Asset Finance new business grew by 11% in October 2023

On 7th December 2023, the Finance & Leasing Association (FLA) released new figures showing that the total asset finance new business (primarily hire purchase and leasing) grew in October 2023 by 11% when compared with the same period in 2022. In the ten months to October 2023, new business was 14% higher than in the same period in 2022.

Commercial vehicle finance and new business car finance sectors reported new business up in October by 8% and 53% respectively, compared with the same month in 2022. The plant and machinery finance sector reported a 17%$ fall in new business over the same time period.

Geraldine Kilkelly, Director of Research and Chief Economist at the FLA said;

“The asset finance market returned to double-digit new business growth in October with further strong performances from the vehicle finance sectors. New asset finance lending to SMEs grew by 6% compared with the same month in 2022, while to larger businesses it increased by 15%.

“2023 is set to be a record year for the asset finance industry as new business is expected to reach more than £38 billion. The industry directly supports the real economy by providing finance to businesses of all sizes which funds as much as 40% of UK investment in machinery, equipment and vehicles.

“Asset finance is playing a vital role in funding the investment needed to raise productivity while helping the UK transition to net zero which will ultimately raise economic growth and household living standards.”

 

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