Lloyds Bank: products, terms and eligibility

Lloyds Bank is a UK provider of asset finance. The legal entity named on its site is Lloyds Bank plc, company number 00002065. It is based in London. It is part of Lloyds Banking Group.

Everything on this page comes from what Lloyds Bank publishes itself. We show the date we last checked it, and we do not rate or rank lenders.

Lloyds Bank publishes 4 products for UK businesses. The table above gives the amounts and terms as it states them.

• Business hire purchase: Monthly payments; option to own the asset at the end.
• Finance lease: Monthly payments; asset not owned, extend or sell at end.
• Vehicle contract hire: Monthly payments; vehicle returned at end; new vehicles only.

Lloyds Bank publishes these criteria. Meeting them does not mean an application will be accepted: every lender makes its own decision.

• UK-based business.
• Turnover of more than £100,000 a year.
• Trading for a minimum of 13 months.
• Asset used for the business.
• Subject to affordability assessment and full credit reference agency check.

Asset finance spreads the cost of equipment, vehicles or machinery, with the asset itself as the main security. Under hire purchase you own the asset once the final payment is made; under a lease you pay to use it and hand it back, extend or replace it at the end.

Lenders look at the asset’s age, condition and resale value as well as the business, and many fund used as well as new equipment. Sector pages such as transport and logistics finance and construction finance show how it is used in practice.

Points Lloyds Bank publishes that are worth knowing:

• Assets and suppliers are subject to a vetting process.
• You are responsible for maintenance, repairs and insurance of the asset.
• Assets may be repossessed if repayments are not kept up.
• Page says a new or existing Lloyds Bank customer can apply, and also that you do not need to bank with Lloyds to apply.

Lloyds Bank’s site states: “Lloyds and Lloyds Bank are trading names of Lloyds Bank plc, Bank of Scotland plc, Lloyds Bank Corporate Markets plc and Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.”

Protections differ by borrower type and loan size. Most lending to limited companies is not regulated consumer credit, so read the agreement and ask the lender what applies to you.

Other providers of asset finance with profiles here include Novuna Business Finance, PEAC Solutions and Renaissance Asset Finance. Each profile uses that lender’s own published terms.

The full list, grouped by product type, is in our directory of UK business lenders.

Capzy is a credit broker, not a lender, and gets paid by the lender. One application lets your business compare options across lenders, so you can weigh this kind of facility against the alternatives. You can check your funding options with a soft search that does not affect your credit score. A full application to a lender may involve a hard search, and any offer is subject to status and lender criteria.