IN the last quarter of 2021 there was an increase in agricultural finance applications of 37.5%, according to a recent report by Loanitt. Plant and equipment applications increased by 22.15% and commercial vehicles by 19.7%.

Loanitt, one of Ireland’s largest finance intermediary, works with lenders to provide users with access to finance and their recent report shows the number of overall applications for secondhand assets has increased by 32.48% in quarter three and four of 2021 - a 7% increase on previous quarters.

The Loanitt report suggests the restricted supply of new machines seems to be increasing both the demand and cost of secondhand machinery and finance applications are up by 9.8%.

Ireland has seen 20 out of 26 counties exhibit a surge in demand for finance with the largest being Tipperary where a 41.25% increase was witnessed in the last quarter of 2021. The other six counties all saw a decrease in financing with Cavan having the largest decrease at 17.14% down.