What are the best alternatives to Hitachi Capital, now Novuna Business Finance?

Why consider alternatives to Hitachi Capital and Novuna Business Finance?

If you are searching for Hitachi Capital Business Finance, the lender you want is now called Novuna Business Finance. The name changed in 2022 after Mitsubishi HC Capital acquired Hitachi Capital, and the operating entity is Mitsubishi HC Capital UK PLC, authorised and regulated by the Financial Conduct Authority under firm reference number 704348. The business itself goes back to 1982, has advanced over £8 billion of asset finance, and finances vehicles, technology and industrial equipment from £1,000 up to £5,000,000 at 4% to 18% per annum, with an 8.9% APR representative on standard hire purchase.

Those are strong numbers. The problem is who they are available to. Novuna requires 3 or more years of trading, which is the strictest published trading history rule among the asset financiers on this panel, and it requires £50,000 of turnover on smaller ticket deals rising to £250,000 on larger facilities. It applies standard credit criteria and is less flexible on adverse credit than specialists such as Close Brothers or Shire Leasing. It is primarily reached through its dealer and manufacturer network rather than directly, so if you are not buying through a partner dealer the embedded route is not open to you. It holds a Trustpilot score of 3.7 from around 1,100 reviews, lower than several competitors. And its same-day decision threshold stops at £100,000.

Each of the seven lenders below clears one of those specific hurdles.

Top alternatives to Hitachi Capital and Novuna

1. Shire Leasing, Best for businesses under 3 years old

Shire Leasing publishes the lowest trading requirement of any asset financier here: 3 months, with no minimum turnover, and start-ups considered through its specialist funder panel. Where Novuna needs 36 months of history, Shire needs three. It finances £1,000 to £1,000,000 at 5% to 25% per annum, with same-day decisions on standard deals and 24 to 48 hours on complex ones.

Rates and amounts: 5% to 25% per annum depending on asset, funder and credit profile, with specialist funders potentially higher; £1,000 to £1,000,000.

Eligibility: 3+ months trading; start-ups considered via specialist funder panel; no minimum turnover.

Pros: Trading requirement of 3 months against Novuna’s 3 years; no turnover floor at all; more flexible on adverse credit than Novuna by Novuna’s own account; same-day decisions on standard deals.

Cons: Rate ceiling of 25% per annum is well above Novuna’s 18%, and specialist funders can price higher; maximum £1,000,000 is a fifth of Novuna’s ceiling; a funder panel model means the eventual lender may not be Shire itself. Check its current regulatory status on the FCA Financial Services Register at register.fca.org.uk before committing.

Best for: Businesses in their first three years buying equipment, which Novuna’s trading rule excludes outright.

2. Nucleus Commercial Finance, Best middle ground on trading history

Nucleus asks for 6 months of trading and £50,000 of annual turnover, the same turnover figure Novuna applies to smaller deals but with a thirtieth of the trading history. It finances £3,000 to £2,000,000 across asset finance and business loans, with decisions within 24 hours, so a business that needs both an equipment facility and working capital can arrange them together.

Rates and amounts: 1.5% to 5% per month; 36% APR representative; £3,000 to £2,000,000.

Eligibility: 6+ months trading, £50,000 annual turnover.

Pros: 6 months trading against Novuna’s 3 years; decisions within 24 hours regardless of deal size; asset finance and business loans from the same lender; finances from £3,000.

Cons: Prices per month rather than per annum, which does not compare directly with Novuna’s 4% to 18% per annum band without converting; 36% APR representative is four times Novuna’s 8.9%; maximum £2,000,000 is below Novuna’s £5,000,000.

Best for: Businesses between 6 months and 3 years old that need equipment and working capital at the same time and will pay more for access.

3. Aldermore Bank, Best for same-day decisions on larger deals

Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the FCA and the PRA under firm reference number 204503. It publishes same-day decisions on asset finance up to £250,000, two and a half times Novuna’s £100,000 same-day threshold, and it asks for 12 months of trading rather than 3 years. It publishes 4.5% to 20% per annum with a 9.3% APR representative and finances £2,000 to £10,000,000.

Rates and amounts: 4.5% to 20% per annum depending on product, asset type and credit profile; 9.3% APR representative; £2,000 to £10,000,000.

Eligibility: 12+ months trading for most products; £100,000 turnover for most products, with lower thresholds on some asset finance.

Pros: Highest same-day decision threshold in this guide at £250,000; 12 months trading against Novuna’s 3 years; twice Novuna’s ceiling at £10,000,000; dual-regulated bank; also does business loans, commercial mortgages and invoice finance.

Cons: Rate ceiling of 20% per annum is above Novuna’s 18%; representative APR of 9.3% is slightly above Novuna’s 8.9%; £100,000 turnover on most products is double Novuna’s smaller-ticket threshold.

Best for: Businesses of 1 to 3 years buying assets between £100,000 and £250,000 who want a decision the same day.

4. Lombard, Best for the largest facilities and the lowest rate ceiling

Lombard is part of NatWest Group and finances £3,000 to £50,000,000, ten times Novuna’s ceiling. It publishes 4% to 15% per annum with an 8.5% APR representative, matching Novuna at the floor and beating it by 3 percentage points at the top, which is where most businesses actually price. It asks for 24 months of trading and £100,000 turnover.

