New business originations for Finance and Leasing Association (FLA) members grew to £2.2bn in August, up 3% year-on-year, latest figures from the association have shown.
Finance for cars and business equipment registered the highest jumps compared to August 2016, rising 10% and 8% respectively.
Deals for IT equipment and commercial vehicles, meanwhile, fell by 3% and 7% respectively, although the year-on-year change was positive for the three months to August.
The growth in new business was mainly driven by operating leases and hire purchases, while finance leasing registered no variation.
The broker and sales finance channels rose 7% to £453m and £405m respectively, while direct finance, accounting for about half of new originations with £1.1bn, grew by a more modest 2%.
Geraldine Kilkelly, FLA head of research and chief economist, said: “The asset finance industry has reported solid new business growth so far in 2017. Growth in asset finance provided to manufacturers has been particularly robust, with new business for production and processing plant up by more than 40% in the first eight months of 2017.”