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Brokers Can Find The Best Car Loan

Apr 20, 2008
Many Brits are realising their best car loan option can be found through an independent loan broker, or specialist. The expansion of the internet has coincided with growth in use of loan brokers. Most leading lenders offer their best loan products and rates through loan brokers. Consumers can quickly visit a loan specialist web site, share some information about finance needs, and efficiently receive a selection of loan products and rates. Car loan quotes offered by brokers typically detail loan repayment periods, usually 36 to 72 months, loan terms, borrower repayment obligations, and obviously, interest rates. Brokers also tend to be customer-focused and often advocate for consumers in the lender market.

Historically, many car buyers have not gotten their best car loan because they have accepted higher rate dealer financing. Consumer groups have led efforts to inform customers about the savings available from the loan market. Several reports have suggested car buyers save 1,000-1,500 pounds in interest by finding the best car loan in the lender market. Dealers have long offered financing immediately to buyers in order to make car buying easy, and to increase revenue from the car buying transaction. Car buyers have allowed dealers to control this non-competitive loan venue by not getting information about loan options.

Loan brokers maintain relationships with leading lenders and can quickly explore the best loan option from each lender. Borrowers can get the best car loan in this environment because they are controlling the industry through the loan broker medium. Brokers are customer advocates who work hard to get lenders to offer great products. Excellent credit borrowers are getting rates as low as 6 to 8 per cent in the current market. Bad credit borrowers are finding greater availability of loans than ever before. Some brokers promote a 90 per cent acceptance rate as a way to encourage bad credit borrowers. Many even offer great options for borrower who have experience County Court Judgments, arrears, or delinquency.

Car loan quotes are more than just an interest rate. Consumers need to carefully compare the terms and conditions of each loan to find the right product. Car loan value includes the benefits of the loan, along with the interest rate. Buyers who secure financing before approaching a dealer can concentrate on the car buying process. There is less stress. Buyers who get a great loan rate through a broker can perhaps increase their price range based on the savings in interest off a dealer-finance program.

The best car loan puts consumers in the best position to manage their monthly finance and expense requirements. Even a small savings in monthly interest can make a big difference to people on a budget. Using loan brokers for all lending needs and getting the best rates on all loan products is a great way to make debt management work. Costs of living are greatly improved through effective loan buying. Consumers are more aware and more empowered now than ever to get great car loan deals.
About the Author
Louis Rix is a Director of NetCars, one of the UK's leading motoring websites. First established in January 2000, its mission is to become the number one site for used car searches. NetCars provide a Car Loan service.
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