Novuna vs Close Brothers Asset Finance: 2026 Comparison

Novuna Business Finance, the asset finance arm of Mitsubishi HC Capital UK PLC, focuses on hire purchase and leasing to help UK businesses acquire equipment without large upfront costs, as set out on its asset finance product page and related finance products overview. Close Brothers Asset Finance and Leasing, a trading style of Close Brothers Limited, provides UK SMEs with asset finance through hire purchase, leasing and refinancing options as described on its main asset finance page and the group’s asset finance overview. Both lenders operate in similar markets, but they differ in product structures, documentation, eligibility focus and support resources. This comparison looks at how their asset finance offerings work in practice, drawing only on verifiable information from their official sites and other reputable sources. It is written to help UK SMEs and advisers weigh which provider may fit a particular funding need best, without covering personal or consumer finance products.

1. Products and terms at a glance

Both lenders specialise in business asset finance rather than general unsecured lending. In practice, that means they help businesses acquire or refinance assets such as vehicles, machinery and equipment through structured products like hire purchase and leasing.

Novuna

Novuna Business Finance presents itself as a lender focused on helping businesses spread the cost of assets rather than paying the full amount upfront. Its business finance overview and asset finance page explain that it supports asset acquisition through hire purchase and leasing structures.

• Hire purchase: Novuna’s sample non regulated hire purchase agreement shows a structure where the customer repays in instalments and may take ownership once all sums due, plus any option fee, are paid.
• Fixed period hire and lease-style products: Novuna also documents fixed period hire and soft asset hire structures in agreements such as its fixed period hire agreement and soft asset hire agreement.
• Green asset focus: Novuna visibly promotes sustainability-linked funding, including support for greener assets, in its sustainability toolkit.
• Group backing: Novuna Business Finance operates under Mitsubishi HC Capital UK PLC, which is set out on its About page.

Close Brothers Asset Finance

Close Brothers Asset Finance and Leasing positions itself as a broader asset finance provider for SMEs, with clear product references to hire purchase, finance lease, operating lease and refinance. This is explained on its main site and the group’s asset finance overview.

• Hire purchase: Close Brothers explains on its hire purchase page that the customer uses the asset while repaying over time and usually takes ownership at the end.
• Finance lease and operating lease: Close Brothers more explicitly separates lease types on its product pages and group materials.
• Refinance and capital release: Close Brothers also places visible emphasis on refinance, which can be useful for businesses wanting to release capital from assets they already own.
• Group and regulation: Close Brothers’ legal and regulatory wording appears across pages such as its fraud advice page and terms and conditions.

At a high level, both lenders provide similar core asset finance tools. Novuna’s public material is more visibly centred on its own structured hire products and sustainable asset positioning. Close Brothers’ public material is more visibly centred on a wider set of named asset finance structures, especially refinance and operating lease.

2. Costs and repayments in practice

Neither lender publishes a simple universal public price list across all sectors and asset types. That means rates, fees and repayment structures usually depend on the asset, the borrower, the term and the overall risk profile.

Novuna’s business finance FAQs make clear that interest rates, deposits and repayment terms depend on the proposal. Close Brothers’ public pages similarly explain product mechanics but do not provide standard rate cards on the main asset finance pages.

For most borrowers, that means the key things to compare are not just the monthly payment, but also:

• the deposit required up front
• whether ownership transfers automatically or only through an option to purchase
• whether there is a balloon, residual or disposal-related payment
• whether documentation or legal fees apply
• how flexible the structure is if the asset is seasonal, specialist or being refinanced

Illustrative comparison table

Worked example 1, hire purchase for machinery

This example is illustrative only and is not a quote from either lender.

• Asset cost: £80,000 plus VAT
• Deposit: 15%, equal to £12,000
• Amount financed: £68,000
• Term: 5 years
• Total payable on financed amount: assumed at £82,000 over the term
• Option to purchase fee: assumed at £150

Under those assumptions, the monthly instalment would be about £1,366 over 60 months, ignoring the small option fee. Total cash outlay would be about £94,150 including deposit and option fee. In practice, deposit, total cost of credit and any end-of-term fee will vary by lender and asset.

Worked example 2, finance lease for vehicles

This example is also illustrative only.

• Asset cost: £60,000 for two commercial vehicles
• Product: finance lease
• Initial rental: equivalent to 3 months upfront
• Term: 4 years
• Total rentals over term: assumed at £66,000 excluding VAT

A possible structure could involve an initial rental of £3,750, then 45 monthly rentals of £1,250, with the remaining value addressed through the lease structure and disposal treatment. The exact outcome will depend on how the contract handles residual value and end-of-term disposal. That is one of the key areas where product structure matters more than headline marketing language.

3. Speed and service

Neither lender publishes universal approval or payout timelines across all products, so timing should be treated as case by case. Asset finance transactions often vary significantly depending on the asset type, document checks, sector risk and whether the deal is straightforward acquisition finance or something more bespoke such as refinance.

