Can A Car Finance Broker Get You The Best Deal?

When looking for your next car, you may not know which is the best option for you and buying a new car can be stressful! Many people won’t have considered using a car finance broker to sort their finance first instead of at a dealership. Traditionally, you will sort your car finance at a dealership on a car you like the look of but what are the benefits of sorting your finance first? 

What is the difference between a car finance broker and a lender?

Car finance broker is essentially the ‘middleman’ between the customer and the lender. A car finance broker works with a wide range of trusted lenders. The broker can then match you up with the most suitable lender for you. A car finance broker doesn’t loan any money out, your car loan would come from the lender themselves. You will then pay back the lender in monthly instalments with added interest. 

Your car finance broker is there to do the leg work for you and make the car finance process as easy as possible. They match you up with the most suitable lender and fight to get you the best deal possible. Brokers tend to work with the same lending panel which have built up years’ worth of trusted relationships. This can work well in the customers favour to get the best deal possible for your circumstances. 

What are the benefits of using a car finance broker? 

Save time and money 

One of the benefits of using a car finance broker is that they do everything on your behalf. You just need to apply online once instead of putting you details into numerous loan websites. They find the most suitable deal for you from a range of lenders and once you’re happy with the deal you’re offered, you just need to sign the paperwork and choose your car.

No harm to your credit score

When you use a car finance broker such as Refused Car Finance, you only have to apply once using a soft search credit check. For any type of finance, you will usually have to pass a credit check. This gives the lender confidence that you can be trusted to pay back your car loan on time and in full. A soft search credit check doesn’t affect your credit score and isn’t recorded on your credit file. Many car finance lenders use hard searches which can negatively impact your credit score if you are declined for finance. Applying once with a car finance broker using a soft search application is the best option for you. 

Find bad credit car finance

If you’re searching for bad credit car finance, you may find it harder to get approved with mainstream lenders. Applying to numerous car finance lenders and getting declined for finance can negatively impact your credit score. There are many lenders who accept bad credit applicants and if you do have bad credit, a car finance broker can have access to a deal that’s right for you. 

Get the car you want within your budget

So, you’ve sorted your car finance with a car finance lender but how do you get the car you want? When you apply with a car finance broker, they help you get a car you want within your finance budget. You can choose the perfect vehicle from any dealership across the UK who are verified by the Financial Conduct Authority. Getting a car from a verified and trusted dealership gives you a higher level of protection than if you were to buy a car through a private sale.