New asset finance business grows in July 2024
New Asset Finance business grew 9% in July 2024
The latest data from the Finance & Leasing Association (FLA) shows that asset finance new business, mainly through leasing and hire purchase, grew by 9% in July 2024 compared to July 2023. Over the first seven months of 2024, new business was up 5% from the same period last year.
The commercial vehicle finance sector saw an 11% increase in new business in July, while the plant and machinery finance sector grew by 14%.
The asset finance market had a strong start to Q3 2024, with growth across the board. Lending to both SMEs and larger businesses was up by 10% and 6%, respectively, compared to July 2023 with all major industry sectors, including manufacturing, services, and construction, benefited from the higher levels of new business.
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