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Top 5 Tips for Selecting a Car Finance Broker in Australia

Looking for the right broker for your car finance needs? Find out the key areas to look for with these five simple tips from Savvy!
  Written by 
Thomas Perrotta
Thomas Perrotta is the managing editor of Savvy. Throughout his time at the company, Thomas has specialised in personal finance, namely car, personal and small loans, although he has also written on topics ranging from mortgages to business loans to banking and more. Thomas graduated from the University of Adelaide with a Bachelor of Media, majoring in journalism, and has previously had his work published in The Advertiser.
Our authors
 
  Reviewed by 
Bill Tsouvalas

Reviewer

Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors

Published on June 3rd, 2020

Last updated on March 1st, 2024



Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.
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Finding the right car finance broker can make a big difference in your car buying experience, helping you secure the best available loan terms and saving you time and hassle. However, with so many brokers to choose from, it's essential to know what to look for, which is where Savvy can help you out.

In this guide, you can learn about our top five tips for selecting a car finance broker in Australia. Whether you're a first-time buyer or an experienced car owner, you can find out more about how to choose the right broker for your needs today!

1. Do they hold the appropriate licences and accreditation?

As a credit assistance provider, all car finance brokers are required to hold an Australian Credit Licence (ACL), as per guidelines from the Australian Securities and Investments Commission (ASIC), or act as a credit representative of an ACL holder. This is perhaps the most essential area to look for, as brokers who don’t have these licences may not be trustworthy.

Your broker should display this number on their website and in other online communications. If you’re unsure whether your broker is properly licenced, you can check the ASIC Connect Professional Registers to see if they appear.

Additionally, there may be further accreditations that you can look for. Many trusted brokers will be members of the Finance Brokers Association of Australia (FBAA), while they’ll also need to hold accreditation with all the lenders listed on their panel.

2. Are they experienced and do they understand the industry?

It isn’t difficult to see if a broker knows what they’re talking about. If you’re concerned about locking in someone with ample industry experience, you can research the company to learn how long they’ve been in operation. This can be done either on their website or social media or through independent resources such as the Australian Business Register (ABR) to learn how long their Australian Business Number (ABN) has been active.

Bill Tsouvalas, Managing Director of Savvy, says it’s crucial to look for brokers with vast experience working in the industry to help you avoid unwanted errors along the way.

“When it comes to the finance industry, any little mistake can be costly”, he said.

“You don’t want to end up with a damaged credit file caused by your broker's lack of experience and know-how.

“By giving incorrect information to their financial institutions or making idle enquiries on your credit file, it can, unfortunately, affect your ability to get approved.”

Bill Tsouvalas, Managing Director - Savvy

3. Do they have something to hide?

It’s important to be able to pick up on the telltale signs of a car finance broker who may not be acting in a professional way. Are they open and honest with you in person or on the phone but not willing to provide you with all the information in writing?

If you find yourself in a situation like this, alarm bells should be ringing. Having evidence of all your communications in email or message chains means having proof in case something goes wrong along the way. You should look elsewhere if you don’t have full trust in your broker doing the right thing by you.

4. How many lenders does the broker use?

When it comes to considering your broker options, you should keep an eye on the size of their lender panel. A limited number of lenders may mean you won’t benefit from the best deal available for your situation, as there may be options out there that are better suited to you that don’t feature on your broker’s panel.

It’s worth looking for a wide lending panel that can offer you a variety of car loan options to choose from. A strong and diverse lending panel can make a significant difference when it comes to comparing the options on offer to you, as you can have more confidence that your broker is doing all the research they can to lock in your ideal loan.

5. Do you like them as a person and professional?

Getting along with your broker is crucial. Not feeling comfortable when dealing with them can make the business transaction an awkward one which leaves you with a sour taste in your mouth. When you’re dealing with important sums of money like car loans, you must have full trust that your finance consultant will do the right thing by you as a customer.

If you meet with a broker and they don’t make a good first impression, it might be worth looking around to find someone else to work with. Remember that it’s your money that you’ll be parting with, so it’s in your best interest to take the time to find a broker you’re comfortable with before you sign anything.

At Savvy, we’re FBAA-accredited and have built a panel of over 40 trusted car loan financiers over more than a decade in the industry. If you’re interested in taking out a car loan, you can submit an easy online application with us today!

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  Written by 
Thomas Perrotta
Thomas Perrotta is the managing editor of Savvy. Throughout his time at the company, Thomas has specialised in personal finance, namely car, personal and small loans, although he has also written on topics ranging from mortgages to business loans to banking and more. Thomas graduated from the University of Adelaide with a Bachelor of Media, majoring in journalism, and has previously had his work published in The Advertiser.
Our authors
 
  Reviewed by 
Bill Tsouvalas

Reviewer

Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors

Published on June 3rd, 2020

Last updated on March 1st, 2024



Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for car loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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