Agricultural machinery finance applications increased by 37.25%, plant and equipment applications increased by 22.15% and commercial vehicle applications rose by 19.17% between quarter three and quarter four in 2021, according to a report by Loanitt.

Loanitt, which claims to be Ireland’s largest finance intermediary, works with a panel of lenders to provide users with access to finance.

The report provides an overview of the secondhand asset financing trends, and shows that the number of overall finance applications increased by 32.48% between quarter three and quarter four.

The average finance amount increased from €28,600 to €30,700, which represents a 7.4% increase.

Meanwhile, deposits on assets grew by 0.62%, increasing from 24.66% to 25.28%.

The report suggests that the restricted supply of new machines is increasing the demand and cost of secondhand machinery. From quarter three to quarter four in 2021, the company saw the demand for secondhand agricultural finance in Ireland increase by 9.8%.

The report outlines that 20 of the 26 counties in the Republic saw a surge in demand for finance, with the largest being Tipperary where there was a 41.25% increase in quarter four.

Meanwhile, six of the 26 counties saw a decrease in finance applications, with the largest decrease of 17.14% being in Cavan.