When you need to search for something online, you Google it, when you hurt your leg, you stick a Band-aid on it, teary during a movie? Kleenex that snotty nose. But what’s the first thing that pops into your mind when you need a car loan? Do you bank it? or go to a Car Loan Broker?
Well, why not do both. A broker that specialises in car loans can deal directly with the big banks on your behalf and access wholesale rates that the banks simply can’t pass on to their customers directly because of high overheads. A broker can even save you time filling out paperwork and you can do this all from the comfort of your own home whilst in your pajamas. Great!
When making possibly the second biggest purchase decision in your life, consider the long term savings that each percentage point off your rate can calculate to.
Do you like choice?
When discussing a car loan with a broker, you are giving yourself access to a multitude of products over a large list of bank and non bank lenders. It is like going to McDonalds and being able to order Red Rooster, Hungry Jacks and KFC. Amazing!
On the flip side, banks are where we keep our money, where we deposit, withdraw and access our credit. Why not keep all our monetary eggs in one basket and choose bank car loans?
A misconception may be that brokers are lenders. This is not the case, brokers are the bridge between the customer and the big banks. They provide advice on products, have experience in finding the best products to fit the customers needs, and allow you to be a big fish in a big sea. You will never pay more for a car loan broker to source your loan through a bank than going directly to the bank for the exact same product.
It is a win win situation for banks and brokers. Banks love car loan brokers because they bring in business, they are knowledgeable and can process applications thoroughly. On top of this, for the banks, it is like having employees that they don’t need to provide offices for, or add to their payroll.
Banks incentivise brokers in the form of huge rate discounts. These discounts are then passed on to customers and a small fee charged (Much less than the savings you will receive when paying lower interest rates) is paid on signup of the loan.
Car loans brokers love banks because they take on the risk of the loan.
It is a win win situation that benefits all parties along the way, from the bank, right down to the customer.
Some other benefits of Broker Car Loans;
1. The customer representative will follow up and take you through every step of the process
2. Staff are experienced and unlike banks, will not get shifted to non customer relationship roles
3. Brokers will find the best product for your situation and not just sign you up to a one size fits all car loan product with one interest rate suited to all risk types
So, what is stopping you from giving a 360 loan broker a call? Don’t be just another number, be our number 1! Get in touch on 1300 361 360 or fill in a no obligation car loan quick quote today.