Novuna Business Finance became the operating name for Hitachi Capital (UK) PLC after its acquisition by Mitsubishi HC Capital in 2021 and subsequent rebrand in 2022. Despite the name change, the underlying business, team and lending philosophy remain consistent. Novuna is a significant force in UK asset finance, with a technology-forward approach that distinguishes them from traditional lenders.
For excavator finance, Novuna is particularly well suited to VAT-registered businesses buying new or late-model plant from established dealers. Their digital underwriting portal allows brokers to track applications in real time, and standard decisions can be made in hours rather than days. This speed, combined with competitive rates, makes them a first-call option for many construction businesses with clean credit and new asset purchases.
Novuna Business Finance Excavator Finance Rates - October 2026
| Factor | Details |
|---|---|
| Rate range (APR) | 4.5% – 12.5% |
| Typical term | 24 – 60 months |
| Minimum finance | £5,000 |
| Maximum finance | £2,000,000 |
| Deposit required | 0% – 15% |
| Decision speed | Hours to 48 hours (digital) |
| Finance types available | Hire Purchase, Finance Lease, Operating Lease |
| Asset age considered | Strongest on new; used considered up to 8 years |
How Do Novuna Rates Compare to the Market?
Novuna sits in the competitive tier alongside Close Brothers and Shawbrook for standard cases. Their rates are slightly higher than Lombard's best for top-tier credits, but their speed and digital process often make the difference. A contractor who needs confirmation of finance to close a dealer purchase often finds Novuna's same-day decision more valuable than a marginally cheaper rate that takes a week to arrive.
For new assets specifically, Novuna is consistently competitive. Their strong relationships with equipment dealers mean they understand current market values and can process new machine transactions smoothly. For used or older excavators, they're more cautious, and Close Brothers or Shawbrook will often be a better match.
Novuna Strengths for Excavator Finance
- Fast online decisions - digital underwriting platform produces decisions in hours for qualifying applications. Real-time tracking through the broker portal keeps everyone informed without chasing.
- Digital-forward process - less paperwork, faster documentation and electronic signature capability streamlines the journey from approval to payout. Fewer delays between decision and funds landing.
- Strong on new assets - deep relationships with plant and equipment dealers mean Novuna processes new machine finance smoothly. Current models from major manufacturers are well understood and valued accurately.
- Operating lease available - unlike some competitors, Novuna offers operating leases with guaranteed residual values, which can reduce monthly payments for businesses that want to keep options open at the end of the term.
Novuna Limitations for Excavator Finance
- Weaker on used and older plant - Novuna's digital process works best with new assets at known values. Older excavators, non-standard specifications or machines without dealer invoices create friction and may require referral to manual underwriting, negating the speed advantage.
- £2m ceiling - not suitable for very large fleet purchases or high-value demolition equipment deals that require bespoke structuring.
- Less flexible on adverse credit - their digital scoring is more binary than a specialist adverse lender. Businesses with CCJs or impaired credit are better served by Aldermore or Time Finance.
Rates shown are indicative as of October 2026. All finance subject to status. Doulton Bridging Finance is a broker, not a lender.