Lombard Asset Finance at a Glance
Our Verdict
Lombard is the UK’s largest asset finance provider and the part of NatWest Group most SME finance directors will already have heard of. For hard assets sitting between £25,000 and several million pounds, we rate it as a credible default: deep underwriting, a long book of vehicle and machinery deals, and a balance sheet that does not flinch at agriculture, marine or manufacturing kit.
The trade-off is that everything is bespoke. That’s the catch. Rates are not published, decision speed depends on whether you come in via a broker or a relationship manager, and the public-facing customer experience, judged through Trustpilot, is poor. We read Lombard as a lender that rewards businesses that arrive prepared, with clean accounts and a clear asset specification.
If you want a published rate, a fast online decision, or you are funding low-ticket soft assets, you will likely get a sharper deal elsewhere. If you want a lender that can underwrite a £400,000 forage harvester or a fleet of tractor units without flinching, we would put Lombard on the shortlist.
Best For
- Established limited companies funding hard assets above roughly £25,000
- Agriculture, transport, construction and manufacturing businesses with specialist machinery needs
- NatWest and RBS commercial customers who already have a relationship manager
- Larger ticket deals where bespoke pricing beats off-the-shelf APRs
- Businesses exploring sustainable or climate-aligned asset purchases
Not Ideal For
- New starts and pre-trading businesses with no filed accounts
- Sole traders looking for sub-£25,000 consumer-style hire purchase
- Businesses needing a published rate to compare against fintech lenders
- Firms funding only low-cost IT or office equipment
- Anyone who wants a fully online, decision-in-minutes flow
Key Facts
- Provider: Lombard, part of NatWest Group
- FCA Firm Reference Number: 710598 (NatWest Group FRN 121878)
- Products: Hire Purchase, Finance Lease, Contract Hire, Asset Refinance, sustainable asset finance
- Asset focus: predominantly hard assets, with selective soft asset funding
- Trustpilot: 2.5/5 from 39 reviews as of June 2026
- Application: online enquiry, broker introduction, or via a NatWest or RBS relationship manager
What Is Lombard Asset Finance?
Lombard is a UK asset finance house with a history stretching back more than 150 years, now operating as part of NatWest Group. It is the largest provider of asset finance in the UK by new business volumes, with a strong concentration in commercial vehicles, plant and machinery, marine and agricultural assets.
The business sits inside NatWest’s commercial bank rather than its retail arm. That matters for tone and process: deals are credit-assessed like commercial lending, not like a consumer purchase. You will be asked for accounts, projections, and asset detail, not merely a credit score. We read the NatWest backing as the reason finance directors keep it on the list.
How Lombard Asset Finance Works
Asset finance lets a business acquire equipment without paying the full cost upfront. Lombard either buys the asset and lets you use it for a fixed term against monthly payments, or lends against an asset you already own. The legal structure varies by product, and that structure decides who owns the kit, who claims the capital allowances, and what happens at the end of the term.
For limited company borrowers, most Lombard agreements sit outside FCA consumer credit regulation. The contract is a commercial agreement governed by general contract law, not the Consumer Credit Act 1974. This is normal for business asset finance, but it does mean the protections you would get on a personal car finance deal do not apply in the same way.
Hard Assets vs Soft Assets
Lombard’s strength is hard assets: items with a clear secondary market and a predictable depreciation curve. That includes commercial vehicles, HGVs, agricultural machinery, construction plant, manufacturing equipment, marine vessels, and aviation assets. These are the deals Lombard is known for and where it has the underwriting depth to be competitive.
Soft assets, such as IT hardware, software, telephony, or office furniture, can sometimes be funded but the policy is bespoke and case-by-case. If your finance need is a £40,000 rollout of laptops and screens, Lombard is unlikely to be the most natural home for that deal. We would send a soft-asset deal to a specialist lender that moves faster and prices tighter on this category.
Main Finance Options
- Hire Purchase: you pay in instalments and own the asset at the end. Capital allowances usually sit with you. Available on fixed and variable rates.
- Finance Lease: Lombard owns the asset, you use it across the primary term, and you can often extend at a peppercorn rent or sell on Lombard’s behalf and keep most of the proceeds.
