Strong growth in asset finance in August
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 18% in August, compared with the same month last year.
New business reported by the commercial vehicle finance and business equipment finance sectors grew in August by 28% and 24% respectively, while plant and machinery finance new business was up by 20% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“August saw the asset finance market record its strongest rate of new business growth so far this year, with double-digit growth across most of the main asset sectors. The strong performance of the plant and machinery finance sector was driven by higher levels of new finance for manufacturing, construction and agricultural equipment.”