New business in asset finance grew by 5% in September to £2.9bn, according to figures released yesterday by the Finance and Leasing Association.
New finance for plant and machinery and business cars grew in September by 15% and 4% to £623m and £712m respectively, compared with the same month in the previous year. By channel, sales finance grew 15% to £930m in September, while direct finance dropped 1% to £1.2bn.
Broker-introduced finance increased 4% to £541m in the same period. By product, finance leasing saw an 8% decline to £405m in September, while lease/hire purchase saw a 4% increase to £1.5bn. For the third quarter as a whole, new asset finance business was 5% higher year-on-year, reaching £8.4bn.
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