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Why use a Broker?

You may be perfectly clear about why you want to borrow money. You probably have some clear criteria as to what you want to pay in interest rates (as little as possible).

The problem usually is that most people are not sure about how to find the right loan and how to negotiate the best deal. At Alegra Finance, we’ve got you covered.

This guide will go through the main benefits of using a finance broker and how Alegra is there for you every step of the way.

Getting a loan can be a complicated process. Brokers have the expertise to make this process as simple as possible while saving you time and effort in the process.To find out more about how we can help you, hit the contact button below to arrange a time to chat to one of our specialists.

Benefit #1 - Brokers can save you time.

Did you know that there are over 150 lenders in the Australian market – all with their own products and policies for their loans. Imagine having to research all those options before being able to decide on a loan. The good news is that you don’t have to.

The role of a broker is to keep abreast of all these options so they can advise you accordingly.

  • Private sales/older models – find the lender that will say yes to these options
  • You’ve been declared bankrupt in the past – find the lenders who work with bankrupts.
  • You’re self-employed – find the right lender who is happy to work with people who are not standard PAYG people.
  • Looking to refinance – find out whose policy you fit under

These are just a few of the specialised cases that a broker knows about and can advise you on without you having to spend hours researching yourself.

Not only that, a broker will do all of the legwork for you to prepare and lodge your application saving you hours in the process.

Benefit #2 - You're more likely to save money with a broker

Not only do brokers know about all the specialist loans that are available, they also have the tools to be able to compare hundreds of relevant loans at the push of a button. You can get quotes from a range of lenders and compare everything from interest rates to application fees and ongoing monthly charges. This means you will know the total cost over the full life of the loan. No surprises and a deal that you can fully understand.

Benefit #3 - Brokers understand Fine Print!

Because a broker takes the time to interview you and understand your full story, they can help you avoid pitfalls down the track.

For example, say you take out a loan for a new vehicle but you are looking to trade it in within the 3-year warranty period. Most dealer finance “consultants” would place the client on a 5-year term and ignore the possible early payout fees the client may incur. A specialist will ensure that through their understanding of your needs they can place you with a lender that will have the correct structure/lower payout figures for when you’re ready to make that change.

Benefit #4 - Brokers protect your credit history

Did you know that, every time you even make an enquiry about a loan, lenders do a credit check on you. The problem with this is that too many enquiries on your credit record can actually be used against you when you finally put in a loan application resulting in a permanently lower credit score.

In other words, all that work that you’ve done to source a great deal could prevent you getting a loan because of too many credit checks.

The solution…

Use a broker! They have software that allows them to do a single credit check that applies to all lenders. Your credit score is preserved and you have no black marks on your credit report.

Benefit #5 - Brokers advise you independently

If you go to a bank or a dealer for a loan, they will only show you their products regardless of whether there are better options available. By being independent, brokers are not limited to a single lender or product. You get the benefit of having access to the full range of lending products in Australia, without being forced into your lender’s options.

When it comes to loans – choice wins!

Benefit #6 - Brokers don't stop once you have the loan

A good broker will keep going after the deal is done.

Not just to get the paperwork done but years after the loan is written. A broker is there every turn to answer the questions you have after settlement for changing account details, payout letters, updating terms, and much more.

Take the first step to secure your finance by phoning or emailing below

(08) 7084 1278.