Figures released today by the Finance & Leasing Association (FLA) show a 13% growth in asset finance new business during 2014 to £25.4 billion. This is the strongest annual rate of growth since the onset of the latest financial crisis.
FLA is the leading trade body for the asset, consumer and motor finance sectors in the UK, and the largest organisation of its kind in Europe.
Key asset finance statistics (Dec 2014):
- Plant and machinery finance grew by 48%
- IT equipment finance grew by 10%
- Business equipment finance grew by 6%
In 2014 as a whole, plant and machinery finance was up by 21%, business new car finance by 17%, business equipment finance by 13% and IT equipment finance by 5%.
These figures reflect our experience of the asset finance market. We have found that leasing and hire purchase have been popular forms of finance for many businesses during the recession as the banks have been reluctant to lend. Our clients have also appreciated the flexibility of this form of finance and the benefits to their cash flow.
We are confident that the asset finance market will continue to grow in 2015.
Please contact us on 01392 469989 if you would like to investigate asset finance as an option for your business.