Figures released today by the Finance & Leasing Association (FLA) show asset finance new business grew by 5% in September to £2.9bn, compared with the same month in 2018.
In Q3 as a whole, new business was 5% higher than in the same quarter in 2018, reaching £8.4bn.
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New finance for plant and machinery and business cars grew in September by 15% and 4% to £623m and £712m respectively, compared with the same month in the previous year.
Over the same period new finance for commercial vehicles was steady.
By channel, sales finance grew 15% to £930m in September, while direct finance dropped 1% to £1.2bn. Broker-introduced finance increased 4% to £541m in the same period.
By product, finance leasing saw an 8% decline to £405m in September, while lease/hire purchase saw a 4% increase to £1.5bn. Operating leasing saw a 1% rise to reach £501m in the same period, while other forms of finance saw a 20% jump to £280m.
Head of research and chief economist at the FLA Geraldine Kilkelly said: “In September the asset finance industry reported its strongest growth in new finance for plant and machinery since January 2019 as businesses stockpiled ahead of another Brexit deadline.
She added: “The industry has seen total new business growth in all but one month so far
