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Asset finance resilient in Q2
The asset finance (leasing and hire purchase of business equipment) market grew by 9% in the second quarter of 2012, as over 50,000 businesses invested in new equipment using leasing. These latest figures come from the Finance & Leasing Association, the trade body for the asset finance industry.
While lower than the 13% growth seen in the first quarter, the second quarter asset finance figures contrast with the fall shown in the latest estimates of Gross Domestic Product.
IT equipment finance was up by 48% in the second quarter of 2012. Plant and machinery, and car and commercial vehicle finance also showed growth. More agreements were made through commercial finance brokers and equipment suppliers, with both channels up by 14% in the quarter.