Top 5 tips for selecting a car finance broker in Australia

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, updated on August 4th, 2023       

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Car Finance Broker

If you plan to buy a car and finance it, its a must that you speak with a qualified car finance broker. Brokers compare products from a panel of lenders, delivering you the right product at the right price.

The biggest benefit when choosing a broker is that you will get several lenders competing for you at the same time wanting to win that quality business 

But how could you possibly find the right one for you in the sea of car finance brokers you can find in Australia?

1. Find someone who seems to know this business

It is not difficult to see if a person knows what he's talking about. Try to figure out if this person can give a great customer experience and if he understands the business. When it comes to the finance industry, any little mistake can be costly. You don’t want to end up with a damaged credit file caused by the broker's lack of experience and know-how. By giving incorrect information to the financial institutions or by making idle enquiries on your credit file, it can, unfortunately, affect your ability to get approved. 

2. Choose someone you can relate to

Getting along with the broker is crucial. Not feeling comfortable with that person can make the business transaction end sour. You have to trust your finance consultant as he will delve into your financial situation and really get to know your personals. If a broker does not leave a good first impression, maybe you should find someone else.

3. Does he have an Australian Credit Licence?

In case you did not know, it is compulsory for any credit assistance provider to be a credit representative or licenced of an Australian Credit License holder. If your broker is none of these, then he is trading illegally.

4. Does he have something to hide?

Is he not willing to offer you all the information in writing or even via email? If so, something is fishy about this. Having papers means having proof in case something goes wrong or in case of a disagreement. If he avoids providing things in writing, then he has something to hide. Looking for another broker would be a good idea.

5. How many lenders does the broker use?

A very limited number of lenders means you will not benefit from the best deal available for you. You have to find an agent with a wide lending panel that can offer you a variety of car loan options to choose from. A good size lending panel can make a significant difference in some cases.

Looking for the right car finance broker in Australia can be overwhelming but not impossible. Take your time, analyse objectively, know exactly what you want to find and, in no time, you will have the best car loan deal for you.

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