a term that suits you. Car finance agreements can be really flexible, and you can choose a term that suits you and your monthly budget. The most popular way to get a car on finance is to head to the dealership and apply for finance on a car you like. However, what if you were to instead sort your car finance first? One of the best kept car finance secrets is the option to sort your finance from home and then have the freedom to get the car you want from any reputable dealership. Let’s take a look at the top 5 reasons why you should consider getting car finance through a broker rather than at the dealership.
Why should you get car finance online?
It’s still a common misconception that the best way to get a car on finance is at a dealership. Whilst this can be a fast and effective way to apply for finance on the car you like, it can mean your options are limited. Dealers only usually work with a handful of lenders, and they may not be suited to your circumstances, or you may not be getting the best deal. If you’re looking to buy a car on finance UK, it can be a good idea to also consider car finance brokers or sorting your finance online instead. You can secure a car finance deal even before you’ve found your car and then when it’s all sorted, you have the freedom to choose a car you want within your budget.
What is a car finance broker?
A car finance broker works in the same way as any time of broker. A broker is essentially the middleman between you and the lender. They have a panel which is made up of multiple trusted lenders and instead of you having to make multiple applications with different lenders, you apply with the broker once and they do the rest, they help you find the most suitable and best car finance deal for your circumstances. Usually, car finance brokers are free to use but it can be worth checking if the broker charges any admin fees before you start using them.
- Multiple finance options
One of the main reasons to sort your car finance yourself is the ability to get access to multiple lenders at once. Car dealers can be limited to a number of lenders that they work with, and you may not be getting the best car finance deals when you choose to finance through a dealership. Sorting your car finance online or through a car finance brokers means you can compare multiple lender and finance agreements at once.
- Brokers do the leg work.
If the prospect of sorting your own car finance deal seems time consuming and confusing, using a car finance broker could reduce the stress. Once you’ve applied with a finance broker, they get straight to work with finding the best finance package for you. Everything can be done remotely and once the finance has been secured, they also work with participating dealers to help get you a car within your budget.
- Get the car you want.
Sorting your finance first doesn’t mean that you have to miss out on the car you want. You can use your car finance deal at any UK dealership that is verified by the financial conduct authority. Using a car finance broker does mean that you can’t get a car from a private seller, but this helps to add an extra layer of protection to your car buying experience.
- Save time.
It’s a common misconception that sorting your car finance deal yourself can be time consuming. However, the process can be as fast an efficient as using a dealer! On the flipside, you can also take your time with choosing the right deal and a car within your budget. Car finance agreements usually last a number of years so it’s important that you make the right choice and are confident you could meet each and every payment till the end of the agreed term. Failing to do so can lead to the car being took off you and more serious financial implications can follow.
- Bad credit friendly
When you apply for car finance you will usually need to undergo a credit check and having bad credit or no credit can limited your options for finance and you may even be declined. Dealers usually only have a small number of lenders on their panel, and they may not be suited to bad credit applicants Buying choosing a specialist broker or lender, you could get access to more credit-friendly options for different personal circumstances.