NEW business car finance in the UK increased as a whole by 17 per cent in 2014.

Against this backdrop the asset finance market in general grew at its strongest rate for seven years, increasing by 13 per cent to £25.4 billion, according to the latest figures released by the Finance & Leasing Association (FLA). It is the strongest annual rate of growth since the onset of the financial crisis.

Geraldine Kilkelly, FLA’s head of research and chief economist, said: “The figures show a strong recovery in the asset finance market in 2014.  Businesses were keen to use leasing and hire purchase to invest in a wide range of assets.

“The core market of deals of up to £20 million wrote new business of £24.6 billion in 2014, and is on target to surpass its pre-crisis peak in 2015.”