What Does a Car Loan Broker Do?
A research by the Australian Bureau of Statistics found that 20% of all the cars bought in 2018 were financed by loans from various lending institutions in Australia.
There is no doubt that the Aussies’ appetite for new rides is plunging them deeper into debts. The total loaned cash reached 8 billion dollars at the end of the same year.
Surprisingly, 90% of the lenders collaborated with finance brokers who connected them to the buyers. So these are the two groundbreaking questions: Why do many people turn to car loan brokers for financing, and why not just go straight to a lender and request for a loan?
Over the recent years, it has increasingly become hard to get loans for anything, not necessarily car loans only. People get declined several times and it is where a broker comes in.
How Car Loan Brokers Come to Your help
Finance brokers are the middlemen between you and the lender. They look for a financier that you are compatible with and closes the deal for you. The exciting thing is that they have a comprehensive platform of lenders that they can negotiate with.
This is unlike banks which have no option; you have to deal with them directly. Besides, there are numerous things they check, which makes it harder to get a loan. On the other hand, finance brokers have secure connections with lenders; hence can get you that dream car either through a dealership or private sale.
Every finance brokerage firm has a team of experts that does everything for you. They will check the available payment solutions that rhyme with your paycheck. This is good because they don’t look at your credit history. It also mentions that you are eligible even if you have a low credit profile or a poor credit history.
Not only this but some brokers go the extra mile to give you some pretty awesome deals that are not available to the public. This is why it’s vital to know how to look for the right car loan broker.
Advantages of Car Loan Brokers
There is no doubt that car loan brokers take the cake when you compare them to dealing with financing institutions directly. Here are some of their advantages.
· It Doesn’t Cost You a Penny
Yeah, you get all the goodies free of charge, and you don’t have any obligation for inquiring. The lenders pay car loan brokers on a commission. The more customers brokers land, the fatter their paycheck gets.
They, therefore, have to arm themselves with as much information as possible about a lender which is to your advantage. You end up getting an excellent deal that you could not have got on your own.
· You Can Get Awesome Discounts
Car loan brokers are the best negotiators on earth. They have their way of talking to lenders and closing deals that may save you hefty amounts of cash. This is because most of them have vast experience and have dealt with numerous lenders.
· Saves Time and Get Your Ride Fast
As said earlier, car brokers do everything for you, and they make it very fast. You know that time is money and dealing with the bank yourself is a back and forth struggle that might even take months.
When a broker takes your case, they negotiate on your behalf. You will not have to research on interests, repayment plans, and visiting every lender for negotiations.
· Get a personalized Service
The good thing with brokers is that they are not limited to office working hours. This makes them convenient and you can reach out with a question anytime.
Besides, they take your personal needs into account hence can look for the best loan option that will not press you on the wall when it comes to repayment. This is unlike banks or car dealerships that do not have the time to look at your personal financial profile.
Bottom line
The benefits of using car loan brokers are endless. You can’t compare it to the ordeal you will go through if you decide to do it alone. What it takes is just to pick up your phone now and reach out to one of the many car loan brokers in Australia.