What Is A Finance Broker?

Let’s play a game…

Imagine for a minute you’re looking to make your dream purchase. It can be a luxury car, epic overseas holiday or spacious property.

You’ve saved some money but are looking for a line of credit in order to get the total amount required to bring your dream to fruition.

So what do you do?

Most people would stroll down to their local bank, where they’ve probably held a long-term account and have never explored other options, and get the first loan offered to them.

Yet if you think about your day-to-day purchases such as groceries, clothes, food or fuel, everyone finds the best deals before buying anything.

Which begs the question, if we’re happy to be tight with these items, why don’t more people get finance brokers to help them get the best deals with items of consequence like loans?

Unfortunately, you’d be surprised how often I come across people who have absolutely no idea what a finance broker is, yet alone how they can be of huge assistance to them.

Put simply, a finance broker is someone who negotiates with banks and other credit providers on the behalf of a client.

In other words, they’re a financial concierge whose job it is to consult, research and evaluate what the best offer and solution is for your personal requirements.

So what are the benefits of using a finance broker?

Well, a good one will get to know the client on a personal basis and will understand their unique circumstances, conditions and goals they wish to achieve.

In doing so, they’ll source products and come up with strategies that best match the needs of clients having scoured hundreds of products from multiple lenders.

Also, with banks regularly changing staff, established relationships can be broken without notice. With a finance broker, there’s comfort in knowing they won’t disappear overnight.

Now that you know what a finance broker is, the next time you require a loan, do yourself a favour and enlist their services.

Trust me, you’ll thank me later!