According to new figures released by the Finance & Leasing Association (FLA), new asset finance business grew for its 36th consecutive month to £2.9bn.
All sectors, with the one exception of aircraft, ships and rolling stock, saw an increase in new business with plant and machinery up 16% and car finance increasing by 10%.
In September, business equipment finance saw the biggest increase at 29% year-on-year, seeing the sector reach an estimated £221m. Despite Brexit uncertainty, confidence in the market is growing with the figures indicating a positive outlook.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Encouragingly, September saw the second consecutive month of growth in new finance provided for plant and machinery. In the third quarter as a whole, new finance for agricultural equipment and construction equipment grew by 16% and 4% respectively compared with Q3 2015.”
Are you considering asset finance as an option for your business?
With an increasing number of businesses using alternative finance to purchase new or replace existing equipment, our asset finance option is quick and easy to arrange, with finance in as little as 24 hours.
Equipment suppliers can also benefit from the confidence in the market, by providing their customers with asset finance solutions via the LDF Partner Programme. The programme can assist in speeding up the sales cycle, as well as improving cash flow. Additionally, our Technology Leasing Solution supports the technology sector to sell solutions through sales-aid leasing underpinned by funding from us.
Why not download our free ‘Guide to Asset Finance’ and discover how it can help your business grow. The guide includes the finance options available to you and which are suitable for your requirements.
Alternatively, contact us today to learn more about how we can support your business goals and plans.