It’s not uncommon for Australians to question car loan brokers, but the truth is, brokers are highly qualified experts who are very knowledgeable regarding all financial concerns, especially with car loans. Moreover, banks themselves prefer working with brokers because they bring in a vast amount of customers, which means brokers can command a better rate than what a consumer would usually be able to attain themselves.
Here are five reasons why it’s better to obtain a car loan through a broker:
Since Australian finance brokers bring in a lot of business for banks, banks in turn supply brokers with a reduced interest rate, which is then passed on to you. Ultimately, you will be able to pay less over the life of the car loan.
Brokers are very well-connected and knowledgeable in car loan applications, ensuring the process is made easy and streamlined. Brokers know who they should speak to and which financial institutions offer the best rates on the day, taking into account the customer’s individual circumstance. This will ensure that you are guaranteed the best rates available.
Since brokers want to earn a living, they will try their best to obtain the best loan for you; whereas the initiative banking employees have cannot be compared. Brokers want to see you succeed and ensure you get the best result, while banks often put you up for a loan, but if you don’t get full approval, it could end up affecting your credit file.
Brokers will help you every step of the way, ensuring you complete all the necessary items before applying for the loan. They’ll handle the paperwork and the processing so you enjoy a hassle-free application. This makes it much more appealing for you, as long as you have all the relevant documentation ready for the broker, they’ll handle the rest.
Brokers are not only well-versed in car loan applications, but they can also offer you a wide range of financial assistance since they are well-connected in the industry. After all, they are financial specialists. For example, if you have bad credit, a bank will never consider your application. A broker will take the time to inform you of this in order for you to rectify your credit status first.
The best thing about working with a broker is that all the effort, stress and frustration that goes along with the application process is managed by your broker, who will provide you with all the information as each step of the process progresses. Also, the broker will ensure that you are provided with the best deal possible. Banks, however, are not in the business of offering bespoke services. By going through a broker, you can rest assured that your car loan will be the best option for you.
What’s more, brokers are considerate of their clients, which means you will not be just a number the way you would be in a banking environment. With brokers, there is personal, one-on-one communication, giving you the peace of mind you need, especially when applying for a loan and all the stress it can create.
For more information, why not speak to one of the best car finance brokers in Melbourne, Simply Finance, by calling them on 1300 115 263.