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The Benefits of Using a Finance Broker Over a Bank

Posted By  
21:37 PM

Whether you are planning to finance your new car or a new property, going for a bank loan often comes naturally to most people. But did you know that there is another financing option that saves your time, money, and effort and is a lot more convenient than your local bank?

Yes, finance brokers are a financing option that can save you from a lot of inconvenience and is hence a viable option. Here are some of the benefits of using a finance broker over a bank.

Saves Time

When you seek the financial services of a bank to secure financing, it involves a lot of paperwork and a much longer process time. But if you work with a finance broker instead of a bank, your finance broker can take care of dealing with your lenders and sourcing a quote that best serves your needs. This leaves you enough time to carry on with your tasks throughout the week while your finance broker takes care of making the best deal for financing your car or property. Hence, allowing a broker as a middleman saves your time while they take care of shortlisting your potential lenders.

Provides Access to a Wide Network of Lenders

Another reason for using a finance broker over a bank is that they provide you access to a wide network of lenders. Unlike a bank that operates as a sole lender, when you work with a finance broker, they offer you a range of lenders that offer unique financing opportunities. So you can choose the lender and their customized product that best suits your needs; an opportunity that won’t find when you work with a bank.

Doesn’t Affect Your Credit History

Every time you work with a bank for your financing needs, it is lodged in your credit report. The more enquiries you make, the more is the risk of affecting your credit record. But you can save your credit record and credit history by working with a finance broker. Moreover, finance brokers work with specialized software that allows them to gauge the best potential lender for your cause. This reduces your risk of being turned down; another factor that can impact your credit history.

Saves You Going Beyond Your Means

When you work with a finance broker, likely, you do not go overboard with your financing because a finance broker allows you to secure a loan that's approved beforehand which gives you extra bargaining power. And it’s something that you cannot enjoy when you work with a bank. Hence, working with a finance broker helps you stay within your budget while you can secure the right financing for your needs.

With these benefits of using a finance broker over a bank, you can secure financing for your next dream purchase. To find out more about how we can transform your dreams into reality, get in touch with us now.