Tuesday, September 19, 2023
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business grew by 19% in August 2023 compared to the same month in 2022.
The business new car finance and commercial vehicle finance sectors reported significant growth, with new business up by 94% and 12% respectively. However, the plant and machinery finance sector saw a decline in new business by 9%.
Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, stated that the growth in asset finance new business was driven by strong performances in the vehicle finance sectors. The lending provided to large businesses increased by 53% compared to August 2022, while lending to SMEs grew by 4%.
FLA asset finance providers are cautiously optimistic about future growth prospects, with the majority expecting an increase in new business over the next twelve months.
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