Companies throughout Australia are being urged to perform a finance health check on their business or run the risk of paying thousands of dollars in unnecessary leasing costs.
A leading finance leasing expert says many businesses could save up to 2% interest on leasing costs if they did their homework, translating into thousands of dollars over a 12-month period.
Chris Beath of Finnovate says companies should take the time to examine their options when it comes to equipment leasing costs.
"We have had a look at a few companies over the last six months and we have told them where they can find the savings, simply by comparing the latest deals.
"Five minutes online comparing the latest deals could lead to savings in the thousands of dollars and in some cases there are savings of up to 2% on offer.
"We all know that many Australian companies have taken a hit since the GFC," said Mr Beath.?"That's why businesses can't afford to forgo a financial health check to ensure they are getting the best rates on their equipment."
Mr Beath explained that in some client cases, a small rate difference could mean thousands of dollars to the business each year.
"There really is no better time than a fresh year to reconsider your finance options," he said.
The interest rate cuts announced by the RBA this year make it an even more ideal time for manufacturing companies to evaluate their options.
"Home-owners have enjoyed lower interest rates for many months, so it's good news for industry that interest rate cuts have been passed onto business."