Strong start to 2017 for asset finance market
New figures released today 10 March by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 16% in January, compared with the same month in 2016.
New business in the plant and machinery finance and business equipment finance sectors was up by 35% and 21% respectively, while commercial vehicle finance new business increased by 3% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“January saw new business growth across most of the main asset sectors, with the industry recording its strongest rate of growth since August last year.
“The agricultural and construction equipment finance sectors reported particularly strong new business growth in January, of 49% and 38% respectively, reflecting the stronger economic data for these sectors in recent months.”