Self-employed business operators are often unable to produce ample historical profit figures to satisfy their finance provider
. A car finance broker will know which financiers are most likely to lend to the self-employed on approving terms, and how to best present your case. Lenders usually charge higher interest rates to those with inadequate business finance histories, but a broker is likely to be able to negotiate the same favourable rates for you as would be offered if you could demonstrate a history of profitable trading.
Private buyers will appreciate the expediency of working through a car finance broke. They know which lenders offer the best all-round deals, and are able to quickly identify the lender most likely to house any special requirements.
If you have a bad credit history, your broker knows how to most positively present your case, and which lenders are prepared to consider lending to buyers with a bad credit history. A broker can help you work out an arrangement between you and the lender. Lenders are more comfortable relying on the
broker's assurances than yours!
Using a car finance broker also saves your time. Frustration and stress is eliminated, because the broker won't waste your time with irrelevant subjects. Brokers can often negotiate pre-approval, so that you can go car shopping with complete confidence and sign for the vehicle of your choice without vacillation.
THE INFORMATION A FINANCE BROKER HAS?
Which financiers are reputable and offer the most favourable rates and terms
The best way to structure finance for tax savings
How to recover GST efficiently
How to minimize fringe benefits tax obligations
How to reduce the impact of a car purchase on business cash flow.
Unless you are a finance expert, using a car finance broker to arrange finance is almost certain to expose financing options you would otherwise not consider, and in many cases these options will prove more cost-effective and convenient than more traditional finance packages. Look through the list of options on the Fincar car finance website.