Asset finance new business increased by 10% in November compared to the same month last year to £2.25bn (€3bn), according to the Finance & Leasing Association (FLA).

Plant and machinery finance has increased by 8% year-on-year to £579m in November 2015, while finance for IT equipment grew by 15% to £139m.

Car finance new business volumes witnessed a 7% rise, reaching £643m. Commercial vehicle finance recorded the highest year-on-year growth, with volumes jumping 20% to £579m.

The aircraft, ships and rolling stock finance sector saw an increase of 16% compared to November 2014, reaching £71m.

On the other hand, a negative year-on-year trend on new business was observed in business equipment finance, which fell by 13% to £167m.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: "In November, the asset finance industry reported its strongest rate of new business growth since June. In 2015 as a whole, we expect the market to record its second consecutive year of double-digit new business growth and reach its highest level of annual new business since 2008."

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By GlobalData

By channel and product

Direct finance, which accounted for nearly half of all finance, grew by 13% to £1.07bn. Broker introduced finance volumes increased by 1% to £386m, while sales finance volumes grew by 5% to £684m.

Lease/hire purchase, by far the most popular product in asset finance, grew by 9% to £1.05bn. Finance leasing rose by 25% to be worth £952m, and operating leasing increased by 15% to £580m.