Should I use a finance broker or go to a bank?
Good question. When you’re looking for a loan – whether it’s a mortgage, vehicle loan, or business loan – you could go to a finance broker or to a bank. The main difference between the two: A bank can only show its own options; a finance broker can show you that banks option plus 25+ other options. It’s understandable that finance brokers are now the number one choice for consumers who are seeking a home loan or the refinance of an existing loan. Businesses are also engaging finance brokers to help them with their car and equipment finance or business expansion finance.
What can a Finance Broker do for you?
The leg-work. Finance brokers already know the industry, the lenders, their products and their requirements, saving you a lot of time and energy on research. They will also put the time into finding out about your particular credit situation and have a wealth of experience to draw on to help you simplify it.
Translate industry jargon. Finance brokers are able to make sense of what loan documents and lenders are saying.
Get you what you want. Advisers will determine your borrowing capacity and fiscal ability, and choose only an appropriate product to suit your requirements.
Give you a broader choice. Finance brokers act as an agent between you and the bank giving you a larger selection of loan products. While a bank can only offer you its own products, finance brokers can help you choose from a selection of loans provided by different lenders.
Help you compare apples, oranges and the whole fruit basket. Finance brokers have the knowledge and tools to compare often hundreds of products and you get a loan suitable for your circumstances and needs.
Find you a good deal. Loan providers are always hearing about the hot deals on the market, and these could make a big difference to your repayments or success rate. A finance broker will know which of the deals on the market at the moment will be appropriate for you.
They’re in it for the long haul. A finance broker won’t just love you and leave you – they will oversee and manage the loan to the end of days. Your finance broker is your new relationship manager, just one phone call away, and he works for you, not the banks.
The key is to choose a finance broker who you’re comfortable with and confident in.
We’re a good bunch here at Financial Engineers. Drop Us A Line if you’d like to run your situation by us.