There was 31% growth in asset finance new business during September 2014, to reach over £2.5 billion, the highest monthly figure in almost six years, the Finance & Leasing Association (FLA) has reported.

Business equipment finance reported its strongest growth so far this year, with new business up 53% in September compared with the same month in the previous year. Business new car finance grew by 30 % in the same period.

Plant and machinery finance, commercial vehicle finance and IT equipment finance were up by 22%, 16% and 15% respectively.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “September saw robust growth across all the key asset finance sectors. New business in the third quarter of this year increased by 21%, three times the rate of growth recorded in the second quarter.

“These figures clearly show that the asset finance industry, through the provision of leasing and hire purchase, is helping UK businesses to invest and grow.”