Asset finance up 27% in March
Figures released today by the Finance & Leasing Association (FLA) show growth of 27% in asset finance new business in March 2015, compared with the same month a year earlier, and 19% growth in Q1 2015 overall.
In March, IT equipment finance grew by 35%, and plant and machinery finance and commercial vehicle finance by 27% and 21% respectively, compared with March 2014.
First quarter results show IT equipment finance up by 53% compared with Q1 2014, while plant and machinery finance and commercial vehicle finance each grew by 13% in Q1 2015.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The asset finance market, through the provision of leasing and hire purchase, has made an excellent start to 2015. March new business of £3.1 billion was the highest monthly total since September 2008, with record levels of new business reported by some asset finance sectors.”