Asset finance new business grew by 7% in November 2025
New figures released today by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) in November 2025 grew by 7% compared with the same month in 2024. In the eleven months to November 2025, new business was 3% higher than in the same period in 2024.
The IT equipment finance and plant and machinery finance sectors reported growth in new business in November of 19% and 5% respectively, compared with the same month in 2024. The commercial vehicle finance sector reported new business growth of 1% over the same period.
New asset finance lending to SMEs and larger businesses increased in November by 8% and 9% respectively, compared with the same month in 2024.
New asset finance lending to the services sector grew in November by 10% compared with the same month in 2024, while new lending to the manufacturing and construction sectors grew by 8% and 1% respectively.
Commenting on the figures, Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The asset finance market returned its third consecutive month of growth in November with broad-based growth continuing in the final few months of 2025. New asset finance lending to SMEs is on track to reach a record high in 2025 overall.
“FLA’s latest Industry Outlook Survey showed some improvement in optimism about growth as the proportion of respondents anticipating an increase in asset finance new business over the next year rose from 68% to 77% between Q3 and Q4 2025.
“The economic outlook remains challenging for many businesses despite the lower inflation and interest rate environment. The asset finance industry’s support for the real economy, and smaller businesses in particular, is vital to improving productivity and UK growth prospects.”
| Nov 2025 | % change on prev. year | 3 months to Nov 2025 | % change on prev. year | 12 months to Nov 2025 | % change on prev. year | |
| Total FLA asset finance (£m) | 3,330 | 7 | 10,895 | 8 | 40,763 | 3 |
| Total excluding high value (£m) | 3,120 | 4 | 10,327 | 7 | 38,849 | 3 |
| Data Extracts:
By asset (excluding high value): | ||||||
| Plant and machinery finance (£m) | 569 | -1 | 1,916 | 5 | 7,629 | 1 |
| Commercial vehicle finance (£m) | 969 | 1 | 2,915 | -1 | 10,844 | -1 |
| IT equipment finance (£m) | 80 | 19 | 311 | 20 | 1,260 | 5 |
| Business equipment finance (£m) | 131 | -7 | 451 | 5 | 1,770 | 4 |
| Car finance (£m) | 1,108 | 4 | 3,699 | 9 | 13,831 | 4 |
| By channel: | ||||||
| Direct finance (£m) | 1,559 | 11 | 4,968 | 11 | 17,962 | 6 |
| Broker-introduced finance (£m) | 685 | 6 | 2,315 | 8 | 8,625 | 1 |
| Sales finance (£m) | 876 | -8 | 3,044 | 1 | 12,262 | 2 |
| By product: | ||||||
| Finance leasing (£m) | 248 | -1 | 793 | 1 | 2,961 | -8 |
| Operating leasing (£m) | 941 | 10 | 2,794 | 10 | 10,709 | 6 |
| Lease/Hire purchase (£m) | 1,569 | -4 | 5,405 | 1 | 20,659 | 0 |
| Other finance (£m) | 398 | 57 | 1,506 | 52 | 5,003 | 20 |