Asset and equipment finance rate comparison site launched
Australia’s first asset and equipment finance comparison website, Finnovate, has been launched and is set to empower businesses with choice and trigger competition among lenders through total rate transparency.
Set to empower businesses with choice and trigger competition among lenders through total rate transparency, Finnovate, Australia’s first asset and equipment finance comparison website, allows businesses to access and compare the rates and fees of nine major lenders and apply for equipment and vehicle finance and leasing online.
Chris Beath of A Class Business Finance, the Brisbane-based asset finance group behind the new website, states that they created Finnovate to provide businesses with a new pathway to finance through a model that puts the ball firmly in their court.
“Unlike mortgage financing, which operates to a fairly homogenous interest rate model, it is widely acknowledged that rates offered to SMEs are far more variable and more difficult to compare on a like-for-like basis,” Beath notes. “There has been a long-standing lack of legitimate competitive pressure in the SME loan segment, largely due to the fact that lenders keep their rates very close to their chests, and borrowing insight has suffered because of this.
“We are a totally independent and impartial entity. The site does not advise businesses on which lender to select, it simply presents all the relevant information, allowing them to make an informed decision.”
According to Beath, the Finnovate website offers a convenient, fast, efficient online application process for equipment and vehicle finance transactions up to $1 million. Transactions over $1 million will be dealt with personally by Finnovate.
“Each step is explained in layman’s terms and users can access a help function throughout the site. The application process takes between five and 15 minutes to complete, and that’s the vast majority of the application done. The final steps are completed over the phone or in person with the chosen financier, who contacts the client directly within 24 hours.”