Why You Should Use A Car Loan Broker For Your Next Ride

With the rules surrounding vehicle finance getting more complex, did you know that the services of a car loan broker can help to save you both time and money? 

It’s no secret that banking is big business, and if you’re on the hunt for finance to purchase a new car, there are many lending providers to choose from. It’s common for consumers to stick with their usual bank, or to take the “easy” option of dealership finance. However as a buyer, if you’re looking to reduce your stress levels, speed up the process and gain access to the best possible interest rates, then it may be time to consider using a car loan broker instead. 

What Is A Car Loan Broker?

A finance broker that specialises in vehicles essentially acts as a go-between, who deals with lending providers and banks on your behalf in order to arrange finance or a loan for a vehicle on your behalf. Ideally, the loan options they present to you offer the most favourable terms or are the best fit for your individual circumstances. 

Generally speaking, a good car finance broker will understand your end goal, calculate what you can afford to borrow, present loan options that best suit your situation, carefully explain the terms and conditions of each possible loan, and make recommendations for you accordingly. When you’ve made your choice, they also help you to actually apply for a loan and manage the process right through to the final settlement.

What Are The Perks Of Using A Car Loan Broker? 

There’s a common misconception that the services of a broker are exclusive to mortgages and home loans, with many consumers not realising that an appropriately qualified broker also usually covers car and vehicle loans too. 

When you’re a customer in a complex market, the process of obtaining finance for a care loan is more supply driven than demand driven. That is as a buyer, all too often you are forced to deal with what is being offered, rather than putting yourself at the controls of what you need. However, a vehicle finance broker can greatly assist in turning the tables in your favour, so why should you consider using one?

It’s Usually Free – Most forms of finance brokers do not charge to help you find the loan with the most competitive rates and repayments. Instead, the broker is paid directly by the lender you choose, meaning the benefits of using a car loan broker don’t come as an extra charge. 

Compare Your Options – Did you know that there are quite literally thousands of lending providers operating in Australia? Knowing where to start with this is overwhelming, but a car finance broker can cut right through the noise and show you your best loan packages. 

Cut Down On Time – While the prospect of getting a new car is exciting, many people just want the process handled quickly. Unfortunately, this can mean taking “short cuts” and not double checking all options, which is where a car loan broker can greatly help with speeding things up. 

Insider Knowledge – Brokers have qualified knowledge of which lender and their products are best suited to their clients. While their experience is priceless, they also know how to present your financial profile and car finance application to improve your odds for approvals. 

Reduce Stress – Let’s face it – paperwork is stressful – and one small error in completing your own finance application can have you instantly declined. However, a car loan broker essentially handles all of this for you, and communicates exactly what needs to be done and when. 

Can Save You Thousands – The key benefit of using a car loan broker is usually sourcing the best possible interest rate and loan package that best fits your circumstances. Even a savings of 2-3% of a car loan over a five year loan period can reduce your payments significantly. 

Where To Source A Reputable Car Loan Broker

If you’re on the hunt for a highly recommended car loan broker in South East Queensland, then it’s time that you met with George Samios and the team at Madd Loans

Since their inception in 2012, the team at Madd have worked tirelessly in providing over 1700 Queenslanders with finance options to help turn their dreams into reality. With the entire brand being built on referrals, George takes great pride in making the loan process both fun, educational and stress free – and he has a swag of awards to prove it. 

An independent operator can be your greatest asset when it comes to navigating loan options, as brokers are there to make you happy – not the banks. To speak to a Brisbane based car loan professional, please get in touch with the team at Madd Loans today to help turn your financial dreams into reality.