Broker Car Loans

Broker Car Loans

Is a broker car loan a good idea?

There are a lot of choices when it comes to car loan finance, and sifting through all of your options can be overwhelming if you don’t know where to start or what you’re looking for.

CarClarity understands the struggle – one of our core missions is to further streamline the automobile financing process by bringing borrowers closer to the loans that meet their needs and unique financial circumstances. But before we get into that, let’s talk about broker car loan options first.

Here are the key aspects of a broker car loan that you should take note of.

What are the advantages of having someone broker a car loan?

The most daunting part of any online car financing process is at the beginning: finding the loan that meets as many of your criteria as possible, if not all of them. Applying for a loan to buy a car isn’t something you’ve decided to do on a whim, which is why it can be frustrating to search high and low for car loan providers that have what you need or want but find yourself getting nowhere.

Broker car loan options are a way to bridge the gap between you and the loan you’re looking for.

Going through a broker for your automobile financing can afford you more choices. Brokers are typically partnered with several credit providers, screening potential applicants and matching them with loans that are best suited to their credit profiles or loan preferences. Brokers also help car loan providers focus on the more serious applicants who are already pre-qualified for the loan types they have on offer.

Car loan brokers help people save time and precious resources. It’s frustrating for all parties when an application is reviewed, hard-checked, and assessed, only for it to be rejected.

This has a possible negative impact on your credit score as a borrower as well: hard checks go on your credit history, and if you’ve applied to several car loan lenders who are also hard-checking your credit profile, it may falsely signal financial stress on your part and knock your credit score down by several points. A broker car loan can help avoid such instances from occurring.

Going through a broker also gives you a clearer picture of what your car loan payments will be like. Typically, loan brokers will send you a few loan term quotes to choose from for car loan comparison. By viewing your loan options side by side, you can easily see where they differ and which one meets your criteria more effectively.

What questions should I ask my car loan broker?

Before committing to a broker car loan, it’s best practice to ask questions like these:

• Will my credit score be hard-checked or soft-checked when enquiring?
• Are there any loan experts or professionals that I may speak with or otherwise consult?
• Is there an expected turnaround or wait time for applying or confirming a loan offer?
• What is the average car loan amount for financing offers?

These questions communicate your seriousness about applying for a personal car loan or business car loan, especially when you ask if your credit score may preclude you from some loan offers. There’s nothing wrong with admitting that certain loans are out of your current budget or that you’re looking to finance a car on a deadline.

The more you communicate what your ideal loan terms are, the better equipped your car loan broker will be to find and negotiate the best car loans for you.

What should I look for when comparing car finance brokers?

• Licence and accreditation as a loan broker
• The scale of business or coverage (which areas do they service)
• Available partnered credit providers
• Secured and unsecured loan type options 
• Experience in financing or related financial services 
• Vehicle models or statuses accepted (do they broker for new or used vehicles, or both) 

Working with your car loan broker is the best practice for finding the loans you want. A broker who specialises in brand-new car models will not be very helpful if you’re a vintage car collector. Correspondingly, a car loan broker who specialises in unsecured car loans will already have connections and industry expertise to negotiate or bargain loan terms that are more favourable to your circumstances.

CarClarity is online car financing made seamless

‍Did you know that you could be on your way to your new car in just a few hours?

CarClarity is the first automobile financing company in Australia to develop brand-new and innovative smart tech that matches customers with the car loan providers that have the loans they’re looking for. Our smart tech searches through over a thousand vehicle credit products from over forty car loan companies and checks your credit score against their requirements to determine if you’re pre-qualified for any offers.

Our smart tech uses the information you’ve supplied on our form to find the best top-matched broker car loan offers. You’re not obligated to commit to these loan offers – we only confirm your application once you’ve accepted a loan offer from our credit partners.

We also have direct financing options for customers who intend to purchase from private sellers or dealers. CarClarity can help organise financing for loans amounting to $5,000 up to $250,000, with secured and unsecured options available. Contact our car loan experts for enquiries about direct financing options – we’ll be more than happy to guide you through the process.

Your time is a valuable resource. Take advantage of CarClarity’s pioneering smart loan matching technology and discover effective automotive financing solutions with just a few clicks and a moment of your time.

Apply for a broker car loan at CarClarity now!