Why can having a broker on your side can be a good thing?
A broker negotiates with banks and credit providers on your behalf. They manage the process for you from enquiry to application to settlement.
Here are some great reasons that every borrower should look for a qualified finance broker when looking for a loan;
The biggest advantage that a broker has over a bank is choice. When you sit in front of a broker you are sitting in front of 5 or more lenders and therefore are a whole lot more product choice. A Banker only has access to the products available within their bank. Choice means finding the right solution for you or your business and more chance of getting a “yes” to the lend.
Many bank staff are trained in the customer service arena and serve whomever walks through the door. Many finance brokers specialise in their area be it novated leasing, automotive finance, mortgages etc.
The loan application process can sometimes be paperwork heavy and difficult to follow. The documentation required from application to settlement varies in every case. A good broker can already foresee what will be required and will do the paperwork for you.
Make Finance a Great Process
Trying to get hold of your bank rep to see where your application is at can also prove to be a challenge at times. A good finance broker will generally have the systems in place to monitor the progress of your application from their office and will assist with the preparation of any of the documentation and walk you through every step of the way.
A good finance broker knows what needs to be done and makes sure it happens. Because it’s their business, they’re in it for the long haul.
It’s your brokers job to get to know you, to know your circumstances, financial requirements and objectives and help you to find the right finance solution.
Bank staff change often so maintaining a strong relationship with your banker can be difficult.