- Contract Hire (Operating Lease): a usage-based agreement, common for vehicle fleets, where Lombard retains residual value risk and you hand the asset back at the end.
- Asset Refinance: raises capital against equipment you already own, releasing cash without losing operational use of the asset.
- Sustainable Asset Finance: funding aimed at lower-carbon assets such as electric vehicles, solar, and energy-efficient plant, sometimes with preferential terms.
Lombard Asset Finance Rates and Fees
Interest Rates and Representative Costs
Lombard does not publish a representative APR. Pricing is quoted on a deal-by-deal basis, which is standard for commercial asset finance at this scale. You can request a Fixed Rate Regulated Conditional Sale, a Fixed Rate Hire Purchase, or a Variable Rate Hire Purchase, depending on the product and the regulatory status of the borrower.
In practice this means two businesses buying an identical £150,000 telehandler can be quoted noticeably different rates, depending on trading history, sector, deposit, and term. The honest answer to “what rate will I get?” is that you have to apply to find out. We would never accept a Lombard quote without two or three competing quotes from rival asset finance houses to anchor what fair pricing looks like for your profile. Don’t accept a Lombard quote without a competing offer.
Fees and Charges
Fee structures are also bespoke. Lombard may charge a documentation or product fee at drawdown, and additional charges can apply for changes mid-term, early settlement, or end-of-lease handling. On larger deals, these are negotiable.
Security may be required. That can include a debenture, a specific charge over the asset (usual for hire purchase), or personal guarantees from directors, particularly for younger businesses or higher-risk sectors.
What Affects Your Rate
- Asset type and resale liquidity, with hard, mainstream assets pricing more tightly than niche or specialist kit
- Term length, with shorter terms generally carrying lower headline rates but higher monthly payments
- Deposit or advance rental, where a larger upfront contribution typically buys a better rate
- Trading history and filed accounts, with three years of clean numbers being the practical sweet spot
- Sector risk, where hospitality, certain construction sub-sectors, and recovery cases face tougher pricing
- Existing relationship with NatWest or RBS, which can smooth the credit conversation
- Whether the deal qualifies for the Growth Guarantee Scheme or any sustainable asset incentive
Lombard Asset Finance Eligibility
Who Can Apply for Lombard Finance
Lombard funds for business purposes only. Applicants must be over 18 and the finance must be used in the course of a trade or profession. The lender will work with limited companies, LLPs, partnerships, and sole traders, although the regulatory wrapper changes depending on which one you are.
Sole traders and partnerships of two or three partners borrowing up to £25,000 fall under the Consumer Credit Act 1974. Above that figure, or for limited companies, the agreement is generally unregulated. This is a structural feature of UK business lending rather than anything specific to Lombard.
Trading History, Turnover and Credit Checks
Minimum trading history and turnover thresholds are not published. In practice, most asset finance lenders, Lombard included, are most comfortable with businesses that have at least two full years of filed accounts, demonstrable cash generation, and a credit profile free of CCJs and recent defaults.
That does not mean newer businesses are excluded. We have seen a two-year-old haulage company with strong contracted revenue and a clean banking record win approval, while a five-year-old retailer coming off a poor trading year does not. Lombard underwriters look at the asset, the business, and the directors as a package, not a tickbox.
Security and Personal Guarantees
The asset itself usually serves as primary security on hire purchase and lease deals. Beyond that, Lombard may ask for personal guarantees from one or more directors, especially on owner-managed businesses or where the loan-to-value is high.
A personal guarantee is not a formality. If the business defaults and the asset’s resale value does not cover the outstanding balance, the guarantor is personally liable for the shortfall. Don’t sign a personal guarantee lightly, and take legal advice first, particularly if your home is your main asset.
Lombard Asset Finance Application Process
How to Apply for Lombard Finance
You can approach Lombard three ways: directly through their website, via a commercial finance broker, or through a NatWest or RBS relationship manager if you bank with the group. Each route has trade-offs.
