Demand for asset finance spikes
Australian businesses continue to kick back into gear, with asset finance figures revealing a huge 187% rise in light commercial vehicle purchases, pointing to signs of continued business recovery.
The spike in business asset finance figures was driven by sales of all classes of vehicles, no doubt partly due to SMBs making the most of the government’s temporary full expensing scheme (aka instant asset write-off).
Here’s a quick snapshot of the Commonwealth Bank’s (CBA) market financing figures by vehicle type:
– Light commercial vehicles increased by 187%
– Utes and vans increased by 85%
– Heavy trucks increased by 50%
– New motor vehicles, including passenger and SUVs increased by 36%
“We’ve seen the government’s instant asset write-off scheme support many of our customers in the past year,” explains CBA Executive General Manager, Business Lending, Clare Morgan.
“There’s a general expectation that we’ll see an uplift in both financing and registrations of business vehicles as we approach the end of the financial year.”
If you’d like help obtaining finance that helps you achieve your long-term goals, please get in touch. We work with a broad range of lenders and would love to present you with financing options suited to your business’s needs.