Asset finance has surged in popularity with
new business totalling almost £1.9bn in November 2011, the Finance
& Leasing Association (FLA) has stated.
New figures from the FLA show that overall new
business in asset finance showed a 29% increase on the same month
in 2010.
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In the eleven months to November 2011, new
business grew by 3% to £18.7bn. For deals of up to £20m, new
business climbed by 9% over the same period.
There was growth across all major asset
categories, with the strongest rate of growth reported in
business equipment finance, which increased by 37%
year-on-year. Over the same period, plant and machinery
finance grew by 21%, commercial vehicle finance by 15%, and
business car finance by 13%.
The broker market also showed strong growth,
with broker-sourced new business reporting a 12% increase in
November, compared with the same month a year earlier.
Julian Rose, head of asset finance at the FLA,
said the figures showed businesses of all sizes were turning to
asset finance.
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By GlobalData“Around a thousand new finance contracts are
signed each day. Our members are actively supporting the UK’s
economic growth by helping firms to invest in new equipment to
allow them to grow their businesses and protect or create jobs.”
