Lombard Asset Finance vs Novuna: Lender Comparison

For UK SMEs comparing asset based funding, both Lombard Asset Finance and Novuna Business Finance specialise in helping businesses acquire vehicles, machinery and equipment without paying the full cost upfront. Lombard focuses on asset finance solutions such as hire purchase and leasing for a wide range of sectors, backed by the NatWest Group brand and support infrastructure, as outlined on NatWest Group's Lombard brand page. Novuna provides asset finance and leasing facilities and works with established SMEs to fund new equipment through hire purchase and leasing, according to its business finance overview. This guide compares their products, costs, service approach and suitability so you can decide which lender fits your business priorities. Wherever specific terms vary or are not publicly disclosed as of 2026, this article highlights that directly so you know where to ask more questions before applying.

1. Products and terms at a glance

Lombard and Novuna are both UK business finance providers that focus primarily on asset finance rather than generic unsecured term loans. They each use hire purchase and leasing structures so that you can spread the cost of vehicles, plant, technology or other equipment over time instead of paying in full upfront.

Lombard Asset Finance product range

• Lombard is described as the UK's largest provider of asset finance and has been supporting businesses for over 160 years, according to its main asset finance page and NatWest Group's brand overview.
• Lombard offers finance for vehicles, essential technology, equipment and other business assets, as outlined on its asset finance overview.
• Its hire purchase product allows you to acquire assets such as vehicles or machinery through fixed monthly instalments with the option to own the asset at the end, as detailed on Lombard's hire purchase page.
• Leasing options are also available for assets where you may prefer to rent rather than own, referenced within Lombard's asset finance overview. Specific lease structures and terms are not fully broken out on public product pages, so details vary.

Lombard does not publish a single unified term and eligibility page for all business asset finance products. The focus across its public pages is on tailoring facilities by asset type and sector rather than advertising standard minimum or maximum term lengths, deposits or advance sizes. Where term details are required you generally need to speak to a Lombard specialist, as encouraged on its support page.

Novuna Business Finance product range

• Novuna Business Finance positions itself as a provider of funding to help customers buy or lease business assets, including vehicles and equipment, through hire purchase and leasing products, as stated on its business finance overview.
• Novuna says it provides funding for established SMEs to purchase new equipment via hire purchase and leasing, again on its business finance page.
• In addition, Novuna operates a Business Cash Flow arm offering invoice finance facilities, where advancing cash against unpaid invoices is used to improve working capital, described on its invoice finance eligibility page.

Novuna's product information focuses heavily on asset finance and invoice finance but, similar to Lombard, does not provide a simple public schedule of standard terms like exact maximum facility sizes or standard tenors, so these points vary and are usually discussed during an application.

High level comparison of product focus

In short, both lenders are most suitable when you want asset backed funding. Novuna also has an integrated route into invoice finance, which may be relevant if you are looking at invoice based working capital solutions alongside asset purchase.

2. Costs and repayments in practice

Neither lender publishes a standard rate card for asset finance and invoice finance, so pricing is explicitly described as tailored. This means any figures in this section that show how costs might work should be treated as illustrative examples only, not as quotes.

How Lombard describes pricing and repayments

• Lombard highlights the ability to spread the cost of assets with regular instalments which can help manage cash flow, based on its description of hire purchase on the hire purchase page.
• It notes that payments are typically fixed over the term for hire purchase, which provides certainty over budgeting, again according to its hire purchase explanation.
• Exact interest rates, fees and deposits are not detailed on the public page, so these vary depending on asset type, term, business profile and security.

How Novuna describes pricing and repayments

• Novuna states that its finance is designed to be simple, competitive and to fit around business needs, supporting customers to buy or lease assets, as per its business finance overview.
• It highlights flexible terms and repayment options that can be tailored to each business's needs in its guide comparing asset based lending with loans, on its asset based lending vs business loans article.
• For invoice finance, Novuna describes advancing a percentage of the invoice value and charging fees for the service, but specific facility costs vary and are not published as flat rates, as shown on its eligibility page.

Illustrative comparison of how costs may structure

Worked example 1: illustrative hire purchase facility

Assume a business wants to acquire £100,000 of machinery using a hire purchase agreement from either Lombard or Novuna. Because neither lender publishes rates, this scenario uses fully illustrative assumptions purely to show how fixed repayments might behave, not to represent any particular lender quote.

• Asset cost: £100,000
• Deposit: 10 percent (£10,000) paid upfront, so amount financed: £90,000
• Term: 5 years (60 months)
• Illustrative annual interest rate: 8 percent fixed (assumed, varies in practice)

Using a standard amortisation calculation, monthly repayments on £90,000 over 60 months at an illustrative 8 percent fixed interest would be around £1,825 per month. Total repaid would be about £109,500, of which roughly £19,500 would be interest. With hire purchase, you would generally own the asset at the end of the term, which aligns with Lombard's description of hire purchase ending with an option to purchase, as per its product page, and Novuna's statement that it provides hire purchase funding to acquire new equipment on its overview.

