While buying a vehicle on finance is an exciting experience, obtaining the funds needed to pay for the purchase is something you need to ponder over carefully. In Australia, you might think it would be easier to simply agree to the financing facility offered by a car dealer, but it’s not always the best approach. The better way to go about thist is to look for a car loan broker who will help your sort out your options and then broker a car loan deal with a lender, on your behalf.
A car finance broker who has a good standing relationship with both lenders and car dealerships is an even better choice. Mainly because he or she can also help you find a car deal that works in conjunction with the car loan that suits you best. Nonetheless, it’s also a must to carefully choose a car loan broker because not all will have your best interest at heart.
You will be able to find a lot of car finance brokers in your Australian state via Google search, but there are several important aspects to consider before deciding on one. Aside from checking out reviews of customers, there are factors that distinguish reputable Australian brokers from the less trustworthy ones.
Let us first define the role of a car broker, so you will have an idea if you will be getting the right offers of services. First off, a car finace broker specializes in finding a lender with the best financing offers that are tailor fit to the needs and financial capability of a consumer.
Inasmuch as brokers offer their services for a fee, it’s important that as the financial representative of a consumer, he or she works independently of banks and/or financial institutions. Car finance broker deals must always work toward achieving best results that are beneficial to a client and not the lender.
Checking out client or consumer reviews is a good way to start when choosing a car loan broker but there are other ways to make sure you will be choosing from the right ones.
As a financial expert who deals and manages loans on behalf of consumers, a broker must be the holder of an Australian Credit Licence at the very least.
As a financial adviser to consumers, a car loan broker must be up to date with laws, policies and other developments, which he or she can regularly access through a bonafide membership with the Finance Brokers Association of Australia (FBAA).
Some brokers also hold an accreditation with the older financial organization,( now known as the Mortgage & Finance Association of Australia (MFAA), which is an attestation to years of reputable expertise and experience in providing financial services to Australian consumers.
All things considered, a good sign that a car loan broker is reliable and trustworthy is that many will put out good words about the helpful qualities of a broker’s financial services.