Comparing Car Finance Brokers

  • By Celene Zaghini
  • 29 May, 2014

A car finance broker can save you time and money by helping you access and choose an appropriate finance option for your needs, by assisting you before, during and after the application process. But not all car finance brokers are the same. You’ve probably double-checked the numbers, but have you sorted the wheat from the chaff?

Selection

Finance brokers receive “accreditations” from lenders, which are official agreements between lenders and the broker that enable the broker to access each lender’s services. The range of accreditations held by a broker governs the range of options they can offer to their clients. Some lenders are so selective that they only deal with one or two brokers across the whole of Australia!

When choosing a car finance broker, find out about their range of lender accreditations. Your brokers’ accreditations not only affect the range of finance options available to you, but also the quality of those options. Remember that when it comes to lender accreditations, quantity does not equal quality!

Staff

Choose a broker that recruits and retains professional, honest and experienced staff. Your finance consultant should be an experienced professional who can demonstrate, in writing if requested, why a particular product is recommended for your specific circumstance. You are entitled to ask for testimonials from previous clients and confirmation of their experience if you wish.

Service

Prompt, personal service should be a given, but you should also expect your finance consultant to provide clear information about timeframes, why they have made their recommendations, and any fees and charges associated with your finance. A good finance consultant should also be able to explain the comparison rate of your recommended vehicle finance and the total cost of your finance package, including any hidden fees or charges.

Standards

The Finance Brokers’ Association of Australia Ltd. (FBAA) is Australia’s leading membership body for finance broking professionals. The FBAA believe that the promotion of measurable, professional practice standards in sourcing domestic and commercial funding is in the best interests of its customers/consumers and vital to the integrity and future well-being of the finance/mortgage broking industry.

Complaints about finance brokers may also be handled by the Credit Ombudsman Service Limited (COSL) , an independent, ASIC-approved alternative to legal proceedings for the resolution of complaints with member organisations.

Finance brokers serving clients based in Western Australia face an extra requirement: they must hold a WA Finance Broker License, which requires the licensee to pass a comprehensive range of checks, educational requirements and operational requirements.

Security

Throughout the process of applying for and finalising your finance, your consultant will need access to your personal information, including copies of driver’s licences, home address details, employment and income information. This information and more is required by all reputable lenders. Your finance consultant should be able to supply a company privacy policy, detailing how your information will be collected and used.

Fox Car Loans

We’re proud to say that   Fox Car Loans  meets and exceeds all of these factors, which is why we have grown to become one of Australia’s Best Bank Car Loans .

For expert advice and access to a range of car finance options, call us now on 1300 665 906 or click here to send a quick online enquiry .

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The second row seats are actually nicely sculpted and comfortable for adults even on longer trips. You tend to sit down into them rather than up on top of them, and the material is both hardy but comfortable. Your passengers will appreciate the second row accommodation, that’s for sure.

 

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