Key points from this example:

• Higher deposits reduce the amount financed and therefore the monthly cost.
• Longer terms reduce the monthly instalment but increase total interest.
• Both Lombard and Novuna can potentially structure fixed payments that support cash flow but the actual rate and fees vary.

Worked example 2: illustrative invoice finance with Novuna

Lombard does not actively market SME invoice finance facilities on its main asset finance site as of 2026, whereas Novuna Business Cash Flow does. For invoice finance, Novuna states that businesses can receive funding against unpaid invoices, with eligibility based on trading with other businesses and raising invoices for payment, as per its eligibility page. Costs are not published, so the figures below are illustrative.

• Monthly B2B invoices: £200,000
• Illustrative advance rate: 85 percent of invoice value (actual percentages vary by facility)
• Illustrative service fee: 1.5 percent of invoiced turnover per year (assumed, varies)
• Illustrative discount margin: 4 percent over base on funds drawn (assumed, varies)

On these assumptions:

• Maximum funds that could be advanced at any point might be around £170,000 (85 percent of £200,000), subject to concentration limits and eligibility.
• If average funds in use during a month were £120,000, the illustrative monthly interest at an assumed 8 percent annual rate on funds drawn would be around £800 (120,000 × 8 percent ÷ 12). Actual discount charges vary.
• The service fee on £200,000 monthly invoices at an assumed 1.5 percent per annum would equate to about £250 per month (200,000 × 1.5 percent ÷ 12), although invoice finance providers often charge service fees differently in practice.

This example underlines that invoice finance cost behaviour depends on invoice volumes, how much is drawn and the agreed fee structure. Novuna requires direct discussions to confirm actual facility pricing.

Managing affordability and comparing offers

• Because neither Lombard nor Novuna publishes simple APR tables for asset finance, the onus is on you to compare total cost of credit across offers by requesting full repayment schedules.
• Checking affordability typically involves reviewing cash flow forecasts and using tools such as a business loan or asset finance calculator from a broker or provider to model different terms. Where repayment calculators are not provided by the lender, brokers like Funding Agent can help estimate scenarios.
• Secondary reviews, for example Finder's Lombard overview and Expertsure's Novuna review, confirm that pricing is typically customised rather than one size fits all.

3. Speed and service

Speed of approval and customer service is a major factor for many SMEs, but here again both lenders avoid promising fixed turnaround times, instead encouraging you to speak with their teams.

Lombard service and support

• Lombard invites customers to contact its expert team Monday to Friday 9am to 5pm via phone and live chat, as set out on its contact page.
• The support section emphasises the ability to speak to specialist advisers and includes pathways for getting help, as described on its support hub.
• For complaints, Lombard has a dedicated process that aims to deal with complaints fairly and without delay, according to its complaints page. It does not commit to specific resolution times beyond standard regulatory expectations.
• External review platforms such as Trustpilot show mixed customer experiences, which is common for large, long established lenders. These reviews are subjective but can give a sense of how communication and issue resolution feel in practice.

Novuna service and support

• Novuna provides contact options for its business finance arm and indicates that it designs facilities with straightforward processes, highlighted on its overview page.
• Its complaints for business customers are handled via a specific procedure, with contact details on the Novuna Business Finance complaints page. The wider group complaints policy sets out escalation options, including the Financial Ombudsman Service, on Novuna's main complaints policy.
• Novuna also publishes resource centre articles for businesses that discuss working with finance providers and managing expectations, such as its asset based lending vs loans guide.
• Third party feedback, including Feefo reviews of Novuna Business Finance and Trustpilot reviews of Novuna, suggests many customers report positive service and quick turnaround, though experiences vary by case.

Neither lender states fixed enquiry to payout times for asset finance or invoice finance on their main SME pages, so speed varies with complexity, asset type and your readiness with documentation.

4. Who each lender suits

When Lombard may be a stronger fit

• Businesses that want a large, long established asset finance provider, as Lombard is part of NatWest Group and is described as the UK's largest provider of asset finance on NatWest Group's Lombard brand page.
• Firms with significant spend on vehicles, equipment or technology that prefer asset specific hire purchase and leasing structures, which Lombard focuses on through its hire purchase and related options.
• Businesses that already bank with NatWest Group and want potential convenience from dealing with a brand within the same group. While Lombard services non NatWest customers as well, this group relationship may simplify some processes, as indicated on NatWest's brand overview.

When Novuna may be a stronger fit

• Established SMEs looking for both asset finance and working capital solutions such as invoice finance through a single provider, given Novuna's combination of asset finance and Novuna Business Cash Flow, described on its business finance page and its eligibility page.
• Businesses that want tailored terms, including flexible repayment structures, with Novuna highlighting that it can adapt asset finance facilities around each business's needs in its asset based lending guide.
• Firms that value specific sector knowledge in areas such as manufacturing, professional services or other industries where Novuna promotes case studies and sector guidance in its resource centre on the business finance page.

