You might assume you can only get your finance through a car dealership, and you would not be alone in that thinking. However, you are entirely within your rights to see an independent broker like Dorsia Finance.
There are multiple benefits to using a finance broker, but we have broken these down into the top five reasons why you should get finance through a broker.
- Save You Money
- Save You Time
- Offer Flexible Options
- Give Expert Advice
- Minimise The Impact on Your Credit File.
In short, a car finance broker’s role is to help customers navigate the car finance market and secure the best possible loan package for their circumstances. We have gone into more detail about precisely what a car finance broker does here.
Save You Money
Cheaper Rate
A car finance broker has access to a wide range of lenders and financial products, which means they can find the best deal for you. This fact gives you a greater chance of securing a loan with more favourable terms and interest rates.
Because of their relationships with lenders, built up from years of working together, brokers can negotiate with lenders on your behalf to secure better rates or terms. As a result, you can save money and make a car dream a reality.
No Fees
It’s free to use an independent car finance broker. Brokers make their money through commissions from the lender, which means there is no cost to you.
Save You Time
In addition to saving you money, you can save the time you would have spent researching your options and the different rates. A broker will do the research and shopping around for you, which saves you time and effort.
Several car finance options are available, and the market can be confusing. However, brokers can compare lenders and loan products to find the most suitable choice for your financial needs.
Flexible Options
Brokers can provide flexible finance options, including Hire Purchase (HP) or Personal Contract Purchase (PCP). These options mean you can choose the option that best suits your financial situation.
Independent car finance brokers offer a personal service. They take the time to understand your situation and particular needs, which can help them find the best possible finance option to suit you.
You also have them at the end of the phone for any questions and help.
Expert Advice
Car finance brokers are experts in their field, and they can provide advice and guidance on the best way to secure finance for your car purchase.
They can also help you understand the terms and conditions of your loan, ensuring you make an informed decision.
Minimise the Impact on Your Credit File
Working with a finance broker will allow you to apply to several lenders with just one application, so there will be minimal impact on your credit score.
When you apply for finance through a broker, they will perform a ‘soft search’ on your credit file, which has no impact. This soft search gives the broker an initial indication of your credit score and which lenders will best suit your circumstances.
In comparison, direct lenders will perform a ‘hard search’ on your credit file when you apply directly through them. So if you were shopping around for the best rate through multiple lenders, they would all be doing hard searches on your credit file. These searches are reflected on your credit file and can affect your overall credit score, hindering your chances of financing the car of your dreams.
If you are interested in taking advantage of the benefits of using a car finance broker, contact us or even use our free online car finance calculator to find out how much you could borrow. info@dorsiafinance.co.uk | 01522 420 420
