You’ve decided to buy a new car, great! But do you have the finances to buy your perfect fit?
If you are like most Australians, you’d be looking for car financing options to secure the required funds to make the purchase. While you can get a car loan directly from your bank or negotiate a deal with a car dealership, it’s often a better idea to engage the services of a car finance broker to get the best loan with competitive car finance rates.
Haven’t used their services before? Let’s find out more about car loan brokers and how they can help you finance your dream car.
Who Are Car Finance Brokers?
Car finance brokers or car loan brokers are accredited individuals or companies with access to multiple lenders. They help you find a car loan that is a perfect match for your requirements.
When you buy cars and finance them with the help of a credible broker, you will be choosing the most competitive loan product on the market after a thorough comparison of all the options available with different independent lenders.
Brokers save you time and money by searching the market for the best available deal on your behalf.
Why Use A Car Finance Broker – The Key Benefits
There are multiple reasons to hire a Brisbane car finance broker and secure easy car finance Brisbane. Here we have highlighted a few key benefits of engaging with a car finance expert to find you a car loan that best suits your needs.
Secure A Loan After Thorough Comparison Of Multiple Products
This is probably the most important reason why hiring accredited car finance brokers is the way to go.
At The Vehicle Broker, we compare up to 30 different loan products to get you a loan that best fits your requirements. We ensure that the loans being compared offer the same amount for the same period of time as that’s the only true way of comparing two loan products.
Besides, we also compare the repayments to find you the loan that requires minimum monthly repayments. Unfortunately, most loan products are advertised with base rates and not the comparison rates that include any charges and fees added to the base interest rate.
That’s where most customers go wrong when comparing different car finance options. And that’s exactly why you should hire a car finance broker to finance a car Brisbane.
Access To A Wider Pool Of Products
As mentioned above, The Vehicle Broker compares at least 30 products before choosing the right one for you. That’s certainly not possible when you go out searching for business car finance on your own. Besides, there is no need to perform a credit check every time, and car finance professionals will find you the best loan product that suits your financial situation.
Secure Bad Credit Car Finance
The car loan brokers accredited by the ASIC can help you secure bad credit car finance Brisbane by comparing a variety of products and negotiating terms on your behalf.
Besides, they also make sure that any potential harm to your credit score due to rejection of your application is avoided by simply not submitting your details for a loan that doesn’t suit your financial situation.
Save Time And Hassle
When you have a professional doing all the legwork, you save yourself considerable amount of time and hassle. You don’t have to search and compare different loan products, and all the documentation and nitty-gritty is taken care of.
Offer Support Throughout The Process
When you have experts by your side, you get complete support and guidance throughout the process, from finding the best loan product to applying and then settling the loan. The process becomes simple and stress-free.
How To Finance A Car With A Broker?
Once you have chosen a licensed and accredited broker for car finance Brisbane, they will take care of everything from finding you the best deal to application and paperwork for your loan.
Once you make the initial enquiry, they have a telephone conversation to get some basic information to assist you with your car finance needs. The questions, generally, relate to your financial circumstances, age and employment, the vehicle you want to buy and the loan term you are potentially looking for. Based on your answers, if the broker believes they can find you the loan you are after, they begin the process with a preliminary assessment.
Here’s a look into the further steps of the process:
Preliminary Assessment
After receiving your application, the broker does a preliminary assessment of your credentials to establish if there’s a loan they can recommend that best suits your needs.
Documentation
You may have to provide documents for the verification of the provided information. These can include your pay slips, bank statements, identification, etc.
Review Appropriate Lenders
The broker then goes through the guidelines and requirements set forth by their lenders’ panel and shortlist the best options for you to finance cars Brisbane.
They will then recommend a lender that best suits your requirements and objectives and is likely to approve your loan.
Final Steps
After your approval, they will get the necessary information from the seller to create your loan contracts for your review and signature. Some additional documentation might be needed here, and the broker will explain that to you if needed.
Settling The Car Financing
Once you’ve returned the executed loan contracts and any supporting documents, the executed contracts will be presented to the lender for the settlement of the loan. When the lender settles the contracts, they will release the funds directly to the bank account of the seller.
As soon as the funds are cleared, you can pick up your dream car.
This is how simple and efficient it can be to finance a car using a broker! It’s certainly the best way forward if you want to secure the best loan on the market with the best car finance rates. Get started and contact our team today!