Novuna vs Propel Finance Asset Finance Comparison UK 2026
.png)
Products and terms at a glance
| Feature | Novuna | Propel Finance |
|---|---|---|
| Resolved UK trading brand | Novuna (asset finance within Novuna Business Finance) | Propel Finance |
| Primary product category (overlap) | Asset finance, including Hire Purchase and Leasing products (choice depends on the asset and deal) | Asset finance, available as Hire Purchase and Finance Lease |
| Typical asset types | Business equipment and assets, with separate pages for categories such as green assets and sector-specific offerings (examples vary by asset type) | Asset finance for vehicles and equipment, including technology, machinery and other business assets (details depend on the application) |
| Security | Asset-finance agreements use the asset as security as part of the hire purchase or leasing structure | Asset-finance agreements are structured around the asset (the lender provides the finance to acquire or fund the asset) |
| Minimum eligibility (published) | Novuna states you can enquire for asset finance if you meet minimum criteria including being UK-based and having been trading for a minimum of three years, with additional criteria depending on the product route | Propel Finance states eligible businesses have a turnover of at least £250,000, with eligibility also depending on the type of agreement and the specific application |
| Published minimum trading history | Minimum of three years trading is stated on the asset finance minimum criteria page | No minimum trading history threshold found in the sources reviewed here, but eligibility is stated via turnover and application-specific checks |
| Representative structure | Hire Purchase and Leasing products, with repayment profiles agreed at the start of the finance period | Hire Purchase or Finance Lease, with regular payments over a fixed or minimum period |
What is the overlapping product here?
Both lenders sit in the UK asset finance market, where the finance is linked to acquiring, leasing, or refinancing a tangible business asset. For this comparison, the overlap is the asset finance decision framework and application process rather than products that do not match between the two brands.
Novuna publishes asset finance eligibility minimum criteria and describes funding for established SMEs to purchase new equipment through Hire Purchase and Leasing products, with additional routes such as sustainable project finance also available under the wider Novuna business finance range, but those wider routes are outside the strict overlap focus here; based on Novuna's asset finance page.
Propel Finance similarly presents asset finance as a range of agreements including Hire Purchase and Finance Lease, meaning the business typically makes regular payments during the agreement term while the asset is used for business purposes; based on Propel Finance's asset finance page and the general terms describing regular payments over a fixed period; based on Propel Finance terms of business.
Costs and repayments in practice
What is published, and what is not
Neither lender publishes a single public interest rate or APR table for all asset finance deals on the pages reviewed here, so this section focuses on the repayment structure and the kinds of charges that can apply, while avoiding invented figures.
Propel Finance states that your payments are fixed for the term and that a one-off set up fee may apply, and it also notes that fees may apply if you amend your agreement, with additional fees and interest potentially applying in some cases; based on Santander's Propel asset finance page (embedded product details). Propel's own general terms also describe the fixed or minimum period and regular payments as part of asset finance, but do not provide a universal rate card; based on Propel Finance terms of business.
Novuna describes asset finance as spreading the cost over time, and for some asset finance FAQ pages it confirms that repayment amount and payment date are agreed with you at the start of the finance period; based on Novuna's repayment date and amount FAQ and the asset finance overview that frames repayments as part of spreading the cost; based on Novuna's asset finance page.
Comparison table, focused on repayment mechanics
| Repayment topic | Novuna | Propel Finance |
|---|---|---|
| How repayments work | Asset finance uses an agreed repayment profile over the finance period, with repayment amount and payment date agreed at the start of the finance period for the agreement you enter | Regular payments (usually monthly) over a fixed or minimum period, structured within the Hire Purchase or Finance Lease type chosen |
| Payment certainty | Specific rate certainty is not stated as a universal feature on the pages reviewed here; deal terms are agreed at application | Propel states payments are fixed for the term on its product description |
| Setup or arrangement fees | No specific fee amount published on the sources reviewed here for standard asset finance; terms vary by agreement | A one-off set up fee may apply, and fees may apply if you amend your agreement |
| Early settlement and amendments | Not verified from the sources reviewed here for asset finance specifically | Some fees and interest may apply where circumstances such as amendments affect the agreement; the product description notes this in general terms |
Worked examples (illustrative)
The examples below are illustrative only, to show how monthly repayments and totals behave with fixed repayments. They use a mid-market illustrative monthly payment approach and do not represent any published Novuna or Propel rate. Because neither lender publishes a single standard rate for all asset finance, treat these as “how to think about” rather than “what you will pay”.
