New figures released today by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) held steady in August 2019, but was up by 6% in the twelve months to August, compared with the same period last year.
The commercial vehicle finance, and plant and machinery finance sectors reported new business up in August by 11% and 1% respectively, compared with the same month in 2018.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “August saw further double-digit growth in new finance provided for commercial vehicles as businesses were keen to invest in the newest technology.
“The asset finance market reported 7% new business growth in the first eight months of 2019. The strong performance of the industry so far this year meant it funded over 41% of investment in machinery, equipment and purchased software in Q2 2019, an eleven-year high.”