6 Benefits To Using A Car Finance Broker
So, you’re in the market for a new car, and would like to obtain the finance to make this possible. There are two obvious sources of such finance that you’re considering: a broker or a lender.
These are not two terms for the same thing. While a lender is the entity that literally loans money to someone to buy a car, a car finance broker acts as an intermediary between the borrower and a lender. Brokers don’t provide loans themselves, so it’s still the lender that you’ll ultimately have an agreement with.
But in that case, why bother with the ‘middle man’ at all? Why not just directly approach lenders when seeking a car finance deal? Here are just six advantages of requesting car finance through a broker rather than a lender.
You aren’t restricted to just one lender
Although this advantage doesn’t apply to all brokers – as some brokers do only work with one lender – leading car finance brokers like CarFinanceGenie tend to have a panel of lenders that they can call upon.
That helps to ensure you get the most competitive and suitable deal for you, instead of having to settle for whatever loan a specific lender presents you with.
Soft searches over hard searches
Again, this situation can differ from one car finance broker to the next. But one potential drawback of approaching a lender directly is that they may conduct a hard search on your credit file before you can even be sure whether you will be eligible for a loan from them.
Such hard searches leave a record on your credit file, and may damage your credit score. Apply for car finance through CarFinanceGenie, though, and only a soft search will be performed, so your credit score won’t be harmed. Nor will we conduct a hard search without your permission.
It can save you time
Imagine having to approach each lender out there individually every time you required car finance. You’d have to make a separate application for every lender, repeatedly filling in all of the same details. That would be really time-consuming, and there would be no guarantee of you even being offered a loan at the end of it.
With a car finance broker like CarFinanceGenie, you only need to apply once. You can then sit back and await the decision, if you even need to do that, as many such decisions are now made instantly.
They can help even if you have bad credit
Obtaining car finance can feel almost impossible at times if you have poor credit; if you apply separately to different lenders, you can easily end up facing rejection after rejection after rejection.
By contrast, the fact that car finance brokers often work with multiple lenders also means they are frequently in a better position to help applicants with bad credit. In fact, CarFinanceGenie has a superb track record of achieving acceptance for customers who have been turned down for a loan elsewhere.
You’ll get a more informed decision
Having to depend on the verdict of one lender, or applying for finance through a dealership that might only have a very limited number of funders, means you can never be absolutely sure whether you’re getting the best possible deal for your situation and needs.
By contrast, car finance brokers like CarFinanceGenie are independent, and with their broader range of lenders, they are better able to assess what is possible across the loan market. This minimises the likelihood of you missing out on a loan when it could have been attainable for you.
You can be surer of getting the right deal for you
If you apply directly to one lender, or even two or three of them, you might get offered car finance, but it may not exactly match what you would like. Maybe you would rather be offered a hire purchase (HP) deal than a personal contract purchase (PCP) one, for example. Or perhaps the given lender is forcing you to make a hefty deposit?
Whatever your preferences are, you’ll probably stand a greater chance of having them met if you apply through a car finance broker that can offer various packages from a broad network of lenders. You then won’t have to ‘like it or lump it’.
Why wait any longer to discover for yourself the benefits of seeking a loan through a reputable car finance broker? Get a quote today via CarFinanceGenie, taking advantage of our straightforward and stress-free service, and you could be behind the wheel of the perfect new car sooner than you think.