Choosing the Right Car Finance Broker – Essential Criteria
The importance of selecting the right car finance broker can’t be understated – at Magnitude Finance we know the criteria that people are looking for when choosing a car finance broker, read on for our expert insights.
Recap: Understanding What a Car Finance Broker Does
In previous blogs, we’ve already covered the primary duties of car finance brokers – but to recap:
A car finance broker works directly with the lender to arrange your finance agreement on your behalf. Working with a broker will usually mean access to more favourable terms and a more personalised experience.
What’s the difference between brokers and lenders?
A broker does not directly provide an applicant with financial support, rather they act as a dedicated account manager between you and the lender themselves. Lenders are third parties, like banks (sometimes they actually are banks), that actually supply the funds to the borrower (or in the case of car finance, to the dealer).
Benefits of Using a Car Finance Broker
Our previous article, Top Benefits of Using a Car Finance Broker discusses the benefits of car finance brokerage in detail.
In short, brokers like us at Magnitude Finance have access to a wide panel of lenders, many of whom aren’t otherwise available to the general public. We’re experts with over 35 years of professional know-how, and can connect prospective borrowers with trusted lenders with ease.
Many brokers tout their exceptional customer support – we go a step further with our concierge service; our dedicated team who help you every step of the way. Whether you want detailed information on how car finance works, or just want us to take care of your monthly payments, at Magnitude, we’re your trusted partners.
Essential Criteria for Choosing a Car Finance Broker
When choosing a car finance broker, there are several factors to consider.
Reputation and Industry Standing
It’s crucial to be able to trust your broker. After all, they are taking care of monthly repayments and helping you to manage your monthly budget. A broker with long-standing community roots and a reputable background gives you the confidence to take out a car finance deal with them.
Evaluating the Broker’s Experience and Expertise
At Magnitude, we have over 35 years of experience in brokering the best deals for our clients. Whether it’s Personal Contract Purchase (PCP finance), Hire Purchase (HP finance), or one of our other specialist finance product, a good broker knows their stuff; our expert team will help finalise your purchase of a new or used car with confidence.
Our Testimonials speak for themselves, check our Trustpilot here.
Assessing the Broker’s Network and Relationships
As they’re working directly with the lender, car finance brokers have access to more options, often with more favourable terms.
We’ve got strong working relationships with our exclusive panel of lenders, meaning that when it’s time for you to take out finance for a new car, you can rest assured that we’re working to get you the best deal available, directly from the lender.
Comparing Brokers: Practical Tips
When comparing Car Finance Brokers, ultimately, the decision is yours. You may compare percentage rates, the loan term and size of monthly payments, but the people that you actually deal with can make or break your car finance journey.
It’s always worth reading different brokers’ reviews, and comparing the level of service that you receive. Our unique concierge service, for example, puts you in the driver’s seat, with a dedicated finance specialist at your side to organise a bespoke finance package unique to you and the vehicle you are looking to purchase.
If you’d like to compare finance quotes online, our free finance calculator is the place to do it with accurate quotes in just a few taps.
If you are looking for something more specialist than the PCP and HP options available there, our concierge team are on hand to build you a bespoke package, with access to more exclusive finance products tailored to the more specialist vehicles and situations.
8.9% APR representative.
We are a credit broker, not a lender.