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Commercial vehicle finance on rise

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Figures have shown that commercial vehicle finance lending rose during the first quarter of 2011.

The Finance & Leasing Association (FLA) said that finance granted for commercial vehicles rose 32% compared to the same three-month period last year.

During the quarter finance firms lent more than £1 billion for the leasing or hire purchase of around 20,000 new vans, trucks and lorries - suggesting there were plenty of van insurance policies taken out.

Finance for business equipment, plant and machinery and IT equipment was also on the rise - and total asset finance was up 8% over the three months.

Julian Rose, head of asset finance at the FLA, said: "Many of the small businesses that provide the services that keep our homes and offices going are replacing their old vehicles with more suitable and more environmentally-friendly models; our evidence shows that small businesses like plumbers, builders and delivery companies are turning to asset finance rather than paying upfront."

© Press Association 2011