I was recently puzzled by this as well, and things clarified a bit after reading (parts of) [1]. In the introduction, a distinction is made between three types of formulae, which the author claims to be relevant to understanding the difference between finitist and non-finitist:
- Formulae without variables, e.g. $2 + 2 = 4$;
- Formulae with only free variables for individuals and computable functions: e.g. $2 \times x = f(y)$;
- Formulae with bound variables: e.g. $\forall x \exists y (x < y)$.
The first two types are considered "decidable" in the sense that type 1 formulae can be mechanically verified and closed instances of type 2 formulae become type 1 and thus can also be verified. The role of type 2 formulae being that they serve as schemata for generating type 1 formulae. Finally, the author puts forward the thesis that an argument is not considered finitist if it contains formulas with bound variables (type 3).
Overall, I don't think there is a concrete definition of what a finitist argument is, and it certainly has a large overlap with constructiveness. But the way it is employed in Shoenfield's book seems consistent with this interpretation, especially when considering section 4.3 on the Consistency Theorem.
[1] Kreisel, G. (1951). On the interpretation of non-finitist proofs—Part I. Journal of Symbolic Logic, 16(4), 241-267. doi:10.1017/S0022481200100581