Just after celebrating its second birthday, having been launched in November 2019, Loanitt has already established itself as the largest car finance broker in Ireland.

“We have partnered with Carzone, Cars Ireland and most recently with DoneDeal,” said Padraig.

“We started providing finance in 2019 and now handle customer finance applications for more than 400 garages all around Ireland. We initially targeted the car finance market as we saw a big opportunity there to partner with garages in providing easy access to finance for all customers of differing risk profiles,” he added.

Simple, smart, efficient

Loanitt works with multiple lenders around Ireland and, using technology the company developed, it streamlines the credit application process.

“On our website, we have a one-click application that takes about three minutes to fill out. This goes directly to one of our dedicated financial advisers who will then contact you directly. We accept an application online via our website or through our partnership with the DoneDeal website.”

Padraig highlights the suite of financing options available to customers “including leasing, hire purchase, sale and leaseback. Once a customer engages with one of our qualified financial representatives, they will evaluate the options and discuss what products best suit that customers’ needs.”

The company’s aim is to make the whole application process as efficient and seamless as possible for customers.

“We remove all of the work from the customer. We receive the application and relevant documents from the customer and then we find a suitable option for our customers from our extensive panel of agri lenders. We guide customers through the process from start to finish. If the customers don’t get approved with the first lender, then we go to the different lenders out there until we get the best finance option for them. So we provide that vital connection between the customer and the lender.”

Entering the agri-finance market

Co-founders John Duggan and Padraig Nolan both come from farming backgrounds. They have held multiple senior management positions in banks and financial institutions both here and in the UK.

They understand firsthand the difficulties when it comes to getting access to finance, in particular for high-value second-hand machinery: “We know the pain and hassle when it comes to securing capital through conventional methods. Agri and commercial finance is much more complex than other sectors. Cashflow isn’t as straightforward. For example, a lot of sheep and beef farmers may get one big paycheck annually and have to manage this for the entire year. Any finance agreement has to be structured to allow for this.”

Loanitt has recently partnered with DoneDeal’s agri and commercial finance business, providing finance for all agricultural machinery.

“If you’re on DoneDeal and need finance to purchase, you will see a ‘click to apply’ for finance options.

“We have the resources to create a streamlined process through which people can easily get access to capital. We provide finance for all agricultural and plant machinery. If you go directly to one lender, the chances are they will have limitations on the type of asset and the age of the asset you are allowed to finance. We have access to all of these options, we do have that flexibility.”

Choose Loanitt as your finance provider

Padraig is quick to highlight the benefits of using Loanitt over conventional finance options. “We provide the full service that’s completely customer-focused. We have created an online solution that allows the flexibility to apply online whenever you want, 24/7, and then have access to a dedicated financial adviser. We’re providing that personal touch. We take the time to understand your business and provide the best possible solution for you.

“We have undergone significant growth since launching two years ago simply because we offer the best service with access to multiple lenders for the customer. That’s where we want to get to on the agri and commercial finance sector.

“We believe that we understand what the customer wants. Everything we do is customer-centered. All of our reviews are live on our website and show the full picture of just how we operate. Our customer service is the top-rated of all financial institutions in Ireland, rated 4.9 out of 5 on Trustpilot. That is something we are really proud of.”