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Oct
A car finance broker essentially acts as the middleman, arranging car finance between a buyer and a lender. The broker will deal with the lenders directly on your behalf and fight to achieve the best car finance deals for you.
Many may wonder the benefits of adding in an extra step to your car finance. Why not just go straight to your local dealership, or to the bank for a loan? The fact is that a car finance broker can bring a whole range of financial benefits, especially to those who are bad credit and my otherwise struggle to find a suitable finance deal. In this blog, we’ll look into exactly what a car finance broker does and why you should consider using one for your next application.
What does a car finance broker do?
A car finance broker, like GetCarFinanceHere, uses a trusted, established network of lenders to secure car finance for you based on your budget, credit score, and choice of vehicle. Most car finance brokers will start by discussing what exactly you’re looking for from your car finance package, including what type of car finance you’d like, the car you’d like to purchase, and your budget.
Using our network of lenders, we can then find and compare the options that are available for your specific situation and requirements. We can then present these options to you, explaining any details such as interest rates and repayment terms.
The car finance broker will manage the entire application process for you, liaising directly with lenders and ensuring you meet their criteria, and you meet theirs.
Once you’ve chosen your preferred car finance package, the car finance broker will then finalise all the paperwork on your behalf and arrange for the payment to be made. You can then collect your vehicle and get on the road.
What are the benefits of using a car finance broker?
Using a car finance broker for your car finance comes with a wide range of advantages that can help make the process smooth, efficient, and potentially more affordable.
Access to wide range of lenders
Car finance brokers work with a network of lenders that can include all sorts of organisations, from well-known banks to niche finance companies. This means we can find competitive deals that might not be available to the public, meaning you can access a wider selection than if you approached lenders individually.
Saves time
Another big advantage of using a car finance broker is that we will do the hard work for you, taking the time to find and compare multiple finance options, as well as managing the application process. This means you can save your own time and avoid the hassle of contacting multiple lenders to compare deals yourself, instead enjoying a streamlined process.
Access to expert advice
As a car finance broker, we’re an expert in vehicle finance. We’re able to offer you knowledgeable advice on which option aligns best with your budget and needs. We can explain and simplify complex car finance terms, ensuring you fully understand each option and can make an informed decision.
Better deals, no matter your credit score
Sometimes, people can struggle to find bad credit car finance, as some lenders will base their decision and package on the applicant’s credit score, without taking into account their current situation. This can mean people with poor credit scores face higher interest rates and more expensive car finance.
However, as a car finance broker, we work with lenders who specialise in a range of credit scores, including those who cater to individuals with lower credit ratings. This means we can help you to find accessible finance options, even if your credit history is less than ideal.
Support with negotiation
Many brokers will negotiate with lenders on your behalf, which can sometimes lead to reduced interest rates, waived fees, or adjusted repayment periods that suit you. We bring a wealth of industry knowledge and established relationships with lenders which often means we can find better terms and more flexible agreements for you.
Flexible finance options
Some lenders will only offer one type of car finance. A broker, however, can provide various finance options, such as personal contract purchase (PCP car finance), hire purchase (HP car finance) and car leasing options. We can help you find the best match for your financial situation and preferences over ownership of the vehicle.
How can GetCarFinanceHere help with your car finance?
GetCarFinanceHere has a team of experts working on your behalf to find you the best available payment solutions. If you have a new driver with a low credit profile, if you have a poor credit history or you are self-employed we can help you find your dream car at a rate you can afford. We base payments on your current earnings, rather than your credit history. Find out how you can get the lowest rates of car finance APR interest.
Not only do brokers fight your corner, but they can access deals which are unavailable to the public. Not only do you benefit from fantastic deals, but finance brokers charge the dealership rather than the customer. This means that the fantastic support from industry experts is absolutely free.
Choose GetCarFinanceHere for your car finance
Don’t let your poor credit score stop you from driving your dream car! Use our finance calculator to discover great deals on a huge range of car makes and models. If you want to speak to a member of our team regarding our car lease and finance services, please do not hesitate to get in touch. You can apply for car finance online or contact us for a no-obligation discussion.