Finance & Leasing Association (FLA) members sold £2,448m worth of asset finance in July 2015, up 2% compared to the same month in 2014.
Despite shrinking 4% year-on-year, car finance remained the largest asset finance class, worth £788m.
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IT equipment finance was the fastest growing asset class thanks to 37% year-on-year growth to £162m. Commercial vehicles finance also grew at a healthy 12% year-on-year, to £542m.
Plant and machinery finance was static at £523m, while the amount of business equipment finance sold grew by 3% year-on-year to £194m.
By channel and product
Direct finance, which accounted for almost half of all finance, shrank by 1%. This was offset by a growth in broker introduced finance (up9%) and sales finance (up 11%).
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By GlobalDataLease/hire purchase, by far the most popular product in asset finance, remained static, with 0% growth. Finance leasing grew 20% to be worth £287m, and operating leasing grew 13% to £551m.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: "The asset finance industry has helped to drive the recovery in business investment over the last year. The latest figures show particularly strong growth in new finance for construction plant and IT equipment, up 19% and 35% respectively over the last twelve months."
