Total UK asset finance new business (primarily leasing and hire purchase) grew in December 2024 by 7% compared with the same month in 2023, according to figures released by the Finance & Leasing Association (FLA).
In 2024, as a whole, new business was 3% higher than in 2023.
The commercial vehicle finance and plant and machinery finance sectors reported new business up in December by 14% and 4% respectively, compared with the same month in 2023. The business new car finance sector reported a fall in new business of 4% over the same period.
Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “The asset finance market ended the year on a positive note which meant in 2024 overall new business grew by 3% to reach a record level of £39.7 billion.
“Performances varied across the asset sectors last year. The commercial vehicle finance sector recorded the…
