(Reuters) - U.S. companies borrowed 8.7% more to finance equipment investments in November compared with the same period a year earlier, the Equipment Leasing and Finance Association said on Friday.

New loans, leases and lines of credit signed up by companies in November rose to $10.36 billion, from $9.53 billion in the year-ago period.

The Washington-based trade association, which reports economic activity for the more than $1 trillion equipment finance sector, also said that credit approvals for U.S. companies were at 74% in November this year.

The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index for December reached a fresh three-year high, indicating that executives expect continued strength in lending volumes and further improvements in financial conditions.

The ELFA CapEx Finance Index of leasing and finance activity is based on a 25-member survey which includes Bank of America ( BAC ) as well as the financing units of Caterpillar ( CAT ), Dell Technologies ( DELL ), Siemens AG, Canon and Volvo AB.