- Worked example 1 (illustrative)
Finance amount: £50,000
Term: 36 months
Rate assumption: illustrative fixed rate 8.0% per year (annual rate assumption for calculation only, not a quoted lender rate)
Monthly repayment: £1,583.00 (illustrative)
Total repayable: £56,988.00 (illustrative) - Worked example 2 (illustrative)
Finance amount: £100,000
Term: 48 months
Rate assumption: illustrative fixed rate 7.5% per year (annual rate assumption for calculation only, not a quoted lender rate)
Monthly repayment: £2,215.00 (illustrative)
Total repayable: £106,320.00 (illustrative)
For the real deal, the key driver is the agreement type and the specific asset and borrower assessment, which both lenders position as subject to eligibility and underwriting decisions. For Propel, the general structure is fixed payments for the term; based on Santander's Propel asset finance page. For Novuna, the repayment amount and payment date are agreed with you at the start of the finance period; based on Novuna's repayment FAQ.
Speed and service
Indicative timelines, decision speed signals
Asset finance decisions depend on asset suitability, borrower eligibility and document checks. The sources reviewed here do not provide a single, universal published end-to-end timeline for asset finance funding for both lenders, so the comparison uses what each brand states publicly, and avoids precise claims where none were found.
Propel publishes decision-time information in the context of its PropelPay offering, noting that most applications up to £50,000 are approved in minutes; based on PropelPay FAQs. PropelPay is an embedded or checkout-related flow, so it is not necessarily identical to all general asset finance applications, but it is a published indicator of rapid decisioning for the smaller-value flows.
Novuna does not publish a single “minutes for asset finance” statement on the asset finance pages reviewed here. However, Novuna does state that funds are typically with customers within two working days in the context of Novuna Personal Finance loans; based on Novuna Personal Finance processing information. That personal-loan service is not the same as asset finance, so treat this only as a brand indicator, not an asset finance promise.
Customer satisfaction signals via Trustpilot
Trustpilot scores can help you sense customer sentiment, but they do not prove underwriting speed or service quality for your specific transaction. Based on the Trustpilot review listings found via the searches, Novuna shows a lower score on the Trustpilot listing for novuna.co.uk (TrustScore 2.5 out of 5 from 18 reviews at the time of the search result capture), whereas Novuna's Personal Finance listing shows a higher rating; based on Trustpilot for novuna.co.uk. Because novuna.co.uk includes multiple finance products, it is not asset-finance-specific.
For Propel Finance, Trustpilot shows an overall rating of 4.7 from 234 reviews on the Trustpilot listing for propelfinance.co.uk; based on Trustpilot for propelfinance.co.uk. Again, this is a general brand rating, not limited to one exact asset finance sub-product.
Service channels
On the sources reviewed here, Propel’s asset finance description and policies focus on the agreement and eligibility framing, while the customer portal and operational service details were not fully extracted for asset finance specifically. Propel has published a complaints process with defined timeframes, which is a practical service element if something goes wrong; based on Propel Finance complaints procedure.
Novuna publishes clear asset finance eligibility criteria and also publishes a complaints policy for business finance routes, including submission via a customer portal for business finance complaints; based on Novuna business finance complaints policy. This supports the view that day-to-day service may include portal-based case handling for complaints rather than requiring only phone contact.
Who each lender suits
Novuna, at a glance
Novuna’s asset finance minimum criteria include being UK-based, and it states you have been trading for a minimum of three years, while also indicating that the available options are aligned to Hire Purchase or leasing agreements depending on the case; based on Novuna's asset finance minimum criteria.
In practice, this tends to make Novuna more suitable for businesses that have moved beyond the earliest trading stage and can evidence longer trading history. Asset finance is also typically asset-specific, so eligibility will still depend on the asset type you want to fund and the documentation the lender requests for underwriting. Novuna also positions its funding for established SMEs, including through Hire Purchase and Leasing products; based on Novuna business finance overview.
Propel Finance, at a glance
Propel Finance states a clear turnover eligibility signal: UK businesses with a turnover of at least £250,000 are eligible, with eligibility also extending to private and public limited companies and limited liability partnerships, among other structures listed on the published product description; based on Santander's Propel asset finance product description.
This makes Propel potentially more suitable for mid-sized trading businesses that can demonstrate turnover at or above that threshold. Propel also indicates asset finance products as fixed payments over the term, which can be attractive for budgeting consistency; based on Santander's Propel asset finance product description.
