If you’re about to splash out on new equipment for your business or have equity locked up in existing assets, it’s possible that you could put your working capital or equity to better use elsewhere – say, funding faster growth. That’s where Lombard comes in.
A direct lender (not a broker) founded in 1861, Lombard has been in the asset finance game for more than 150 years.
The lender has “relationship managers” based throughout the UK, priding itself on catering to the peculiarities of different sectors and local markets.
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Table: promoted deals first
| Minimum trading period | Not specified |
|---|---|
| Loan terms | From 12 to 84 months |
| Loan amounts | From £5,000 to £250,000 |
| Minimum turnover | Not specified |
Asset finance is about accessing new equipment for your business or unlocking the value in existing assets (technically “asset refinance”).
It’s a blanket term covering a few different types of finance. For example, if your firm needs expensive new gear, but you don’t have that sort of cash lying around, then companies like Lombard could buy the equipment themselves and sell it to you bit-by-bit (like a hire purchase arrangement) or lease it to you for as long as you need it.
Asset refinance involves a straightforward loan secured against an existing asset (more like a mortgage or logbook loan).
As you’d probably expect, all these approaches work out more expensive than just purchasing an asset outright. However, in many situations, purchasing the asset up-front is simply not an option for a company, and even if it is an option, you might find a better purpose for those funds.
Lombard offers four types of asset finance. You should consider the pros and cons of each of them and decide which best suits your business before you apply.
The interest rate you are offered will depend on factors like the assets you want to finance, the term of the loan, the performance of your business and its credit rating. You will be given a personalised interest rate that may differ from the advertised “Representative APR”.
Once you know the type of asset finance that you want for your business, you can apply for an instant quote on the Lombard website. If you are unsure what would suit your needs best, you can fill in a simple form requesting a callback. A finance expert will call you and talk through your options with you.
Lombard won the business loans category in the Finder Customer Satisfaction Awards 2024. In our survey, 97% of its customers said they’d recommend the brand to a friend. Many respondents commented that the lender was easy to deal with.
Lombard is rated “Average” on Trustpilot, with a score of 3.2 out of 5 stars, but that is based on only 36 reviews (updated October 2024). Positive reviewers on Trustpilot praised Lombard’s responsiveness and excellent customer service, while negative feedback focused on some issues with individual finance agreements.
There is little mention of Lombard business loans on Reddit, although a few users suggested Lombard as a company to consider when other forum members enquired about asset finance providers.
To contact Lombard’s customer support, call 0345 877 8888. Lines are open on Monday to Friday from 9am to 5pm.
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
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