Are you on the search for the right financing option to fund the purchase of a new or used car? Have you come across the terms “car finance broker” and “car finance lender” in the past? This article will provide valuable insight into the differences between the two and why dealing with a finance car broker can be of a significant benefit to you.
In simple terms, car finance lenders are in charge for lending you the money required to purchase the vehicle you are after. Agreements are signed with the finance lenders directly and it is them who you’ll make your repayments to.
Whereas car finance brokers are more like intermediary agents who specialise in finding the very best deal that suits your set budget. Through their extensive network of contacts, they can explore the market to find several different options that meet your specific needs. Thereby, they assist in finding car finance, and do not actually provide the funding for the finance themselves.
What are the Benefits of Using a Car Finance Broker?
Well, using a car finance broker is a great means to help you land the best deal on a new or used vehicle purchase. It is the same as consulting a mortgage broker or an independent financial advisor when looking to purchase a new house. A car finance specialist can provide valuable insight, expertise and a strong network that can make your vehicle purchasing journey that touch easier and affordable. Below are some of the many reasons as to why using the services of a vehicle finance broker will be of benefit to you.
Broaden Your Options
The majority of people would seek car finance from the dealership they wish to purchase their new car from. Often times, this approach limits you to the products and rates available as many dealerships have limited number of prime lenders that they work with closely at most two or three. If you are someone applying for car finance for the first time or your credit profile rating is less than excellent, you may discover that the dealer cannot offer you anything at all. That is due to them being limited to a handful of lenders that offer finance to consumers with a much higher credit rating profile. You will find that the majority of car finance broker have access to a wider range of lenders, this provides you will a variety of options to compare and help land the best deal that suits you.
Having the right knowledge on all aspects of the car finance industry is crucial in order to know how your individual circumstances will affect your finance deal. Therefore, the presence of a car finance broker will allow for them to use their in-depth industry knowledge to judge what finance option you’ll benefit from the most, being a HP, PCP or personal loan. Car finance brokers go the extra mile to search for the most appropriate arrangement in which your application will only be sent to lenders that have a higher acceptance rate based on your credit rating profile and affordability. Having it done this way, increases your chance of getting accepted on finance that suits you as well as limiting the amount of hard credit searches conducted on your credit file.
One of the greatest advantages of using a car finance broker is that they will always find the best deal for you, as they are not tied to any specific lender but have a wide panel of lenders that they work with to land a deal that suits you. They do this day in, day out so their focus will always be to go the extra mile to deliver great results. The great thing is, once they’ve got you a deal the first time, it will be repeat business moving forward which combined with outstanding service is what you want!
When it comes to a major purchase of any kind, it’s important to have that personalised service where someone that is knowledgeable and experienced in what you are looking for can aid and support you in making informed decisions without feeling pressured. Hence, a car finance broker will provide reassurance by answering any questions that you might have, every step of the way. We also charge the lender and not you, so you’ll not be left out of pocket for the service.
Contact a Reputable Broker Today to Discuss Your Car Financing Needs Further
Now that you have chosen your dream car, allow us to assist you in finding the best deal in time for you to collect and drive away in your new car! A specialist car finance broker that is committed to finding you the best deal as well as delivering exceptional customer service is not one to miss.
If you are ready to commence in financing your new car, feel free to contact us on 07475273143 to discuss your needs further. Alternatively, you can drop us an email to [email protected]. One of our friendly and experienced team members will get back to you at the earliest convenience.