Often, yes. A personal guarantee is a promise by a director or owner to cover the agreement personally if the business does not. Many asset finance lenders ask for one, particularly from smaller or newer limited companies. Some agreements are arranged without one, but you should assume it may be required.
A personal guarantee is a serious commitment. If the business fails and the sale of the asset does not clear what is owed, the lender can pursue you personally for the shortfall. That can affect your own credit file and, in the worst case, your personal assets. It is not a formality, and you should read it properly.
Whether one is asked for depends on the lender, the size of the facility, the age and financial strength of the business, and the asset itself. Established companies with strong accounts are more likely to be offered terms without one, or with a limited guarantee capped at a set amount.
If a guarantee is required on your proposal, we will tell you before you commit, and you should take independent legal advice before signing. Sole traders and partnerships are already personally liable by virtue of their structure, so the question arises differently.