Online comparison sites have given both power and choice to consumers for more than a decade.
Now small and medium business owners are set to enjoy that same privilege when it comes to choosing a lender for all their equipment and business finance needs, says BRW.
Finnovate, is Australia’s first finance comparison site for business. The company aims to revolutionize the way Australian businesses access, compare and apply for equipment and vehicle finance.
The company is a subsidiary of A Class Business Finance, a Brisbane based business finance brokerage. Chris Beath, Director at Finnovate, aims to capture of least 5% of Australia's business financing market within the next five years.
At Finnovate, small and medium business owners can access and compare rates for commercial equipment like trucks, tractors, forklifts, and other earthmoving, agricultural and general equipment they may need. The site lists rates and details of loans offered by 9 of the major banks and financial institutions in Australia. Businesses can currently compare rates from major financial institutions such as - Westpac, ANZ, Bank SA, Suncorp Bank, Capital Finance, Bank of Queensland, Bank of Melbourne, St. George and the Macquarie Group. This can be done quickly and easily online at http://www.finnovate.com.au
The site also allows business owners to choose from different finance options including Chattel mortgage, hire purchase, finance lease and rental. Terms for the loans offered by the financiers can range from 2 years, up to a maximum of 5 years. Being an online comparison site, Finnovate is accessible to its customers 24X7, allowing them to explore their equipment financing options at their own pace and convenience.
Finnovate aims at changing the way that Australian businesses access equipment finance. With its comparison service, the start-up is empowering businesses with the ability to choose a financier and also helping them reduce their borrowing costs, by encouraging competition among the lenders. More than anything else, Finnovate is introducing transparency to the equipment finance industry in Australia, so that business owners can make their choice easily and quickly. The company promises to help business owners choose from the best deals available in the market today.
Andrija Mesterovic, MBA