Asset finance

Asset finance services

Funding business-critical assets

We've partnered with industry experts Propel1 to help your business access simple and cost-effective finance for vehicles, equipment and machinery. You could get a fixed rate of 8.10% (subject to change2).

What is asset finance?

Asset finance means you can get the latest vehicles, equipment and machinery for your business using a hire-purchase arrangement. You could also unlock the cash tied up in your existing assets, releasing more working capital and improving your cashflow.

Why use asset finance?

Avoid large upfront investments 

Spread costs over time

Manage your working capital and cashflow more effectively 

Budget with confidence

What’s on offer?

Lending from £5,000 to £2,000,000

Up to 100% of the asset cost covered

Terms of 1 to 7 years, with the option to buy your asset at the end

Who is eligible for asset finance?

Businesses based in the UK

Businesses that have been trading for over 2 years

Limited companies, public limited companies, sole traders, partnerships and limited liability partnerships

Businesses with a positive cash balance.

Please be aware that eligibility criteria are different for Green Asset Finance. If you don’t know if your business, or the asset you want to finance, is eligible, please request a callback from Propel.

  • Assets you could finance

    Assets you could finance with Propel

    You could fund a wide range of assets from vehicles, equipment and machinery, green assets and much more, such as:

    Business cars, vans or pickups and HGVs (including electric vehicles)

    Agricultural machinery – from combine harvesters to crop sprayers, balers and robotic milking parlours

    CNC and woodworking machinery

    Construction equipment, like excavators and cranes

    Medical equipment, such as scanners and microscopes

    Retail and wholesale fittings from racking to refrigerators

    Printing presses, paper-cutting and box-making machinery.

    To find out if an asset is eligible, request a callback from Propel.

  • Green Asset Finance

    Help your business transition to a low carbon economy

    Power your business’ future with an 8.89%* interest rate on Green Asset Finance by our partner Propel, with a hire purchase agreement.

    Discover how Propel could help you fund a wide range of green assets, including renewable energy sources, low-carbon machinery and more. Depending on which green assets you choose it could help you take steps to support energy efficiency, reduce emissions, and transition towards net zero.

    Propel could finance the following green assets when you buy them new**:

    Solar photovoltaic (PV) panels

    Battery storage units***

    LED lighting

    Air, water and ground heat pumps

    Electric vehicle (EV) charging points.

    Please research and get professional advice about any assets you want to purchase with Green Asset Finance to make sure they’re suitable for your business.

    If your asset isn’t listed, request a callback from Propel as they may be able to finance your asset outside of this promotional offer.

    What’s on offer?

    Lending of up to £250k

    Terms of up to 5 years.

    *This rate is subject to change and Propel will calculate and explain the APR with the individual business – the rate you’re offered may differ. The APR will take into consideration how the interest is calculated as well as any additional fees.

    **This special offer only applies to the green assets listed on this page.

    ***Battery storage may only be acquired with solar PV panels as part of the same hire-purchase agreement.

  • Electric vehicles (EVs)

    Make the transition to electric

    Move towards greener travel while controlling your cashflow using the 8.10%* interest rate from Propel for new fully electric vehicles (EVs) on a hire purchase agreement.

    By switching to EVs, your business may be able to reduce its carbon emissions and cut down on fuel expenses, helping you save on costs.

    Eligible electric vehicles include:

    Cars (including demo models at a car dealership if they’ve only had one owner)

    Tractors, lorries and buses.

    If you’re unsure if your asset is eligible, request a callback from Propel as they may be able to finance your asset outside this promotional offer.

    What’s on offer?

    Lending of up to £250k

    Terms of up to 5 years.

    *This rate is subject to change and Propel will calculate and explain the APR with the individual business – the rate you’re offered may differ. The APR will take into consideration how the interest is calculated as well as any additional fees. This special offer only applies to new fully electric vehicles and does not apply to petrol, diesel or hybrid vehicles.

