Here’s a Blog on How to Select a Car Loan Broker
When it comes to car loans in Australia, there are numerous car loan lenders out there that can make you flooded with options to select the right one for your needs. Thankfully, there are car loan brokers that are always on their toes to help borrowers get the best deal from the lender. Car loan brokers works for the benefit of their clients, in finding and negotiating for the most appropriate car finance option.
So, is there a difference between lenders and brokers?
In simple words, lenders are the financial institutions like banks or credit unions that provides car loan but they can only offer the financial products that they have. The drawback is that if they have just three car finance offers then you have to make a choice only among those three option.
Brokers are financial experts who specifically look for car loan products from as many banks and financial institution and offer the most suitable deals to their clients. The finance brokers work independently and do not provide any loan or funds directly to the clients. Instead, they deal with lenders on your behalf, administrate your loan procedure and help throughout the process.
So how to select the right one?
The best way is to go by the books and see if the broker you are about to deal with have an Australian Credit Licence or hold membership in the Finance Brokers Association of Australia. If you do not see this, move to next. In Australia, it is mandatory for every financial institution to be accredited with authorities and properly licensed in order to provide credit related services.
After shortlisting few ones, check for their reviews over the internet, you may possibly find feedback of previous customers, competitor rankings and more. Generally, if the broker is reputed and known through word of mouth, this could be the last stop for you.
If you still feel confused about selecting a broker then book a free no obligation consultation with the experts at Loans Direct. They will guide you with the most reliable information and help you find the right car loan that saves your money as well as time.