Allica expands asset finance range with luxury car product

Allica Bank has launched a new asset finance proposition aimed at high-net-worth business owners looking to fund luxury vehicle purchases, further expanding its fast-growing asset finance offering.

Available from 9 June and exclusively through FCA-regulated brokers on Allica’s approved panel, the new proposition is designed for qualifying business owners and shareholders purchasing high-value vehicles in a personal capacity.

Structured as an unregulated hire purchase agreement, the product supports luxury vehicles up to 20 years old, with lending available from £65,000 to £500,000. To qualify, customers must have an annual income of more than £150,000 or net assets exceeding £500,000, excluding their primary residence and pension assets.

The launch reflects Allica’s strategy of broadening its support for established business owners whose borrowing needs may not fit traditional business lending criteria.

Brandon Hall, Head of Sales – Asset Finance at Allica Bank, said: “Established business owners often have financing needs that don’t fit neatly into traditional business lending, particularly when it comes to personal high-value assets.

“For many high-net-worth business owners, purchasing a luxury vehicle is a significant investment, but the options available to finance those purchases don’t always reflect their circumstances. We’ve created a lending proposition specifically for those customers, giving brokers access to a lender that understands their needs.”

The new offering builds on the rapid growth of Allica’s asset finance division, which surpassed £1 billion in lending earlier this year. Since entering the asset finance market in 2021, the bank has continued to expand its product range in response to demand from brokers and established businesses.

Hall added: “Asset finance remains a key area of growth for Allica. Having surpassed £1 billion in lending, we continue to invest in our offering and broaden the support we can provide to brokers and established business owners in the UK.”

The announcement follows a significant year for Allica, which achieved a valuation of $1.2 billion following a £155 million Series D funding round in February 2026 and reported record 2025 results, with total lending reaching £3.7 billion.