Asset finance volumes jumped 41% in Q3 2025 whilst working capital enquiries turned negative by year’s end, according to Valiant Finance’s Alex Molloy. What’s happening: Asset finance volumes surged by 41% in Q3 and 33% in Q4 of 2025, driven by rate cuts and the Instant Asset Write-Off extension. Working capital caution growsWhilst asset finance thrived, a different picture emerged in working capital lending. Working capital remained the largest segment by funded volume, delivering strong quarterly growth of between 31% and 41% across 2025. Trading history crucialLenders have become increasingly focused on business resilience and trading history when assessing working capital applications.