In the last quarter of 2008 compared with Q4 2007, new finance for commercial vehicle purchases contracted by 20%.

Geraldine Kilkelly, head of research and chief economist at the Finance and Leasing Association, said: “In the first six months of 2008, our members were writing more business than the previous year.

"But a combination of weaker demand, funding issues and the increasing risk of defaulting customers led to a decline in the last quarter of this year."