The trend emerges in spite of ongoing COVID-19 lockdowns across the nation.
Nodifi provides cloud-based asset finance solutions to brokers and dealerships across Australia.
The company reported that asset finance loan drawdowns saw an increase of 9.4 per cent between Q1 and Q2, delivering an average loan amount of $40,710, up from $38,172 in Q1.
Motor vehicles made up 85 per cent of all settlements, while caravan/camper assets continued their strong growth since late 2020, the company reported.
“June recorded the highest volume in both settlements and the amount funded, driven by the ever-popular EOFY demand for motor vehicles,” it said.
According to Nodifi, vehicle finance settlements saw significant growth in Q2, up 17.4 per cent from Q1 and 12.9 per cent to the same time last year.
“June was once again the standout performer in Q2. However, it wasn’t the strongest month YTD, with March recording 21.2 per cent of all settlements, in contrast to June’s 20.2 per cent.
“Utes and SUVs, especially those from Aussie-loved brands like Toyota, Ford, Mazda and Nissan are still seeing strong trends in their favour. Toyota and Ford recorded increases of 23.5 per cent and 20.6 per cent respectively from Q1.
Funding by brand had Toyota at the top at 16.5 per followed by Ford at 10.8 per cent, Mazda 8.1 per cent, Holden 7.6 per cent, Nissan 7.2 per cent and Hyundai at 4.9 per cent.
Funding by models had Toyota HiLux at 10.6, Ford Ranger at 9.4 per cent, Nissan Navara 6.3 per cent, Mitsubishi Triton 5.8 per cent and the Toyota LandCruiser (excluding Prado) at 5.3 per cent.
“Utes and SUVs are continuing to dominate Australian roads. While Toyota and Ford led the way for growth in Q2, up 23.5 per cent and 20.6 per cent respectively, Mitsubishi also performed well recording a 13.3 per cent jump from Q1. Holden firmed slightly at 1.75 per cent.
“In terms of spread, NSW/ACT led the country for most settlements, followed by Victoria and Queensland respectively. The three states contributed to 79 per cent of all settlements.
“Personal loans were the beneficiary of increased demand for house renovations, the second most popular form of finance. Consumer finance contributed to 73.2 per cent of all asset finance.
“Male applicants made up more than double the number of female applicants, when excluding motor vehicle finance.”
Married males or those in de facto relationships, aged 30 to 39 with no dependents, were the most active demographic for motor vehicle finance.
The Nodifi report said: “The industry continues to make strides in its pandemic recovery, with strong performances across the board.
“Positive trends are expected to continue in the way of ute and SUV popularity, and in terms of Toyota and Ford’s heavy presence in Australia.
“More strong performances are expected across the motor vehicle sector, once dealership stock levels start to increase/return to normality although COVID-19 could yet prove to have an impact, should states be forced into more lockdowns.”
By John Mellor