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Asset finance broker vs going direct to your bank
Reviewed by Luca Scalzo, Director, WFYA Limited · Last reviewed
Going direct to your bank gives you one lender's products and decision; using an asset finance broker gives you access to several lenders through one application. Neither is automatically cheaper. A broker is most useful when your asset, sector or circumstances do not fit one bank's standard criteria, or when you want to compare options without applying to each lender yourself.
We Finance Your Asset is a credit broker, so read this with that in mind: we have tried to set out both sides fairly.
How does a broker compare with your bank?
| Your bank | An asset finance broker | |
|---|---|---|
| Choice of lenders | One: the bank's own asset finance arm | Several lenders on the broker's panel, which can include banks and specialist lenders |
| Who decides | The bank | The lender you choose; the broker does not lend |
| Knowledge of your business | Knows your account history | Learns your business from your application and documents |
| Specialist assets | Depends on the bank's appetite | Can approach lenders that specialise in used, older or niche assets |
| Cost | The bank's own pricing | The lender's pricing; the broker may receive a commission from the lender, which must be disclosed to you |
| Paperwork | One application to one lender | One application, which the broker may present to more than one lender |
| Independence | Not applicable | Most brokers, including us, are not independent and work with a panel |
When does going to your bank make sense?
- You have a long relationship and the bank already knows your accounts.
- The asset is mainstream, new and easy to value.
- The bank offers asset finance on terms you are happy with.
When does a broker make sense?
- Your bank has declined or offered terms that do not work for you.
- The asset is used, specialist or high value.
- Your business is newer, or its credit history is not perfect.
- You want to compare more than one lender without making several applications yourself.
Sources
Checked on 31 October 2026.
Frequently asked questions
Is an asset finance broker cheaper than going to my bank?
Not automatically. The cost depends on the lender, your business and the asset. A broker can show you options from more than one lender, which can help you find terms that suit you better, but there is no guarantee that a broker's option will be cheaper than your bank's.
How do asset finance brokers get paid?
Usually through a commission from the lender when the agreement goes ahead. It can vary by lender and product. We tell you about the commission before you proceed.
Will using a broker mean more credit searches?
Not at the start with us. We begin with a soft search, which does not affect your credit score. If you decide to proceed, the lender you choose will run its own checks, which may be recorded on your credit file. Ask any broker how they handle searches before you apply.
Can I use a broker if my bank already said no?
Yes. Another lender may assess the same application differently. A previous refusal does not automatically rule you out, but all finance is subject to status.
How do I know a broker is genuine?
Check the FCA Register for the firm's reference number and its status. See our FCA status page for ours.
Talk to us about your asset
Tell us what you want to finance. Our team reviews every application and comes back to you.
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