    The upcoming phase out of petrol and diesel vehicles

    The UK government has said they will stop the sale of all new petrol and diesel cars and vans by 2030.

    Capital allowances

    Your business may be able to claim 100% of an electric vehicle’s purchase cost for EVs against that year’s pre-tax profits.

    You could pay no Vehicle Excise Duty with EVs

    Vehicle Excise Duty (commonly known as ‘road tax’) is currently set at £0 for all 100% EVs until at least 2025.

    Calculate potential charging costs for EVs

    Pod Point is a website that breaks down the potential charging costs between different electric vehicle models, charging points and electricity tariffs. It could help you learn more about how you might be able to save3.

  • Healthcare assets

    Deliver advanced healthcare and manage your capital

    We’ve partnered with industry experts Propel to help your healthcare business access quick and cost-effective asset finance. Asset finance could help you buy state-of-the-art medical equipment to boost your business growth and deliver exceptional patient care.

    Get all your asset finance from one provider, including:

    A bespoke approach to your asset finance needs

    Funding for all types of equipment

    Competitive rates

    A highly experienced team

    A strong understanding of the healthcare sector

    Flexible terms and/or deposits.

    Propel can cover most healthcare assets, except invasive equipment - see a full list of what assets Propel covers [PDF, 340 kb].

  • Success stories

    How Propel has helped businesses

    For over 20 years, Propel has helped more than 40,000 businesses access the finance they need to help boost their performance. In that time, it's grown to become one of the largest independent finance houses in the UK.

    £136,000 funding boost to invest in specialist equipment

    Propel helped Gritblasting UK invest in a new generator, mobile compressor, Mercedes Sprinter van and other specialist equipment to meet demand for growth.

    “Dealing with Propel to meet those needs has been a very straightforward, stress-free process. The outcome was exactly what we were looking for.”

    Kierien Barnes, Company Director

    £57,500 to help Tamar purchase two coaches for its growing fleet

    Propel has delivered asset finance facilities to help Tamar, accelerate its plans to build a strong presence in the private hire sector.

    “Propel really took on board what we were talking about and its finance has led to us gaining more long-distance work and a better image for the company as a result.”

    Tom Pearce, Director

    £25,500 of asset trade to buy much-needed new equipment

    Propel provided asset finance to Fentrade to help accelerate its growth plans, establishing the business as a new manufacturer in the windows sector.

    “The advice was always honest and practical, and really supported us through the decision-making process.”

    Chris Reeks, Managing Director

See asset finance in action

Barclays in partnership with Propel.

Barclays in partnership with Propel.

Barclays has partnered with Propel to give business customers access to asset finance for equipment and vehicles. Together, we help enable businesses to maximise their opportunities, driving business productivity and performance.

Let's hear from some businesses that are putting asset finance to their advantage.

They were very flexible in their approach. We were able to come up with a solution to enable the last bits of finance and for Llanishen and the project to go ahead.

I needed finance in the form of asset refinancing, to complete the Management Buyout process. They knew the machinery that we use. They knew the service that we offer - and it ticked all the boxes.

Our proposition is very much about delivering a fabulous personal service. We're small enough to care, we're big enough to have the expertise and the technology to be a leader in UK SME finance.

Barclays in partnership with Propel.

Contact us to finance your business critical assets. Subject to application, financial circumstances and borrowing history.

Terms and conditions apply.

Ready to apply?

We want to make sure you get the best borrowing solution for your needs.

Other borrowing solutions might be available that could be better suited to your circumstances. If you'd like to find out about possible alternatives, please call4 your Relationship Team or go to the homepage of your Barclays app5 and select ‘Call Us’ under the ‘Contact us’ section.

Apply in Online Banking

Log in to Online Banking to apply for asset finance.

Talk to Propel at a time that suits you

Request a call from Propel to get more information about asset finance and apply with them directly. You can choose time for your call that’s convenient for you.

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