Finance rate comparison site launches
Construction SMEs are celebrating a long overdue reprieve with the launch of Australia’s first asset and equipment finance comparison website, Finnovate, set to empower businesses with choice and trigger competition among lenders through total rate transparency.
Chris Beath from Finnovate aimin to help contractors access competitive finance
The revolutionary web-based business finance model allows businesses to access and compare the rates and fees of nine major lenders and apply for equipment and vehicle finance and leasing online, representing a major boon for the Australian construction industry as the financial year kicks off.
Chris Beath of A Class Business Finance, the Brisbane-based asset finance group behind the new website, said 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,” Mr Beath said.
“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.”
The Finnovate website was designed to be user-friendly, offering 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.
The Finnovate website address is www.finnovate.com.au