Direct is fine for clean, mainstream deals. Broker introductions can speed things up on more complex cases, because experienced brokers know which credit appetites Lombard currently has open. When a relationship manager already holds your banking data on file, the credit conversation tends to run smoother, which is usually the easiest path for existing NatWest customers. We would route a complex case through a broker every time.
Documents and Checks Needed
- Two to three years of filed statutory accounts
- Recent management accounts, especially if the year-end is more than six months old
- Bank statements covering the last three to six months
- Asset details: invoice or proforma, supplier information, specification, age and condition for used assets
- Director information and ID for KYC checks
- Cash-flow forecast for larger or atypical deals
Approval and Funding Times
For a straightforward hire purchase deal on a mainstream asset, with a profitable, established borrower, decisions can come back inside 48 hours and funds can flow within a week of accepted terms. Larger or more complex transactions, particularly anything involving cross-border kit, second-hand specialist assets, or covenant negotiation, run on a longer clock and a fortnight is realistic.
When your supplier is holding a unit for you against a deposit, build a buffer into the timeline. The single biggest cause of broken deals at this end of the market is borrowers underestimating how long underwriting takes, then losing the asset to a cash buyer. That’s the trap, and it cuts both ways.
Lombard Asset Finance Repayments, Flexibility and Risk
Repayment Terms and End-of-Lease Options
Terms typically run from 12 months to seven years, depending on the asset’s expected useful life. Vehicles often sit at three to five years, agricultural machinery can stretch longer, and IT equipment, where funded, is usually shorter.
End-of-term options depend on the product. On hire purchase, a final option-to-purchase fee transfers ownership and the asset is yours. On finance lease, you can usually continue at a low secondary rental, or sell the asset on Lombard’s behalf and retain the bulk of sale proceeds. On contract hire, you simply hand the asset back, subject to the agreed mileage and condition standards.
Early Settlement and Default Risk
Early settlement is possible but rarely free. The settlement figure includes the outstanding capital plus interest rebates calculated to the lender’s formula, and on regulated agreements there are specific rules under the Consumer Credit Act. On unregulated commercial agreements, the contract terms govern, so read the early termination clause carefully before signing.
Default is more serious than on a working capital loan. When a haulage director misses enough payments, Lombard, as legal owner of the asset under most products, can repossess the trucks mid-week, and the operational damage extends well beyond the missed instalments. We rate this as the sharp risk to respect, and it is the reason underwriters look hard at servicing capacity rather than just headline profit.
Lombard Asset Finance Customer Reviews
What Customers Like
Positive feedback tends to cluster around the same themes. Borrowers who have a named contact, particularly via a broker or relationship manager, report a smooth process and competitive pricing on larger deals. Repeat customers in agriculture and transport often praise underwriting that understands their sector cycle, including seasonality in cash flow.
The brand recognition matters too. For finance directors signing off a six-figure machine purchase, Lombard’s NatWest backing is reassuring in a way that a newer fintech lender is not.
Common Complaints
Lombard’s Trustpilot score sits at 2.5 out of 5 from 39 reviews as of June 2026, classed as “Poor”. The volume is low, which limits how much weight we put on it, but the themes recur: slow responses on smaller queries, end-of-lease admin friction, and difficulty reaching the right person when something goes wrong.
The pattern suggests Lombard is built around larger, intermediated relationships and works less well for borrowers expecting a fintech-style customer service experience. If your deal is small and your expectations are app-led and instant, you will likely be frustrated. The catch is the service model, every time.
Lombard Support and Regulation
Customer Support
Support runs by phone and email through dedicated account teams. There is no consumer-style live chat or app-based servicing for the core asset finance book. For straightforward questions, a broker often unblocks issues faster than going direct, because they have established lines into Lombard’s operations teams.
Existing NatWest commercial customers can route asset finance queries through their relationship manager, which is usually the smoothest path.
Regulatory Status and Complaints
Lombard is authorised and regulated by the Financial Conduct Authority under FRN 710598. NatWest Group’s main FRN is 121878. That regulation matters most for consumer credit business: regulated hire purchase to sole traders and individuals outside a business context falls under the FCA’s consumer credit regime, and complaints about those agreements can ultimately be referred to the Financial Ombudsman Service.