Rates and amounts: 4% to 15% per annum; 8.5% APR representative; £3,000 to £50,000,000.

Eligibility: 24+ months trading, £100,000 annual turnover.

Pros: Lowest published rate ceiling and lowest representative APR in this comparison; ten times Novuna’s facility ceiling; a year less trading history required; clearing group balance sheet.

Cons: Decisions take 2 to 5 working days, slower than Novuna’s same-day up to £100,000; £100,000 turnover requirement; still needs 2 years of trading, so it does not help a young business.

Best for: Established businesses financing major plant, machinery or fleets, especially where the deal would sit near the top of Novuna’s rate range.

5. Close Brothers, Best for established businesses with adverse credit

Novuna’s own comparison points to Close Brothers as more flexible on adverse credit than it is. Close Brothers Limited is authorised by the Prudential Regulation Authority and regulated by the FCA and the PRA under firm reference number 124750, publishing 5% to 18% per annum with a 9.9% APR representative and financing £10,000 to £5,000,000 across asset finance, invoice finance and business loans.

Rates and amounts: 5% to 18% per annum; 9.9% APR representative; £10,000 to £5,000,000.

Eligibility: 24+ months trading, £250,000 annual turnover.

Speed: Within 3 to 5 working days.

Pros: More flexible on adverse credit than Novuna; matches Novuna’s £5,000,000 ceiling; dual-regulated bank; consolidates asset finance, invoice finance and business loans with one counterparty.

Cons: £250,000 turnover requirement is the highest here and five times Novuna’s smaller-ticket threshold; 3 to 5 working days is slower than Novuna on standard deals; minimum £10,000 rules out small equipment purchases.

Best for: Businesses with £250,000 or more of turnover and a credit blemish that Novuna’s standard criteria will not accommodate.

6. Haydock Finance, Best for the Growth Guarantee Scheme

Haydock Finance has written asset finance from Blackburn since 1980 and is an accredited British Business Bank delivery partner for the government-backed Growth Guarantee Scheme, which Novuna’s record does not claim. It offers hire purchase, finance lease, refinance and chattel mortgage from £5,000 to £500,000 through brokers and vendors, with sector specialisms including waste and recycling. It publishes no trading history requirement.

Rates and amounts: Priced per deal; no public rate card and no representative APR; £5,000 to £500,000.

Eligibility: Not publicly stated; assessed as part of underwriting.

Pros: Accredited Growth Guarantee Scheme delivery partner; over 40 years of trading; no published trading history bar, so a younger business may be considered; sector specialism in waste and recycling equipment; NACFB patron member.

Cons: No public rate card, so you cannot benchmark against Novuna’s 4% to 18% band before applying; no published turnover requirement or decision timescale; maximum £500,000 is a tenth of Novuna’s ceiling; Haydock states on its own website that it is regulated by the Financial Conduct Authority but does not publish its firm reference number, and Lendus could not independently confirm it.

Best for: Deals under £500,000 that need a government guarantee to complete, or specialist equipment where a sector-focused underwriter helps.

7. White Oak UK, Best for the fastest published decision

White Oak UK publishes an average loan decision turnaround of around 4 hours, faster than any same-day threshold in this guide, though it notes that is an average rather than a guaranteed timescale. It finances £5,000 to £500,000 across asset finance, business loans and invoice finance, and states its average loan size is around £60,000. Like Haydock, it prices per deal.

Rates and amounts: Priced per deal; no public rate card; £5,000 to £500,000; average loan size around £60,000 per its own site.

Eligibility: Not publicly stated; assessed as part of underwriting.

Pros: Fastest published decision figure here at around 4 hours on average; no published trading history requirement; asset finance, business loans and invoice finance together.

Cons: No published rate card or representative APR; maximum £500,000; where White Oak UK itself acts as lender, its own site states that specific product is not FCA-regulated, so confirm which group entity is contracting with you before signing.

Best for: Smaller, time-critical purchases under £500,000 where a decision in hours outweighs seeing a published rate first.

Comparison table

How to choose the right alternative

Choose Shire Leasing if your business is under 3 years old, because that single rule is what disqualifies most Novuna applicants and Shire’s bar is 3 months.

Choose Nucleus Commercial Finance if you are between 6 months and 3 years of trading and want asset finance and working capital arranged together within 24 hours.

Choose Aldermore Bank if your deal sits between £100,000 and £250,000 and you want it decided the same day, since Novuna’s same-day service stops at £100,000.

Choose Lombard if the facility is large or the pricing on your Novuna quote has landed near the top of its 18% range, because Lombard’s ceiling is 15% per annum.

Choose Close Brothers if you turn over more than £250,000 and have a credit issue Novuna’s standard criteria will not look past.

Choose Haydock Finance if the deal needs Growth Guarantee Scheme backing, or if the equipment is specialist enough that a sector-focused underwriter improves your odds.

Choose White Oak UK if the purchase is under £500,000 and you need a decision in hours rather than by end of day.

A note on the dealer channel. If you are buying a vehicle or a piece of equipment through a dealer that has a Novuna relationship, the embedded finance rate offered at the point of sale can be subsidised by the manufacturer and hard to beat on the open market. Always get one independent quote to compare against it, but do not assume the dealer rate is the expensive option. Lendus is an introducer that compares the panel; it is not a lender and does not approve or decline applications.