How would you choose the best Vehicle Finance Broker?

Today, car finance is easily available and people can buy their dream car with a vehicle loan if they don’t have sufficient cash. But, when you look for a commercial vehicle or you want to buy an expensive car, you need to take help from professional vehicle finance brokers and you need to choose the best deal after comparing their interest rates of various lenders In this regard, a vehicle finance broker can help you to choose the best lender and he can suggest you the best deal according to your financial capability. Moreover, he can also reduce your rate of interest by negotiating with the lenders and hence, can save your cost.

Tips to choose the best Vehicle Finance Broker:

License: According to the finance law, all vehicle finance brokers must be licensed under the credit society of the state. For example, you can find such vehicle finance brokers in Australia as a representative of the Australian Credit License holder. Such brokers deal with financial products and they are involved in the trade market. So, you must choose a vehicle finance broker who is licensed and who trades legally.

Insurance: If the broker is licensed under the Australian Credit License then he must have valid professional indemnity insurance and he can work as a dispute resolution company. He may have a membership in some dispute resolution companies like Financial Ombudsman Services or the Credit Ombudsman Services Limited. This is an example of the Australian Trade Market, and you can find similar certificates and license in all states around the world. So, you can check such licenses and documents to hire a trained and professional vehicle finance broker.

Contracts with Lenders: Vehicle finance brokers have some tie-ups with lenders and they can make your deal with any lender. They will evaluate your file including financial status and credit history, and then they will send your file to a lender. In this case, you must check the lenders available in their company, and the maximum number of lenders available in their company can give you the fastest loan approval. So, you must check the lender accreditation list of the broker.

Experience: You must check the experience level of the vehicle finance broker before you hire because an experienced broker can easily get approval from the lender for your dream car. Especially, if you want to buy a few commercial heavy vehicles then you must hire an experienced broker. In this regard, you can search their website and read they’re about us page. From there, you can find their details and you can also check their testimonials and services. Plus, you can check their experience level on social media platforms and talk to their previous clients through their social media pages.

Status & size of the firm: Apart from that, you must check their size of business. You can check their GST details. All legal firms, financial institutions, and brokerage companies are registered under GST regulation, but only a few of them pay GST. Companies with fewer turnovers do not need to file GST every year. If they do not file GST then they do not earn enough and they may not have some big lenders in their list. Even they can work as a third-party agency and they can complete your deal by another brokerage company. You need to check these details before you hire a vehicle finance broker.

There are some fraud companies available on the internet and you must check the physical location of the vehicle finance broker. You can search them on Google and visit their office once to verify their address.


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Written by Kate Westall

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