Where the fit is most likely to overlap
- Both lenders are asset finance providers for equipment and vehicles, using agreement structures like hire purchase or finance lease, so the borrower will be assessed on the business, the asset, and affordability; based on Novuna's asset finance page and Propel Finance's asset finance page.
- If your business is an established UK business with enough evidence to pass underwriting checks, both brands present themselves as candidates for asset funding rather than short-term working capital alone; based on Novuna's “established SME” positioning; Novuna business finance overview and Propel’s published eligibility criteria; Santander's Propel asset finance page.
How to apply
Typical steps
Exact documentation and process steps can differ by agreement type and asset category, but both lenders describe the application process as involving eligibility checks and the completion of agreement paperwork.
Novuna application approach
Novuna’s asset finance route is presented as an enquiry-based pathway, where you can enquire if you meet minimum criteria, and then quotes and funding options are subject to eligibility and status checks; based on Novuna's asset finance minimum criteria.
Novuna also provides guidance content that tells applicants to prepare financial documents as part of a successful asset finance application, which suggests document readiness is a practical requirement to avoid delays during underwriting; based on Novuna's tips for a successful asset finance application.
Propel Finance application approach
Propel’s asset finance description frames the product as available through hire purchase or finance lease and subject to eligibility criteria and approvals, with lending decisions made by Propel; based on Santander's Propel asset finance page and Propel’s terms describing agreement structure and regular payments; based on Propel Finance terms of business.
Propel’s published supporting materials for the PropelPay flow indicate that eligible applications are processed rapidly for smaller values, with most up to £50,000 approved in minutes; based on PropelPay FAQs. For the standard asset finance route, the process will still include eligibility and verification checks, but the sources reviewed here did not provide a single, general asset finance “timeline” page comparable to PropelPay.
Frequently asked questions
1. Do Novuna and Propel both offer hire purchase and leasing?
Yes, both lenders operate within asset finance structures that include hire purchase and leasing. Novuna presents Hire Purchase and Leasing products under its asset finance offering; based on Novuna's asset finance page. Propel Finance presents Hire Purchase and Finance Lease options within its asset finance range; based on Propel Finance's asset finance page.
2. What eligibility factors are published for each lender?
Novuna publishes minimum criteria that include being UK-based and having been trading for at least three years, and it frames enquiry as available if you meet those minimum criteria; based on Novuna's asset finance minimum criteria. Propel Finance publishes a turnover threshold of at least £250,000 for eligible businesses on the embedded product description found in the sources; based on Santander's Propel asset finance page.
3. Are repayments fixed or variable?
Propel Finance states that its payments are fixed for the term on the published product description; based on Santander's Propel asset finance page. For Novuna, the repayment amount and payment date are agreed with you at the start of the finance period, but the sources reviewed here do not establish a universal “fixed for term” statement for every asset finance agreement; based on Novuna's repayment FAQ.
4. How do complaints work if I have an issue?
Novuna provides a business finance complaints policy that directs customers to submit complaints through its customer portal for business finance complaints; based on Novuna business finance complaints policy. Propel Finance publishes a complaints procedure that includes sending a Final Response Letter within 8 weeks of receiving the complaint; based on Propel Finance complaints procedure.
Final verdict
Choose Novuna if:
- You can evidence a minimum of three years trading, since this is stated as part of Novuna's asset finance minimum criteria
- You want asset finance structured as hire purchase or leasing, with repayment amount and payment date agreed at the start of the finance period
- You prefer a provider that publishes practical application guidance such as preparing financial documents to support underwriting
Choose Propel Finance if:
- Your business turnover is at least £250,000, as this is explicitly stated in the published eligibility summary for its asset finance offering
- You value fixed payments for the term, since Propel's product description states payments are fixed for the term
- You want a lender that publishes rapid approval signalling for certain smaller-value flows via PropelPay, where most applications up to £50,000 are approved in minutes
Sources
Official sources
- Novuna, asset finance (minimum criteria and product framing)
- Novuna, business finance overview (hire purchase and leasing positioning)
- Novuna, FAQ on choosing repayment date and amount
- Novuna, tips for a successful asset finance application
- Novuna, complaints policy for business finance
- Novuna, general complaints policy
- Propel Finance, asset finance solutions
- Propel Finance, terms of business
- Propel Finance, complaints procedure
- PropelPay FAQs, including published approval-time guidance
Third-party sources
