Aldermore Commercial Vessel Finance - Current Rates
| Finance Type | APR Range | Max Term | Max LTV | Min Loan | Typical Use |
|---|---|---|---|---|---|
| Hire Purchase (HP) | 6.8%–10.5% | 7 years | 70% | £50,000 | Ownership at end of term |
| Finance Lease | 6.8%–10.5% | 7 years | 70% | £50,000 | Off-balance-sheet option |
| Refinance / Equity Release | 6.8%–10.5% | 7 years | 70% | £50,000 | Release capital from existing vessel |
Rates correct as at October 2026 and subject to change. Individual rates depend on business profile, vessel type, LTV and term. Business lending - no consumer credit regulations apply.
About Aldermore Commercial Vessel Finance
Aldermore Bank has established a solid commercial asset finance operation with genuine flexibility for SME businesses that don't fit the templates of high-street lenders. In the commercial vessel sector, Aldermore offers a pragmatic and responsive service, with underwriters who assess individual business cases rather than applying rigid scoring models. Their rate range of 6.8%–10.5% APR reflects a risk-adjusted approach that accommodates a wider range of business profiles than more conservative lenders. Aldermore's 7-year maximum term and 70% LTV are comparable to Shawbrook's offering, but Aldermore is often faster to turn around a credit decision and can be more accommodating for businesses with adverse credit history in the period 2020–2022 (reflecting Covid-era disruption to the marine and coastal tourism sectors). They are well-suited to smaller workboats, fishing vessels, RIBs used commercially, and coastal patrol craft where the asset value sits between £50,000 and £500,000. Aldermore requires standard MCA documentation for commercially operated vessels and will want evidence of current commercial marine insurance as a condition of drawdown.
Commercial Vessel Registration & MCA Requirements
All commercial vessels financed through Aldermore must comply with UK maritime regulatory requirements. Key points for borrowers:
- MCA Coding: Commercially operated vessels carrying passengers or crew must hold the appropriate MCA Coding Certificate for their area of operation (Codes 1–6). Lenders will verify this before drawdown.
- Part I Registration: Most lenders prefer Part I registration on the UK Ship Register, which provides clear legal title and supports the lender's security interest. SSR is acceptable for some vessel types.
- SSR Registration: The Small Ships Register is acceptable for fishing vessels and some workboats. Part I is preferred for vessels over 24m.
- Marine Survey: An independent survey from an MCA-recognised surveyor is required for all commercial vessel finance applications. Survey costs are typically borne by the borrower.
UK Seafood Fund & Fishing Vessel Grants
If you are financing a fishing vessel, the UK Seafood Fund (administered by Defra and the devolved authorities) provides grant funding for vessel upgrades, energy efficiency improvements and safety equipment. Grant funding can often be combined with commercial vessel finance - the grant covers capital expenditure while finance covers the vessel purchase. Speak to Doulton Bridging Finance about structuring a combined finance and grant arrangement.
Strengths of Aldermore for Commercial Vessel Finance
- SME-focused with pragmatic underwriting for non-standard business profiles
- Sympathetic to businesses with Covid-period adverse credit (2020–2022)
- Responsive credit decisions - typically faster than clearing banks
- Suitable for smaller commercial workboats from £50,000
- Experienced with fishing vessels and coastal commercial operators
Limitations to Consider
- 70% LTV - 30% deposit or equity required
- 7-year maximum term - increases monthly payment burden
- Rates can reach 10.5% APR for riskier profiles
- Not ideal for very large ticket transactions over £1m
Compare Aldermore Against the Whole Market
| Lender | APR From | Max Term | Max LTV | Min Loan |
|---|---|---|---|---|
| Close Brothers | 5.9% | 10 yrs | 80% | £25,000 |
| Lombard | 5.5% | 10 yrs | 75% | £50,000 |
| Shawbrook | 6.5% | 7 yrs | 70% | £50,000 |
| United Trust Bank | 6.2% | 10 yrs | 75% | £50,000 |
| Aldermore | 6.8% | 7 yrs | 70% | £50,000 |
| Together | 7.5% | 7 yrs | 70% | £50,000 |
| Rankin | 8.2% | 15 yrs | 80% | £10,000 |
| Funding Circle | 7.9% | 5 yrs | 70% | £10,000 |
Highlighted row = Aldermore. Source: Doulton Bridging Finance lender panel, October 2026.