7 Ways a Car Finance Broker can Save you Money

Car Finance Brokers

Car Finance Broker

Firstly, What Is a Car Finance Broker and How Can They Help You?

A car finance broker is typically free and specializes in car finance loans. Usually its free to apply with a car finance broker. Also, with a finance broker, there’s no obligation when you make free enquiries about the process. The finance broker itself is paid by the lender that is chosen. When you’re considering why do I need a car finance broker, give some thought as to their professionalism, the information and help they can provide to find the most competitive car finance rates and repayments for you.

Finance Brokers can save you time.

A car finance broker can often take a lot of the work out of the process. A car finance broker often will gather information regarding your financial situation and, with your consent, often perform a credit check. They use their experience and expertise to approach lenders for you and then present you with a shortlist of the best options for you. They also help you decide if a regular new car finance or chattel mortgage car is better. This can save you hours spent researching. So, if you’re still determining should I use a car finance broker? Think about who to use, if they are right for you, and what benefits you would obtain rather than financing a car yourself.

Car Loan Brokers access to a variety of lenders.

A finance broker has the ability to consult with countless lenders to fund car loans for you. With a large number of lenders, they can help you find the best loan product and rate for your budget. The least number of enquiries you make has some benefit in preserving your credit file, as every time a car lender or online car finance broker pulls your veda credit file, a credit enquiry is put on your file, which can have some impact in your ability to obtain finance. The question of should I use a car finance broker has the benefit that if done correctly, a finance broker may be able to shop around options for you with limited impact on your file.

Brokers can offer personalized service.

A car finance broker helps customize their service with each borrower. They will accessible at all hours too, which is helpful if you have a lot of questions. It is also convenient if an issue arises that occurs after bank business hours. They also can offer you loan products that fit your budget. Also if you are somewhat outside the norm in terms of residency, type of income, time in job, vehicle you want to finance, a broker may just know of particular lender they have used in the past that you may not be aware of.

A Car Finance Broker can save you money

When considering why do I need a car finance broker, they do have the potential save you money. This is assuming that the broker can get the best interest rates and take care of other factors including repayments or residual value or balloon payments.

Also a broker may be able to help introduce you to dealers if that is something that is of interest to you.

How do I find the best car finance brokers?

Why do I need a car finance broker, you ask, because they can help lend a hand during the finance options process. A car finance broker, if instructed, should be able to complete all aspects of submitting your loan to various lenders. Your car finance broker when buying a privately sold vehicle may also provide a free Personal Property Securities Register Check to check for vehicle encumbrances. Also you may wish to consider a pre purchase inspection to check key aspects of your vehicle such as;

  • Brakes
  • Windscreen
  • Body damage/rust
  • Suspension
  • Steering
  • Wheels/Tyres
  • Lights
  • Seats/Seatbelts

A car finance broker is appointed as your agent, and they are intended to work for you. They will keep you informed of all developments as the purchase is being finalized.

When thinking should I use a car finance broker, consider all of the benefits listed before making your decision. So long as you do your research and deal with a reputable car loan broker, you may find the process being low stress and can help provide finance options you may not have been aware of.

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