Are you on the hunt for the right finance option to fund the purchase of a new or used car? if so, you might have come across the terms “car finance broker” and “car finance lender” in the past. It’s understandable that there could be some confusion around the differences between the two and why one is better than the other.
Simply put, car finance lenders are those responsible for lending you the money necessary to purchase the vehicle in question. After the agreement is signed, it’s to them you’ll owe money and to them you’ll make your repayments.
Car finance brokers, on the other hand, are more like middlemen who specialise in finding the very best deal for you. Normally endowed with an expansive network of contacts, they can trawl through the market to find a number of different products that meet your specific needs. Although they can help in finding car finance, they do not actually provide the finance themselves.
Why use a car finance broker?
A car finance broker can provide unique insight, expertise and connections that can make your life a whole lot easier. Here are some of the reasons why it makes good practical sense to enlist the services of a car finance broker.
Expand your options
Traditionally, most people would seek car finance from the same dealership where they found the car they wish to buy. This can often limit what products and rate you’ll be offered. This is because many dealerships only have relationships with one or two main lenders. If you have a less than perfect credit profile, you may find that the dealer cannot help you at all. Prestige Car Finance has access to a wide range of different lenders. This means they can expand your options and compare and contrast terms to find the best deal for you.
Preferential terms
Car finance brokers spend the entirety of their professional day dealing with the world of car finance. What’s more, they’ll have built upon relationships with a variety of lenders over time. The benefit to you is that they’re able to access preferential terms, discounts and arrangements that simply aren’t available to the man on the street. In conclusion, this can manifest itself in significant savings for you in the long run.
Insider knowledge
Again, the fact that a broker is intimately familiar with all aspects of the car finance industry means they instinctively know how your unique circumstances will affect your deal. That means they’re best placed to judge whether you’d benefit from a HP or a PCP. They’ll go to great efforts to search for the appropriate arrangement in the source most suited to your needs. What’s more, your application is usually only sent to those lenders most likely to accept you. This has the benefit of limiting the number of hard searches on your credit file.
Optimum deal
All of those aforementioned reasons add up to one major advantage – a car finance broker will always find the best deal for their clients, every single time. With a vested interest in providing value to you, they will go the extra mile to find the deal that suits your situation. Not only does this produce the ideal outcome for you, but they can benefit from the word of mouth that a satisfied customer brings. Everyone wins.
Efficient and convenient
Aside from the plentiful financial benefits of using a car finance broker, there are also plenty of practical pros to consider. For one thing, delegating the legwork involved in tracking down and comparing all of the available deals will save you a substantial amount of time. What’s more, all of this can be achieved online or over the phone. This means you never even have to leave your home to source the finance you need.
Dedicated support
When it comes to a sizeable purchase of any kind, it’s always helpful to have someone in your corner who has extensive experience in the sector. At Prestige Car Finance, we provide a car credit specialist to every case we undertake. You’re assured of someone on hand to answer any questions and allay any fears you might have, every step of the way.
Get in touch today
What are you waiting for? Your dream car is just waiting for you to come and drive it away – and we can help make that happen. Prestige Car Finance is a specialist car finance broker. Above all, we’re committed to finding the best deals and providing impeccable customer service for every client. When you search for car finance with us, you know you’re in safe hands.
If you want to start the ball rolling on your application, why don’t you give us a ring on 0203 950 1960? Alternatively, you could drop us an email to salessupport@prestigecarfinance.com. Be assured, one of our friendly, experienced team will get back to you at our earliest convenience.