Figures released by the Finance & Leasing Association (FLA) have revealed that new business in the sector has also fallen by 3% in Q1 2018, compared with the same period last year.
In March, new finance for business equipment grew by 13%, while new business for the plant and machinery, and commercial vehicle finance sectors fell by 9% and 2% respectively.
- HNW Lending helps client invest in business
- Praetura Asset Finance celebrates record Q1
- Bibby provides £49m to new business clients in March
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market recorded its third highest monthly new business total in March at more than £3.3bn.
“However, the latest figures reflect some of the recent slowdown in the UK economy, with new finance for agricultural and construction equipment 1% and 8% lower in March than in the same month in 2017.”