March sees record level of asset finance new business
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 10% in March, compared with the same month last year, and by 8% in Q1 2016, compared with the same period in 2015.
IT equipment finance and commercial vehicle finance grew in March by 29% and 5% respectively, but plant and machinery finance fell by 2% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“March saw the asset finance market report its highest level of monthly new business on record. Growth was broad-based with the exception of a fall in new finance for plant and machinery. The slowdown in this sector reflects the apparent weakness of the industrial sector reported in the latest national statistics.”