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Why Using a Broker is the Best Choice to Finance Your New Car

When you want to buy a new car, getting the best finance deal is going to be at the top of your mind. Not only do you want to get a low-interest rate, but you want to have the best terms possible so that your loan repayments can be stress free while you enjoy your new vehicle

There are generally three avenues you can use to obtain car finance:

  • Apply through your bank
  • Apply through a car yard
  • Use a broker

Broker vs bank vs car yard: What’s the difference?

By using your bank or a car yard you are limiting your scope and may miss out on a great finance deal.

Going through the car yard where you want to buy your new car means that you might have a salesperson who uses all the sales tricks in the book, but doesn’t necessarily have the financial expertise to ensure you get the right terms.

Sometimes a car dealer will verbally tell you “we can finance you at X%” and it’s only when you pick up the car that you see your interest rate is much higher than what was promised. Never risk signing loan documents at the dealership on the day you want to pick up the car.

And if you go to your bank, then you’re stuck with one approval pathway and are restricted by the bank’s one car loan, with its own conditions and interest rates that may not be the best you are actually eligible for.

When you use a car finance broker, you have access to a lot more products from a variety of banks, including different interest rates and approval pathways. Brokers have a lot more knowledge when it comes to car loans and are able to advocate between you and financial providers to get the best deal.

Benefits of Using a Car Finance Broker

They save you money

While you may get a great rate through your usual bank, a broker is likely to find a better one out there that will save you money over the term of your loan.

They save you time

Rather than running around different financiers to find the best deal, a car broker already knows where to look and can speak to various financiers to coordinate a suitable deal for you.

They give expert advice

Car finance brokers deal with car loans all day long so have a wealth of knowledge when it comes to getting the right kind of loan for your needs.

Free to use

Car brokers work on commission from lenders, so they won’t charge you a fee to use their service.

Free to use

Car brokers work on commission from lenders, so they won’t charge you a fee to use their service.

Less stress for you

Finding a car and the right lender plus all the paperwork that follows can be stressful. A car broker can take all this headache away, so you have a smooth and easy process.

They can find the right vehicle for you if you need

Once you know what make and model car you want to buy, some brokers like Auto Car Loans have a specialised car buying service that can track down the right vehicle without you having to leave your home.

Apply for car loan with us today!

Obtaining car finance may seem daunting at first, so our team at Auto Car Loans can answer any questions to put your mind at ease.

Please feel free to contact us today on 1300 301 051 and we’ll happily discuss with you the first steps in applying for a loan for the car of your dreams.

Sources:
https://www.strattonfinance.com.au/newsroom/you-need-a-car-finance-broker
https://www.yourmortgage.com.au/home-loan-guide/how-to-choose-a-car-loan-broker/200443/
https://aussiecarloans.com.au/blog/what-is-refinancing-a-car-loan/
https://www.positivelendingsolutions.com.au/resources/information-centre/top-10-reasons-to-use-a-car-finance-broker/

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