Shared suitability considerations

• Both lenders typically serve established businesses rather than very early stage start ups, which is implicit in Novuna's references to established SMEs on its overview and Lombard's focus on businesses acquiring material assets on its main page.
• Neither lender markets micro ticket unsecured cash flow loans as a core product, so they are more appropriate when you are prepared to fund against a specific asset or invoice book rather than seeking a generic unsecured unsecured business loan.
• Eligibility in practice will depend on factors such as trading history, financial performance and the type of assets or debtors you want to finance. Novuna sets out high level eligibility considerations for invoice finance on its eligibility page, while Lombard gives less explicit detail online and recommends speaking with advisers via its support hub.

5. How to apply

Applying with Lombard

• Lombard encourages potential customers to get in touch through its support and contact pages, which list a phone number, opening hours and live chat functions, as described on its contact page.
• The support section also suggests that you can discuss your requirements with a specialist adviser, which implies an application journey that includes initial consultation followed by a more detailed application, as indicated on the support page.
• Lombard does not publish a step by step online application form for all business asset finance products as of 2026, so the exact process varies by asset type and channel.

Applying with Novuna

• Novuna provides pathways from its business finance page into enquiry forms or contact options for specific asset or invoice facilities, via its business finance overview.
• For invoice finance, Novuna invites businesses that meet its B2B trading and invoicing criteria to get in touch directly through contact details provided on its eligibility page.
• As with Lombard, Novuna does not set out a single generic set of application stages with published decision times. However, external review sites such as Feefo mention customers experiencing quick processing in many cases, suggesting that straightforward deals can be completed promptly, though timeframes vary.

Documentation and preparation

• Both lenders are UK regulated and will need to run credit, identity and affordability checks consistent with FCA expectations, which is confirmed indirectly by Novuna's FCA registration reference in the FCA's note on Novuna Personal Finance and Lombard's identity as part of NatWest Group on NatWest's brand page.
• Typical information you should expect to provide includes accounts, management information, asset details or invoice schedules plus ownership and ID documents. Exact requirements vary by facility type and size.
• Using a broker like Funding Agent can help streamline this process by matching your profile with lenders that are actively interested in your sector and deal size and by helping you assemble the necessary documentation in advance.

6. Final verdict

Lombard and Novuna both occupy the asset backed finance space for UK SMEs but with slightly different emphases. Lombard is a long established, large scale provider focused on asset finance solutions within NatWest Group, whereas Novuna positions itself as a flexible SME lender spanning asset finance and invoice backed working capital facilities. Because both price facilities on a bespoke basis and avoid publishing simple rate cards, choosing between them is less about headline APRs and more about product fit, relationship preferences and how well each lender understands your sector.

From a Funding Agent perspective, many SMEs appreciate the stability and depth of Lombard's offering, especially when funding substantial asset purchases or when an existing relationship with NatWest Group already exists. Novuna may appeal more to businesses that want integrated access to asset finance and invoice finance from a specialist whose marketing and resources emphasise flexible, tailored solutions for established SMEs.

Choose Lombard Asset Finance if:

• You prioritise working with a large, long established asset finance provider that is part of NatWest Group.
• Your primary need is funding specific assets such as vehicles, machinery or technology via hire purchase or leasing.
• You value direct access to specialist advisers and are comfortable with bespoke, relationship driven pricing rather than self service online quotes.
• You already have or prefer to build a wider banking relationship within NatWest Group and see benefits in that ecosystem.

Choose Novuna if:

• You want a combination of asset finance and invoice finance options from a single provider.
• Your business is an established SME looking for flexible repayment structures tailored to your cash flow.
• You operate in sectors where Novuna has developed specific guides and case studies and you value that sector focused insight.
• You are open to mid market providers whose branding emphasises agility and tailored facilities more than large bank style product lines.

In practice many UK SMEs will benefit from comparing indicative offers from both Lombard and Novuna alongside other banks and non bank lenders. A broker like Funding Agent can help you benchmark structures and total costs across these providers using the same set of financial information, so you can make a decision based on objective comparisons rather than marketing alone.

7. Sources

• Lombard Asset Finance, alternative ways to grow your business
• Lombard, hire purchase product page
• Lombard, support hub
• Lombard, contact us page
• Lombard, make a complaint page
• NatWest Group, Lombard brand overview
• Finder, Lombard loans calculator and review
• Trustpilot, Lombard customer reviews
• Novuna, business finance overview
• Novuna Business Cash Flow, invoice finance eligibility
• Novuna, main complaints policy
• Novuna Business Finance, complaints policy
• Novuna, asset based lending vs business loans guide
• Feefo, Novuna Business Finance reviews
• Trustpilot, Novuna customer reviews
• Expertsure, Novuna Business Cash Flow review 2026
• FCA, Novuna Personal Finance clone warning and authorised firm details
• Funding Agent, Lombard vs Close Brothers comparison
• Funding Agent, Novuna Business Finance vs Time Finance comparison
• British Business Bank, leasing and hire purchase guidance