Plenty of loan products are available in the Australian market right now. Each one suits a particular financing need for whichever asset you are planning to purchase.
However, not all loan applicants are knowledgeable with the types of financing available and may find it hard deciding on the best one for their needs.
In these cases, getting help from a finance broker might be the best solution.
What Is A Finance Broker?
There are many benefits to using a finance broker for your loan application and we will break them down one by one.
Get expert advice
Finance brokers are trained and experienced individuals in the lending industry. They have passed all rigorous requirements to become certified and accredited by financial institutions. They also know the ins and outs of the financing business and can help you understand things like interest rates, monthly repayments and loan terms. Most important of all, they have the right knowledge to find you a loan option that is tailored to your specific financial situation.
Brokers will do the heavy lifting
One of the best things about using a finance broker is convenience. During the loan application process, all you need to do is to provide the required information and documents, then the finance brokers will do the rest. They’ll evaluate your profile, compare the different loan products, make the phone calls, submit your application, and find ways to speed up the processing. In short, you can just sit back and relax until your loan is approved.
Access wider finance options
When applying for a loan, the most practical thing to do is to approach the banks and lenders nearest to you. It’s less hassle and will save you time in submitting your loan application. However, it will also limit your options for loan products.
Alternatively, through a finance broker, you will have access to a larger network of lenders thus improving your chances of scoring a better deal. Whether you are purchasing a truck, a boat, or a property, your finance broker will find the most suitable finance product for you wherever the lender’s location may be.
They have your best interests in mind
Finance brokers do not work for banks or private lenders in Australia. Their aim is not to promote a particular loan product or a single loan provider. Instead, they will focus on your needs and do their best to find the right financing from the wide array of financial institutions.
Finance brokers will also help you get the best rate possible. This is one of the primary benefits of using a finance broker. You will be guaranteed that your best interests are the top priority and not anything else.
You’ll save more money
Speaking of interest rate, this is one of the critical factors that will determine how big your total payable debt will be. The higher the interest rate, the higher the monthly repayments will be. With the help of a finance broker, you’ll be ensured of the best interest rate and loan terms. Their wide network of affiliated lenders will allow them to review a wide array of different sources of affordable loan products. Plus, their knowledge of lending will also help them negotiate the best rate according to your financial profile and credit score.
Secure a pre-approved loan
Probably the best benefit of using a finance broker is getting a pre-approved loan. It will help you get an idea of how much money you can borrow before going to the dealerships. Armed with this knowledge and the physical pre-approved loan certificate, you’ll have more confidence in negotiating the best deal from the vendor. By getting a pre-approved loan, you’ll also become the priority of the dealership and you can make sure that you will not overspend on your purchase.
Finance broker services at Aussie Car Loans
Now that you know how much you can benefit from using a finance broker, it’s time to find one before you shop around for your next car loan.
Aussie Car Loans has finance experts to help you get the best car loan deal for your new or used vehicle. Contact us today and get a pre-approved car loan by talking to one of our experienced finance brokers.