →