Written by the Lendus editorial team. Last updated .
The best Propel Finance alternatives include Lombard for deals up to £50 million at 4% to 15% per annum, Novuna Business Finance for same-day decisions up to £100,000, Aldermore Bank for a published 9.3% representative APR, Close Brothers for mid-market facilities up to £5 million, Shire Leasing for start-ups from 3 months trading, Paragon Bank for sector specialists, and Haydock Finance for Growth Guarantee Scheme deals.
Propel Finance is a Newport-based asset finance specialist with around 30 years of trading history under its current name and its predecessor Henry Howard Finance, which it rebranded from in December 2019. It states it has supported more than 50,000 UK business customers and was recognised as the UK’s fastest-growing asset finance lender in both 2022 and 2023. It writes hire purchase, finance lease, vehicle finance and green asset finance from £5,000 to £500,000, plus an embedded point-of-sale product called PropelPay.
The reason to look elsewhere is not the lender. It is the information gap. Propel publishes no rate card and no representative APR, no minimum turnover, no minimum trading history and no approval timescale. Every one of those is quoted or assessed per deal. That is a legitimate way to run an asset finance book, but it leaves you unable to tell a competitive quote from an expensive one, and unable to work out whether you are eligible before a credit search hits your file. Two FCA-authorised entities sit behind the brand, Propel Finance Plc and Propel Finance No. 1 Limited, which adds another thing to check.
So this guide is organised around one question: which UK asset finance lenders will show you a number before you apply, and what do you give up to get it.
Lombard is the answer to both of Propel’s gaps at once. It publishes 4% to 15% per annum with an 8.5% representative APR, the lowest representative rate in this comparison, and it lends from £3,000 to £50 million, a ceiling 100 times Propel’s £500,000. It has been financing UK assets since 1861 and sits inside NatWest Group.
Rates and amounts: 4% to 15% per annum; £3,000 to £50 million. Representative APR 8.5%.
Eligibility: 24 months or more of trading and £100,000 of turnover. Good to excellent credit preferred, with full business financials required on larger deals.
Speed: Within 2 to 5 working days.
Pros: Lowest published representative APR here; handles very large acquisitions up to £50 million; wide asset coverage across vehicles, plant, machinery and technology; NatWest Group financial strength.
Cons: Traditional underwriting is slower than fintech providers; the 24-month trading and strong credit requirements exclude younger businesses; not suited to small ticket deals under £10,000; less flexible terms than an independent specialist.
Best for: Established businesses financing a major plant, fleet or machinery acquisition who want a published rate to negotiate against.
Regulatory status: Lombard North Central Plc is authorised and regulated by the Financial Conduct Authority, firm reference number 137710, and is part of NatWest Group Plc.
Where Propel publishes no approval timescale, Novuna publishes same-day decisions on standard deals up to £100,000, with 3 to 5 days for larger facilities. It also goes lower on deal size than Propel, from £1,000, and higher at the top, to £5 million. It is the embedded finance provider behind a lot of dealer and manufacturer purchase schemes, so it is often already sitting in the showroom.
Rates and amounts: 4% to 18% per annum depending on asset type, term and credit profile; £1,000 to £5 million. Representative APR 8.9%.
Eligibility: 3 or more years of trading. £50,000 of turnover for smaller ticket deals, £250,000 for larger facilities. Good credit required, with automated scoring on smaller deals and manual referral on larger cases.
Pros: Same-day decisions up to £100,000; deal sizes from £1,000 for small equipment; manufacturer and dealer partnerships put the finance at the point of purchase; backing from Mitsubishi HC Capital.
Cons: The 3-year trading requirement is the strictest here; less flexible on adverse credit than a specialist; primarily accessed through the dealer channel rather than direct; the rebrand from Hitachi Capital still causes confusion.
Best for: Established businesses buying standard, dealer-supplied assets who want the decision the same day.
Regulatory status: Mitsubishi HC Capital UK PLC, trading as Novuna Business Finance, is authorised and regulated by the Financial Conduct Authority, firm reference number 704348.
Aldermore publishes same-day decisions on asset finance up to £250,000, the highest same-day threshold in this comparison, and pairs it with a published 4.5% to 20% per annum range and a 9.3% representative APR. It also lends across asset finance, invoice finance, commercial mortgages and business loans, so a business with more than one funding need can consolidate the relationship rather than running three lenders.
Rates and amounts: 4.5% to 20% per annum depending on product, asset type and credit profile; £2,000 to £10 million. Representative APR 9.3%.
Eligibility: 12 months or more of trading for most products, and £100,000 of turnover for most products with lower thresholds on some asset finance. Fair to good credit required.
Pros: Same-day decisions up to £250,000; full banking licence with FSCS deposit protection; more flexible than high street banks on complex profiles; four product lines from one lender.
Cons: Rates are not the sharpest for prime borrowers against mainstream banks; the 12-month trading minimum excludes start-ups; not a specialist adverse credit lender; less nimble on bespoke deals than an independent challenger.
Best for: Businesses 1 to 10 years old that want bank security and a same-day answer on a deal between £50,000 and £250,000.
Regulatory status: Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 204503.
Close Brothers lends £10,000 to £5 million at a published 5% to 18% per annum, with a 9.9% representative APR, and has been doing it since 1878. Its differentiator against Propel is the specialist sector teams: underwriters who already know the asset class rather than assessing it cold. That matters most on unusual or high-value equipment.
Rates and amounts: 5% to 18% per annum; £10,000 to £5 million. Representative APR 9.9%.
Eligibility: 24 months or more of trading and £250,000 of turnover, the highest turnover threshold in this comparison. Good credit required, with full financial accounts typically needed.
Speed: Within 3 to 5 working days.
Pros: FTSE 250 bank with more than 145 years of lending history; specialist sector teams with deep industry expertise; facilities up to £5 million; invoice finance and business loans available alongside asset finance.
Cons: Slower than fintech lenders at 3 to 5 days minimum; requires 2 years of full financial accounts; the £250,000 turnover floor excludes most micro businesses; Trustpilot score of 3.5 from around 500 reviews is lower than most alternatives here.
Best for: Mid-market businesses with £250,000 or more of turnover financing specialist equipment where sector knowledge changes the decision.
Regulatory status: Close Brothers Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 124750.
Shire is the only lender here that publishes a low eligibility bar: 3 months trading, no minimum turnover, and start-ups considered through a specialist funder panel. It is not a single balance sheet lender, it places each deal with the most suitable funder on its panel, which is why it can accommodate CCJs and thin credit files that a bank would decline outright. Its Trustpilot score of 4.8 from more than 1,800 reviews is the highest of any asset finance provider in this comparison.
Rates and amounts: 5% to 25% per annum depending on asset, funder and credit profile, with specialist funders higher; £1,000 to £1 million.
Eligibility: 3 months or more of trading, no minimum turnover. Adverse credit, CCJs and limited trading history can be placed with appropriate specialist funders.
Speed: Same-day decisions on standard deals, 24 to 48 hours for complex cases.
Pros: Lowest published trading requirement here; multi-funder model rather than one lender’s criteria; strong in technology, IT and other soft assets; independent, so not limited to a single funder’s appetite.
Cons: As a broker and funder hybrid, the end funder’s terms can differ from the indicative quote; the £1 million ceiling is well below the bank lenders; soft asset focus makes it less suited to large plant or fleet deals; the top of its published range, 25% per annum, is the highest here.
Best for: Young businesses and those with credit history problems who would be declined by a single-lender balance sheet.
Regulatory note: Lendus has not verified Shire Leasing’s regulatory status against a primary source, so no FCA claim is made here. Check the FCA Register at register.fca.org.uk before you commit.
Paragon prices per deal like Propel, so it does not solve the transparency problem. It solves a different one. It funds from its own bank balance sheet with deep specialisms in construction, transport, agriculture, manufacturing, aviation and renewable energy, and it offers unsecured business loans alongside asset finance, which Propel does not. Its product range is also unusually wide: hire purchase, finance lease, sale and hire purchase back, sale and leaseback, refinance and operating lease.
Rates and amounts: Not published. Priced per deal, with no representative APR; £5,000 to £1 million.
Eligibility: Not published. Assessed as part of underwriting, with facilities secured against the financed asset.
Speed: Not publicly stated, assessed per deal based on complexity and asset type.
Pros: Part of a FTSE 250-listed, PRA-authorised UK bank funding from its own balance sheet; six asset finance structures including sale and leaseback and refinance; deep sector specialism; unsecured business loans available too.
Cons: No public rate card, so the comparison problem that sent you away from Propel is not solved; no published turnover or trading history; the sector specialist model may mean less appetite outside its core industries.
Best for: Businesses in Paragon’s named sectors, particularly those wanting to refinance existing assets or arrange a sale and leaseback.
Regulatory status: Paragon Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 604551.
Haydock has been writing asset finance since 1980 and matches Propel almost exactly on deal size, £5,000 to £500,000. Its distinguishing feature is that it is an accredited delivery partner for the government-backed Growth Guarantee Scheme, which can change the economics for a business that cannot offer enough security on its own. It also holds sector specialisms Propel does not claim, including waste and recycling equipment.
Rates and amounts: Not published. Priced per deal, with no representative APR; £5,000 to £500,000.
Eligibility: Not published. Assessed as part of underwriting, with facilities secured against the financed asset.
Speed: Not publicly stated, assessed per deal.
Pros: More than 40 years of asset finance trading history; accredited Growth Guarantee Scheme delivery partner; broker and vendor-led model with sector specialism; NACFB patron member.
Cons: No public rate card; does not publish its FCA firm reference number on its own website; no published turnover or trading history requirement; broker or vendor introduction is effectively required.
Best for: Businesses that would benefit from a government guarantee sitting behind the facility, and those in Haydock’s specialist asset classes.
Regulatory note: Haydock Finance Limited states on its own website that it is regulated by the Financial Conduct Authority. Lendus could not independently confirm its firm reference number from a primary source, because it is not published on the lender’s site. Confirm the position on the FCA Register at register.fca.org.uk before you commit.
| Lender | Rate published | Rate range | Representative APR | Deal size | Min trading | Decision |
|---|---|---|---|---|---|---|
| Lombard | Yes | 4% to 15% per annum | 8.5% | £3,000 to £50m | 24 months | 2 to 5 days |
| Novuna Business Finance | Yes | 4% to 18% per annum | 8.9% | £1,000 to £5m | 3 years | Same day to 5 days |
| Aldermore Bank | Yes | 4.5% to 20% per annum | 9.3% | £2,000 to £10m | 12 months | Same day to 5 days |
| Close Brothers | Yes | 5% to 18% per annum | 9.9% | £10,000 to £5m | 24 months | 3 to 5 days |
| Shire Leasing | Yes | 5% to 25% per annum | Not published | £1,000 to £1m | 3 months | Same day to 48 hours |
| Paragon Bank | No | Priced per deal | Not published | £5,000 to £1m | Not published | Not published |
| Haydock Finance | No | Priced per deal | Not published | £5,000 to £500,000 | Not published | Not published |
| Propel Finance | No | Priced per deal | Not published | £5,000 to £500,000 | Not published | Not published |
Choose Lombard if the deal is large, the business is established, and you want the lowest published representative APR in the market to anchor your negotiation.
Choose Novuna Business Finance if you are buying a standard asset through a dealer and need the answer today.
Choose Aldermore Bank if the deal is between £50,000 and £250,000 and you want a same-day decision from a licensed bank.
Choose Close Brothers if your equipment is specialist enough that you want underwriters who already understand it, and your turnover clears £250,000.
Choose Shire Leasing if you have been trading under a year or have credit history that a bank would reject.
Choose Paragon Bank if you operate in construction, transport, agriculture, manufacturing, aviation or renewable energy, especially for a refinance or sale and leaseback.
Choose Haydock Finance if a Growth Guarantee Scheme facility would make the difference between an approval and a decline.
One thing worth doing whichever way you go. Ask every lender for the total amount payable over the full term, not the monthly payment, and ask separately about documentation fees, option-to-purchase fees and any end-of-term charge on a lease. On a five-year hire purchase agreement, two quotes with the same monthly figure can differ by thousands of pounds once those are included, and only the total tells you which is which.
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