Broker Advice

3 Reasons You Should Use A Broker

  1. We understand finance companies
    A lot of people think it’s cheaper and quicker to apply for funding directly through a finance company or bank.  However, unless you have spent years researching each and every available option, the chances of getting the best deal for yourself are pretty slim.  It’s worth knowing that different finance companies have different risk appetites and risk silos they like to operate in. For example, certain commercial finance companies will not lend over a certain amount to companies associated with the construction industry.
    Now they won’t ever advertise this or make it public knowledge, but its important information to know if attempting to borrow money from them.
  2. It’s the best use of your time
    By using a broker you only have one point of contact. Often we hear from clients who have had to tell their story and supply their documents to two or three different people within the same finance company,  only to have their application declined.  They then go away and start the process with another finance company. This can be time-consuming and frustrating.   By using a broker, you supply the information once  and they will handle the various departments across the finance companies they are dealing with.  As an added bonus the broker also knows exactly what information the finance company wants to see, so they can package and present the loan to the finance company to get the most favorable outcome for their client with the least amount of stress.
  3. Cost, cost, cost
    When we borrow money we want to do it as cheaply as we can.  A lot of people think adding an extra person in the process of acquiring a loan may stop them from getting the very best available deal.  However, by using a good broker the complete opposite is true.  Often finance companies advertise on rate and rate alone, for example, “get a loan today for 5.9%” now off the bat this may seem like an attractive offer, but is that an advertised rate or a comparison rate?
    What are the establishment fees involved?
    Are their certain criteria you need to meet to qualify for that rate?
    Are their monthly fees charged in relation to the loan?
    What term is required to secure this favorable rate?

    By working with a broker, you can map out different loan scenarios using different lenders and ensure you are getting the best deal for your current situation.

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For more details and other reasons you should be using a broker, read this interesting article.