Why Opt for a finance broker for your vehicle financing needs
Buying a vehicle is a significant financial commitment, usually the seconds largest after a home purchase. Just as your seek a mortgage broker to secure the best mortgage deal, engaging a finance broker for your vehicle loan is a smart move. Even though a vehicle loan may not be as substantial as a mortgage, it’s still a considerable amount. Heres why leveraging a finance broker for your vehicle financing is a wise decision:
Whilst a vehicle loan probably won’t be as big of a loan as a mortgage it is still a considerable amount of money so using a broker to find your perfect deal makes sense! As a broker, we can compare the top deals on the market and present you with the best options. We take your circumstances and requirements into account. Our extensive experience in the vehicle finance industry means we can help get you a finance deal that best suits your circumstances.
Understanding a Vehicle Finance Broker
In simple terms, a finance broker acts as the intermediary between you, the customer, and a network of lenders. This network encompasses a wide range of financial solutions to suit various circumstances. Their expertise and experience in the vehicle finance industry are invaluable in tailoring a finance deal that perfectly aligns with your specific needs and financial situation.
Benefits of using a finance broker
Find the most suitable deal
Finance brokers have access to a diverse array of finance products, from traditional options like Hire Purchase and PCP to personal loans. The interest rate you’re offered often depends on your credit score and financial situation. Brokers alleviate the hassle by comparing rates from different lenders to pinpoint the ideal deal for you.
Access to a broad range of lenders
Brokers have an extensive panel of lenders, including those specialised in vehicle finance for poor credit. This wide array of options ensures that you’re not limited to a few choices, as is often the case when dealing directly with a dealership. The dealership might only have access to a restricted number of lenders, potentially limiting your options based on your credit score.
Preferential Terms
Established relationships with lenders enable brokers to unlock preferential terms and discounts that might not be accessible otherwise. These exclusive benefits can ultimately lead to more favourable loan terms, saving you money in the long run.
Time Efficiency
Searching for the optimal vehicle finance lender can be a time-consuming task. If you were to undertake this endeavour on your own, it would involve finding and verifying your eligibility with each lender, followed by individual applications and subsequent comparisons. This process could span hours or even days and be incredibly stressful. A finance broker streamlines this process, doing the heavy lifting for you by comparing lenders and connecting you with a suitable finance provider.
Utilising a finance broker like Motor Loans R Us can significantly simplify and expedite the financing process for your vehicle, ensuring you secure the best possible deal without the stress and time commitment that comes with navigating the financial market independently.
If you want to speak to a member of our team regarding our financial services, please do not hesitate to get in touch. You can fill out our contact form or you can call us directly on 0191 716 26 56 for an obligation free discussion.