CAR FINANCE BROKER
Most people will require finance when purchasing either a brand new or a used motor vehicle. For even the most financially- aware and informed individuals or businesses, this can be a challenging experience. Many people head straight to their bank or contact a finance company that they have seen advertising car loans. Some decide to take what they think is the easy way and sign up with the car dealer’s finance suggestion when finalising their purchase.
There is a better option and one which is guaranteed to save you time, infuriation and hassle and in most cases, save you money. Engaging a Car Finance Broker.
Finance Brokers are available to both individuals and businesses and you can approach a broker directly, no referral from your accountant or other party is required.
When selecting a broker there are a few aspects to consider:
- Independence. Make sure your broker is completely independent and not aligned with a bank or a finance company.
- Accreditations: The best brokers are those who have accreditations, ie access, to many banks and lenders especially industry-only sources. The more lenders the more chances of getting you a better car deal.
- Licensed Professionals: Professional brokers are licensed and regulated. Ensure your broker is a member of the FBAA as your assurance that you are dealing with a qualified, trained and licensed financial professional.
- Motor Vehicle Specialty: Ensure your broker specialises in motor vehicle finance. Some brokers cover a range of loan categories and some specialise. Eg a mortgage broker may have great experience in home loans and knows their way around that space but never, or rarely handles car loans. Having a broker who does, means you have someone who knows which lenders offer the best car finance deals.
- Experience: Check the credentials of your broker to ensure they have sufficient experience in car finance. Many will advise how many dollars in loans they write each month. The larger and more experienced, the more bargaining power they will hold.
The benefits of having a broker handle your car finance are many!
- Save you time: just hand the brief over to them and they will do all the phoning around, sourcing quotes, comparing offers and deliver you a quote ready for you to consider.
- Negotiating skills: you may think you’re a pretty good negotiator, but up against the bank with their strict loan guidelines and your skills may not make much impact. Brokers are doing this day in day out, dealing with their contacts at lenders and banks so their negotiating skills are finely honed.
- Bargaining power: a broker that specialises in car loans and writes a lot of business each month will have strong bargaining power with the key lenders.
- Save you money: your broker will be able to deliver you the best loan available.
- More choices: compared with you approaching one bank, your broker will be checking out the offers from a wide range of sources. More sources, more choices, more chances of unearthing the cheapest.
To discuss this further, contact us for a great finance deal on your Audi.