Do You Know What a Car Finance Broker Does?

Do You Know What a Car Finance Broker Does?

Many people have asked recently “so what is it you do?” or “so you are a car salesman then?” and the answer is no, I am a Car Finance broker. Then they look confused or some pretend to understand what it means but unfortunately for me and the other brokers in the trade there are very few that do understand so here is a breakdown of what a car finance broker does and how we can help you make the right decision when going through the process of getting a new car. 

Brokers Are Independent

When you buy a home there is a reason you go to mortgage broker or when you insure a car you will go to an insurance broker, in fact you may even go to a broker to book your holiday for the summer. People do this because we know the broker is going to be able to look at a range of offers and prices from various suppliers and recommend the best offers on the market, however when purchasing a car many will just go with the finance package offered there and then, without shopping around and really seeing if anything else was available to them. 

Much like a mortgage broker a good independent car finance broker will have a panel of lenders they work with and will be able to shop around for the best finance package that your credit rating will allow. Much like when you buy a house.

We Do Not Sell Cars!

The first thing to remember is that the car is a bi-product to what a finance broker makes a living off of, so it is not in their interest to sell you the most expensive car on a forecourt however a good broker will have good knowledge of the market and will be able to give you some advice on the choice of car that you go with, however I must stress that we are not car salesmen and usually do not hold stock of cars. However, the car dealerships that you visit offering you finance are aligned with a few finance companies and legally known as a finance broker and not lenders, however their priority is to sell you a car and are not too concerned about making sure you get the best finance package to go with it. A good independent finance broker will make sure that you find the right finance package to suit your lifestyle and budget. 

Brokers Have To Follow Rules

There is naturally a bit of reluctancy from people to use a new method to purchase a car because it is usually one of the biggest purchases you can make in your life, because of this brokers are regulated by the Financial conduct authority also known as the FCA to make sure that they are working within the law. This ensures that there is no wrong doing and if you do have a complaint to make there is governing body who will uphold your complaints, allowing you to have peace of mind when dealing with a finance broker.

 Do You Due Diligence 

If you think this is a method you want to use when purchasing your next car and have found a few brokers but not sure what one to use, do some research on how they have dealt with previous customers by checking reviews, check the information they provide on their website and social media, also have a conversation with them to discuss what they can offer you and make sure the service they offer is the best for you.

If you would like any more information regarding the finance broker service that Car Buying Guru offer then please feel free to contact us and we will be happy to help