Novuna

Novuna highlights straightforward processes and the speedy release of funds on its business finance page, but it does not commit to a single fixed turnaround for every case. Its FAQ page explains that it will review normal financial information such as accounts and bank statements.

Novuna also provides a clear complaints framework through its business finance complaints page and the wider group complaints policy.

Close Brothers Asset Finance

Close Brothers puts more visible emphasis on relationship-led support and sector expertise in external profiles and group materials, including industry pieces such as this Executive Hire Show article and the Invest Plymouth spotlight. However, it also does not publish a universal approval timetable across all asset finance cases.

Its complaints handling and customer information are clearly signposted on its complaints procedure page and customer compensation page.

For both lenders, businesses should treat speed as something to confirm during quotation rather than assume from general marketing language.

4. Who each lender suits

Because both lenders serve UK SMEs through asset finance rather than broad unsecured lending, the decision often comes down to structure, sector fit and working style rather than a simple pass or fail eligibility rule.

Novuna may suit:

• businesses mainly looking for hire purchase or leasing for new assets
• borrowers with a specific interest in green or sustainability-linked asset investment
• SMEs comfortable working through structured documentation under Mitsubishi HC Capital UK PLC
• businesses already introduced through supplier or broker relationships linked to Novuna

Close Brothers Asset Finance may suit:

• businesses wanting a broader menu of asset finance structures, including refinance
• borrowers that value relationship-led support and sector specialists
• SMEs that may want more bespoke structuring on more complex transactions
• borrowers that may benefit from a wider group relationship across related commercial finance products

Neither lender presents simple public numeric thresholds for turnover or trading history on its main asset finance pages, so eligibility should be treated as something assessed case by case.

5. How to apply

Applying to Novuna

Novuna’s public site suggests that new business often starts through contact forms, introducers and supplier routes rather than a single generic self-serve application. Its guides in the resource centre indicate that businesses should prepare information such as accounts, cash flow expectations and asset details.

A typical process is likely to include:

• initial discussion of the asset and funding requirement
• submission of financial information such as accounts and bank statements
• review of structure, deposit and repayment options
• issue and signing of the relevant finance agreement

Applying to Close Brothers Asset Finance

Close Brothers invites enquiries through its enquiry form and the wider group contact page. Public materials suggest the application route is typically built around an initial discussion with a specialist, followed by document review and then formal agreement issue.

A typical process is likely to include:

• discussion of the asset type, value and intended use
• submission of accounts, bank statements and any existing debt information
• assessment of the proposed structure and any security or guarantee requirements
• issue and signing of the relevant asset finance agreement

With both lenders, the exact document list and approval flow will vary by transaction size, sector and complexity.

6. Final verdict

Novuna and Close Brothers Asset Finance are both credible UK asset finance providers, but they present slightly different strengths.

Novuna is likely to appeal more to businesses wanting a clear hire purchase or leasing route, particularly where supplier introductions, structured documentation and sustainable asset investment are relevant. Close Brothers is likely to appeal more to businesses wanting a wider spread of asset finance structures, especially where refinance, operating lease or a more relationship-led approach matters.

Choose Novuna if:

• you want a lender visibly focused on hire purchase and leasing for business asset acquisition
• your asset plan includes green or sustainability-focused investment
• your supplier or broker already works closely with Novuna
• you are comfortable with a more standardised product-document framework

Choose Close Brothers Asset Finance if:

• you want a broader choice of asset finance structures
• you may need refinance or capital release as part of the solution
• you value a relationship-led lender model with sector specialists
• your deal is more bespoke and may need more tailored structuring

Because neither lender publishes a full public rate card or universal turnaround timetable, the most practical next step for most SMEs is to compare formal quotes rather than rely on general marketing claims. Product fit, documentation and flexibility are likely to matter as much as headline price.

7. Sources

• Novuna Business Finance, business finance overview
• Novuna Business Finance, asset finance product page
• Novuna Business Finance, finance products overview
• Novuna Business Finance, what is asset finance and is it right for your business
• Novuna sustainability toolkit
• Novuna Business Finance FAQs
• Novuna Business Finance complaints page
• Novuna group complaints policy
• About Novuna
• Novuna non regulated hire purchase agreement
• Novuna fixed period hire agreement
• Novuna soft asset hire agreement
• Novuna business finance guides and downloads
• Agricultural Engineers Association directory entry for Novuna
• Close Brothers Asset Finance main site
• Close Brothers asset finance overview
• Close Brothers hire purchase page
• Close Brothers terms and conditions
• Close Brothers complaints procedure
• Close Brothers customer compensation page
• Close Brothers fraud advice page
• Close Brothers enquiry form
• Close Brothers contact page
• Hydrogen Energy Association member profile
• Executive Hire Show article
• Invest Plymouth spotlight
• British Business Bank ENABLE guarantee announcement
• Close Brothers annual report 2024, notes
• Close Brothers Growth Guarantee Scheme overview