Asset finance up 9% in May
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 9% in May, compared with the same month last year.
Commercial vehicle finance increased by 21% in May compared with the same month in 2015. Business equipment finance and IT equipment finance were up 27% and 32% respectively over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Growth in asset finance new business rebounded in May, as a wider range of asset sectors reported strong growth. The latest official data from the Office for National Statistics confirmed our estimates that FLA asset finance providers funded 31.8% of total UK investment in machinery, equipment and purchased software in the twelve months to March – the highest percentage for almost seven years.”