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Why Use A Finance Broker?

published  First Published: 26/01/2010
Article written by: Darryl Houston
If you are buying a car, bike or boat, or you are looking at borrowing money for any worthwhile personal use, the best way to get an understanding of how the lending market works, what is available and typically what suits your situation, is to talk a good finance broker.
A finance broker usually deals exclusively with secured and unsecured personal loans. By combining professional expertise with access to many different lenders and hundreds of loan products, a loan broker provides you with an efficient and cost-effective method of reviewing, negotiating and organising your personal, or car loan.
Why use a finance broker instead of going directly to a lender?
It's all about options. When you apply for a personal loan, car loan or boat loan with a finance broker you are effectively applying for a loan with all the lenders the finance broker works with, without damaging your credit file.
If you only applied to one lender, you may be lucky and get the same match, but you would certainly never have been able to consider the same range of options.
As a consumer it is impossible to know the lending criteria of all the lenders in the market, and knowing your liklihood of a sucessful approval before applying.
What is a finance broker's role?
Money is a commodity. The cheaper you "rent" it and the harder you make it work, the better off you will be.
Whether you pay a high interest rate or a low interest rate, money still works in exactly the same way. A finance broker's job is to get you the best possible finance package, taking your own unique situation into account by matching you with the 'lender of best fit' from their panel of banks and finance companies.
First to help you find the right deal, then see it through to settlement with you - helping you with everything you need along the way.
Brokers also have access to insurance products to protect you, your loan, and the item your purchasing, again saving you time because they do the running around for you.



Related Article: How to Get the Best Personal Loan, Credit Repair Tips, 7 Steps to the Best Car Loan


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