Hitachi Capital Equipment Finance Review 2026: Now Novuna, Same Lender

About Novuna Business Finance

Hitachi Capital UK rebranded as Novuna Business Finance in 2022 following the acquisition of the business by Mitsubishi UFJ Financial Group (MUFG) from Hitachi Ltd. The FCA-authorised entity continues to operate under FRN 704348 and is registered at Companies House as Mitsubishi HC Capital UK plc (No. 01630491). Borrowers who previously dealt with Hitachi Capital Equipment Finance are now dealing with the same legal entity under the Novuna brand.

Novuna Business Finance offers one of the widest asset class ranges of any UK equipment finance lender. The product range covers office equipment and IT, commercial vehicles, plant and machinery, medical equipment, catering equipment, print and packaging machinery, and agricultural equipment. This breadth is above average for the market and means businesses across nearly all sectors can access finance through a single lender.

The business operates primarily through a network of FCA-authorised broker introducers and equipment dealers rather than direct to business. This means most businesses will access Novuna products through a broker or through the vendor finance arm of an equipment supplier rather than applying directly. Vendor finance arrangements with equipment dealers and manufacturers are a core channel for the business.

Products include hire purchase, finance lease, operating lease and business contract hire. Business contract hire is a product commonly associated with vehicle finance: the business leases a vehicle for a fixed term and mileage, with the lender taking responsibility for the residual value risk. This differs from finance lease where the lessee bears residual value risk.

Minimum loan of £5,000 and maximum of £5,000,000 give the business a wide operating range. The upper ceiling matches Shawbrook and is significantly above Aldermore (£1,000,000) or Time Finance (£1,000,000).

Transparency on rate information is limited compared to Aldermore or Fleximize. Published rate information is not readily available on the Novuna website, and borrowers typically receive indicative terms only after engaging via a broker or completing an application. This reduces the ability to compare on cost without committing to a credit search.

Eligibility criteria

• UK-registered business
• Minimum 2 years trading for most products
• Minimum loan £5,000, maximum £5,000,000
• Primarily accessed via FCA-authorised broker introducers
• Wide asset class coverage including soft assets
• Vendor finance programmes available via equipment dealers

Who is Novuna Business Finance best suited to?

Novuna is best suited to businesses accessing equipment finance through a broker or equipment vendor, particularly where the asset is a soft asset such as IT, medical or catering equipment that falls outside the coverage of hard-asset specialists. It is also competitive for vehicle finance through its business contract hire product.

Who should look elsewhere?

Novuna is not well suited to businesses seeking direct lender access or published rate transparency. Businesses that want to compare rates without a broker intermediary or credit search should consider Aldermore or Fleximize. Businesses with sub-£5,000 requirements should look at Nucleus Commercial Finance.

How Novuna Business Finance compares to alternatives

Novuna has the widest asset class range in this review alongside Close Brothers, and a maximum loan of £5,000,000 matching Shawbrook. Its main disadvantage versus bank lenders is lower rate transparency and its broker-only distribution model. Against Aldermore it has a higher maximum but less pricing transparency. Versus Portman it covers a much wider asset class range but lacks the same-day decision capability for hard assets.

Frequently asked questions

Is Hitachi Capital Equipment Finance still operating?

Hitachi Capital UK rebranded as Novuna Business Finance in 2022 following its acquisition by Mitsubishi UFJ Financial Group. The legal entity continues to operate under FCA FRN 704348 and Companies House registration No. 01630491 (Mitsubishi HC Capital UK plc). All existing agreements entered into under the Hitachi Capital brand remain in force under Novuna.

What is the difference between Hitachi Capital and Novuna?

Hitachi Capital UK was the trading name of what is now Novuna Business Finance. The rebrand occurred in 2022 after Mitsubishi UFJ Financial Group acquired the business from Hitachi Ltd. The FCA authorisation, Companies House registration and loan book carried over to Novuna unchanged. The business continues to provide the same equipment finance products.

What assets does Novuna finance?

Novuna Business Finance covers office equipment, IT infrastructure, commercial vehicles, plant and machinery, medical equipment, catering equipment, print machinery and agricultural equipment. This is one of the widest asset class ranges of any UK equipment finance lender and covers both hard and soft assets.

How do I access Novuna equipment finance?

Novuna Business Finance operates primarily through FCA-authorised broker introducers and equipment vendor finance programmes rather than direct to business. Most businesses access Novuna products through an asset finance broker or through a vendor finance arrangement offered by an equipment dealer or manufacturer.

What is business contract hire?

Business contract hire is a vehicle leasing product where the business leases a vehicle for an agreed term and mileage, paying fixed monthly rentals. Unlike finance lease, the lender retains residual value risk at the end of the agreement. The business returns the vehicle at term end without ownership rights. Business contract hire payments are typically fully deductible as a business expense subject to HMRC rules.