Asset finance to limited companies is largely unregulated by the FCA. Disputes are handled under contract law and through the courts, not the Ombudsman. This is normal for commercial lending, but worth understanding before you sign: the routes of redress are narrower than on a personal finance product. Lombard is also engaged in industry-wide communication on the FCA’s ongoing motor finance commission review, which affects how some historic vehicle finance deals are being reassessed.
Lombard vs Alternatives
Lombard vs Novuna Business Finance
Novuna, formerly Hitachi Capital, is Lombard’s closest peer in scale and product range. Novuna often feels more accessible to mid-sized SMEs and has a strong reputation in soft asset and broker-introduced business. Lombard tends to win on the largest, most specialist hard asset deals; Novuna often wins on speed and consistency in the £25,000 to £250,000 bracket. We would quote both on a mid-ticket deal.
Lombard vs Propel Finance
Propel is a specialist asset finance lender with a fast, technology-led process and a focus on SMEs that find high-street underwriting too slow or too narrow. Propel will typically beat Lombard on turnaround time and on willingness to look at less mainstream borrowers, but it does not have the same balance-sheet depth for very large or unusual assets.
Lombard vs Close Brothers Asset Finance
Close Brothers operates a federated, regional model with sector-specialist teams in transport, construction, marine, and renewables. Where Lombard scales through a NatWest-style commercial bank, Close Brothers competes on long-term sector relationships and bespoke structuring. For repeat borrowers in a specialist sector, we rate Close Brothers as the toughest competitor Lombard faces.
Final Verdict: Is Lombard Asset Finance Worth It?
Lombard is worth approaching if you are funding a meaningful hard asset, have a settled trading history, and value the underwriting depth of the UK’s largest asset finance house. On a £350,000 piece of agricultural kit or a fleet refresh for a stable haulier, we rate it as one of the obvious lenders to quote.
It is not the right home for fast, small, or fintech-style deals. If you need a £15,000 IT refresh signed off this week, or you are pre-trading and looking for a flexible starter facility, you will get a sharper outcome elsewhere. The bespoke pricing model also means you should never accept a Lombard quote without at least one competing offer to benchmark against.
The headline takeaway: treat Lombard as a default shortlist entry for serious hard asset deals, push hard on rate and fees, and be honest with yourself about whether the size and nature of your deal really fits its operating model. Where it fits, it fits well. Where it does not, no amount of brand reassurance will make it the right lender.
Frequently Asked Questions
Does Lombard Asset Finance fund soft assets like IT equipment?
Sometimes. Lombard’s strength is hard assets such as vehicles, agricultural machinery, and plant. Soft assets including IT hardware can be considered, but the policy is bespoke and case-by-case, and specialist soft asset lenders are often a better fit for smaller technology rollouts.
What is the minimum amount Lombard will finance?
There is no published minimum, but Lombard’s commercial focus means deals below roughly £25,000 are not its natural ground. Sole traders and partnerships borrowing up to £25,000 fall under Consumer Credit Act regulation, which changes the contract structure. For very small ticket items, a fintech asset finance specialist will usually quote faster.
Is Lombard regulated by the FCA?
Yes. Lombard is authorised and regulated by the Financial Conduct Authority under FRN 710598, with NatWest Group holding FRN 121878. However, asset finance to limited companies is largely unregulated by the FCA. Regulated consumer hire and hire purchase, typically for sole traders or individuals outside a business context, do fall under FCA rules.
How long does a Lombard asset finance application take?
Straightforward hire purchase deals on mainstream assets, with established borrowers, can be decisioned within 48 hours and funded inside a week. Larger or more complex transactions, particularly involving used specialist assets or covenant negotiation, typically take two weeks or more.
What happens at the end of a Lombard finance lease?
It depends on the product. On hire purchase, you pay an option-to-purchase fee and own the asset. On finance lease, you can usually continue at a peppercorn rental or sell the asset on Lombard’s behalf and retain the bulk of the proceeds. On contract hire, you hand the asset back, subject to the agreed mileage and condition standards.