Asset finance new business grew 3% year-on-year to £2.3bn (€2bn) in January, figures from the Finance and Leasing Association (FLA) have shown.
Excluding high value deals of over £20m, year-on-year growth was 4%, to €2.1bn.
Go deeper with GlobalData
IT equipment finance saw the biggest increase, up 29% to £133m. Plant and machinery and business equipment finance both grew 8%, to £509m and £191m respectively.
Commercial vehicle finance saw a fall of 4%, totalling £480m in deals.
The broker channel experienced an 8% boost, with £442m in deals originated. The sales finance saw a 10% growth to £622m.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market made a positive start to 2018 with further solid growth in new finance for plant and machinery and business equipment.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“In particular, new business for agricultural equipment in January was 21% higher than in the same month in 2017.
“We expect asset finance new business growth in 2018 as a whole to be at a similar rate to 2017.”
