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Commercial Credit News
|Further growth in asset finance in October|
|Tuesday, 13 December 2016|
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 1% in October, compared with the same month last year – the thirty-seventh consecutive month of growth.
New business reported by the business equipment finance and plant and machinery finance sectors grew in October by 16% and 10% respectively, while commercial vehicle finance fell by 1% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “October saw robust growth in some key asset sectors. In particular, new finance for agricultural equipment and construction equipment increased by 19% and 7% respectively, compared with October 2015.
“The continued growth in asset finance new business means that the industry has increased its contribution to funding UK investment. In the twelve months to September 2016, the percentage of UK investment in machinery, equipment and purchased software financed by FLA members was 32.8%, the highest percentage reported since Q1 2009.”
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