Top Benefits of Using a Car Finance Broker
Finding the right finance agreement for your next vehicle can be tricky – that’s why car finance brokers like us exist. At Magnitude Finance, we understand the importance of getting you the best deal. So, what exactly do brokers do?
What is a Car Finance Broker?
A Car Finance Broker is a business or individual that manages the organisation of a finance agreement for a vehicle on a customer’s behalf. As your representative and intermediary, we help you find the best deal by utilising our exclusive roster of trusted lenders, many of which offer agreements that aren’t available ‘on the high street’ or generally available to the public. Brokers do not front the value of your finance deal themselves, with your monthly payments eventually being made to a lender.
Bear in mind a broker is not a lender.
By utilising a Car Finance Broker, you gain access to a panel of services that many providers don’t offer.
Car Finance Expertise and Knowledge
Understanding Complex Financial Terms
It’s crucial to understand the terminology used when signing a car finance agreement – that’s where we excel. As long-term Car Finance experts, we’re your trusted partners who can help you get your finance sorted in a simple and easy process.
Knowing your APR from your PCP or GMFV can make car finance seem like a chore; as your car finance broker we can take the stress out of finding a new car.
APR
- Annual Percentage Rate: this refers to the percentage interest rate that a finance agreement is subject to. Read more in our blog – Interest Rates Decoded.
GMFV
- Guaranteed Minimum Future Value: an agreed valuation of a vehicle that is predetermined at the beginning of a PCP agreement.
PCP Finance
- Personal Contract Purchase: a type of finance agreement which allows borrowers to finance a vehicle, with options to trade in, return, or purchase the vehicle at the end of the term. This type of agreement will have a mileage limitation, eg 6000 miles per year.
HP Finance
- Hire Purchase: perhaps the most traditional of car finance options, in which borrowers pay monthly repayments over a predefined term. Once all of the payments have been made, you keep the vehicle.
In-Depth Market Insights
Credit brokers live and breathe their markets, and Car Finance brokerage is no different. At Magnitude, we’re always keeping up with industry trends and changes to the legal process to keep you ahead of the game. With our seasoned experts, you can rest assured that you’re getting the best deals we have available.
Brokerage’s Wide Range of Options
You may ask: why use a car finance broker?
Ultimately, a broker can help you find the best deal from the right lender. We compare the different types of offers available saving you both time and effort. We can provide bespoke, custom finance agreements tailored to individual requirements if needed. Our concierge service ensures that you’re always in the loop throughout your car finance journey. Get in touch today.
Post-Purchase Support
Once you’ve taken delivery of your new car, it’s worth remembering that your broker is still on-hand to help. As you continue repaying your finance agreement, a broker can help to prepare for the conclusion of your payment plan.
Whether you look to keep your car, or decide to switch for something new, we are on hand to help you each step of the way.
Car Finance Brokerage – is it worth it?
Working with a broker for your car finance like Magnitude Finance means that you’ve always got someone looking out for your best interests. Our friendly team will always go the extra mile to help you find the right deal.
Looking to finance a new car? Try our free finance calculator here!
8.9% APR Representative. We are a credit broker, not a lender.