Asset finance solutions provided for manufacturing

First Index has announced that it has partnered with Whatrate to provide asset finance solutions for its manufacturing users.

First Index, the world's most active marketplace for custom-manufactured parts, announced today that it has partnered with Whatrate to provide asset finance solutions for its manufacturing users.

With more than US$10bn transactional value posted through its online matching service, findFAST, First Index has more content and is more active in the custom-made parts engineering market than any other service provider.

Its users are subcontractors and buyers of engineered custom-made parts and demand for finance in this sector is substantial.

In order to provide users with a fast sourcing service for finance, First Index has adopted the unique whatrate.vendor.

solution.

Recognised as an established and trusted brand by the UK's leading Lessors, Whatrate will build a First Index-branded service online, where users will be able to quickly source finance for purchases of plant and equipment or to fund projects.

The system provides instant answers from a selection of lenders, often more than the organisation would otherwise be able to access, in a fraction of the time normally taken to source and talk to several finance houses.

To obtain quotes for finance, users simply enter some basic information about their organisation, the goods and amount to be financed.

An automatic credit check is run and the result matched against the lending terms of more than 15 leading UK lenders - whose criteria are configured into the system - and quotes returned instantly.

Hans Wigart, Managing Director of First Index, commented, "This unique solution gives our customers and users the fast turnaround on information they need.

When quoting on a large manufacturing project, the knowledge that they can finance the equipment needed for the job is all-important.

Not only can users access fast answers on finance, they can also use the system to configure the terms most suited to their circumstances." He continues, "We know from RFQ activity that the manufacturing sector is growing again - armed with this new service, hard-pressed manufacturers can have the confidence they need to take on jobs and be part of that growth." Roy A Royer, CEO of Whatrate added, "We're delighted to have partnered with First Index - which we see as being an innovative leader in the custom-made parts engineering market.

Whatrate.Vendor has been specifically developed so that businesses like First Index can seamlessly integrate our service into theirs with minimal set-up costs.

Furthermore, because the service is fully managed and supported by Whatrate, First Index can concentrate on its core competencies and we can concentrate on ours.

End result, First Index can deliver great products at great prices, supported by the best range of financing options on the market." Using the First Index service is completely free and the system is secure and anonymous.

Users are not identified to potential lenders until they have compared bids received and decided on an option.

Manufacturers are thus able to take on a project, confident in the knowledge they have finance available but take action only when the deal is secure.

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