There are a number of things you should consider when selecting the best car finance broker for you.  We have compiled a few tips to assist with your selection of the best car finance broker.

Tip 1 – Go With Someone You Can Build A Rapport With

It is important that you get along with the individual you are dealing with. Business transactions can end sour if you just don’t seem to get along with each other, and unfortunately you cannot always seem to build good relationships with everyone you come across in life.

It is important that you feel comfortable with your finance broker, so you can feel there is some level of trust, as they will be delving into your personal financial situation and you want someone that has your best interests at heart. If you have a bad feeling about the person you are dealing with, perhaps you should try and find someone that you are more comfortable with, as this will make it a much easier experience.

Tip 2 – Find Someone That Knows What They Are Talking About

You should be able to quickly discover if you have got someone who understands their business and what is involved in providing a great customer experience when it comes to car finance. A knowledgeable finance broker is going to make fewer mistakes, which unfortunately in the finance industry, mistakes can be costly due to dealing with things such as your credit file, and providing information directly to other financial institutions. I have seen on many occasions, clients that have come across poorly skilled finance brokers that have either damaged people’s credit files, by making unnecessary enquiries on their credit file, or have given incorrect information to financial institutions making the client to appear fraudulent.

Tip 3 – Has Your Finance Broker Got An Australian Credit Licence?

It is required under current credit legislation that any credit assistance provider must be licenced, or a credit representative of an Australian Credit Licence holder. If the finance broker is not licenced, or a credit representative of another licence holder, you should not do business with them, as they are most likely trading illegally. If the broker is licenced or a credit representative, they are required to take steps to ensure their staff are adequately trained, and they will have ombudsman memberships and be covered by professional indemnity insurance to better protect the consumer.

Tip 4 – How Many Lenders Does Your Finance Broker Use?

If your finance broker has a very limited selection of lenders, this may prevent you from getting the best deal available for your circumstances. The wider the lending panel, the more options the broker will have to recommend the right car loan for you. This can make huge differences in some scenarios, so look for a broker that has e good sized lending panel.

Tip 5 – Use A Finance Broker That Has Nothing To Hide

Find a broker that is willing to provide all information to you in writing, even if it is just an email. The more in writing you have, the better proof you have if something does go wrong, or there is a disagreement. If your finance broker is not prepared to provide you things in writing, they most likely have something to hide and should be avoided.