The last time you made a big purchase like a car or a boat, were you sure that you got the best deal on the market? Did you pound the street going from dealership to dealership comparing prices and finance packages? Probably not, and to be fair, it’s understandable. Researching finance options for cars, boats, and especially commercial vehicles can take up a lot of time, and no one wants to spend that much time on the phone or visiting the bank. And that’s why you need a finance broker.
Now we might be just a little biased in our opinion but hear us out. We do of course understand that there are benefits to dealing with securing finance by yourself so let’s take a quick look at these first.
The benefits of going it alone
If you’re a lone wolf type of person that prefers to get things done by yourself then researching finance options for your next big purchase could be perfect for you and here’s why.
- You maintain a sense of control at all times throughout the process.
- You know exactly what it is that you want and can eliminate unsuitable deals on the spot.
- You can talk to people you know at the bank and perhaps get a better deal as an existing customer.
These are all valid points, but none of them address the main issue with researching your finance; your time, or to be more precise, how much of your time the process takes.
The benefits of using a finance broker
So let’s get straight to the point. Using a finance broker for any major purchase be it a boat for those fishing trips, a jet ski for the summer, commercial vehicles for work, or a car to get you from A to B, has some serious advantages.
It saves you time
Okay, so this is the most obvious benefit. You call the broker, tell them what you are thinking of buying, and they start making calls to secure you a suitable financial package. You go back to your everyday routine and forget about the finance until your broker contacts you with some potential packages. Sounds perfect, right?
But it also saves you time in other ways.
- A broker immediately knows which is the best lending institution for your particular purchase. For example, those that specialise in boat finance as opposed to car finance or those that offer packages for commercial fleets.
- They also know which institutions will lend you money and so save you time by targeting those specific lenders.
- They know finance products inside out which means that they can cut to the chase when it comes to discussing interest rates and payment options with lenders.
- They should have good connections which could see a quicker turnaround in the application process. And those good connections can provide even more value but more on that later.
It saves you money
Now you might assume that using a finance broker might actually cost you money. After all, they need to charge for their services too, right? But the opposite is true. No, it’s not that they don’t charge for their services, but they do save you money. And this is how.
- Those good connections that we mentioned earlier often mean that brokers can get better rates and terms on your financial package than you could have yourself.
- With a good understanding of the various intricacies of finance, a broker can recommend the products that, according to your personal finances, should save you more money in the long run.
It saves you hassle
You thought it was only time and money but a finance broker also saves you a lot of trouble.
- They will handle all the paperwork and ensure that the right information goes to the right people at the right time. And if like most of us, you hate the thought of paperwork, you can certainly appreciate this.
- If there’s a problem with your payments or any other aspect of your finance package at any point during your term, there’s no need to call the bank. Your broker will handle it.
- Some people aren’t good on the phone or simply don’t feel comfortable with whole loan application process. You and your broker, however, are like a team working together towards the same goal; getting you that new car or boat.
Banks and lenders aren’t quite so worried about retaining your custom as they have hundreds of applicants a day and tons of products already making them money. This means that they’re not too bothered about whether you get your new car or boat.
A broker’s main aim (well at least those we have here at Stratton) is to find the best finance package for you and not to make a quick buck. They’re in it for the long haul so that you will go back to them each time you need finance for your next big purchase. After all, for a finance broker, focusing on the repeat customer (or customer for life) is how they remain successful.
Thinking about that new boat for the summer? Or does your old car need an upgrade? Perhaps you and the family need a new caravan? Whatever your next big purchase is, make sure to give us a call here at Stratton. We have all the angles with regards to finance, and we’re pretty much relentless when it comes to making things happen for our clients. So give us a call today on 1300 STRATTON (1300 787 288) and let us know how we can help you.