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Are you thinking about consulting a vehicle finance broker but feeling overwhelmed by various doubts? It's not uncommon for potential buyers to be hesitant due to the misconceptions circulating about brokers and their services. In this blog, we aim to debunk five common myths about vehicle finance brokers.

Myth: Brokers Only Finance New Vehicles

People may think that brokers primarily facilitate financing for new car sales. This perception might not completely reflect reality. Brokers can provide access to a diverse array of financing options that encompass both new and used vehicles. They generally work with multiple lenders to help you find the right fit for your needs.

Additionally, their extensive network possibly includes professionals in various types of vehicle finance, which might allow them to source funding for a variety of vehicle choices. This flexibility can be valuable for those looking to finance something more unique.

Myth: Financing a Vehicle Through a Broker is More Expensive Than Bank Loans 

It’s often believed that choosing a broker could be more costly than securing a loan directly from a bank. However, brokers may help you secure the same or even better rates than banks. This could be due to their ability to compare multiple financing options to discover the most competitive rates.

Brokers might also negotiate on your behalf and could leverage their relationships to obtain deals that might not be available to the general public. Their primary aim is often to help you save money and time.

Myth: Only Cars and Trucks Can Be Financed 

When people think of vehicle finance, the thoughts that pop into their minds are usually cars and trucks. However, the range of vehicles that can be financed through brokers might extend much further. Brokers may help arrange finance for two-wheelers and even construction equipment.

This myth might prevent many from exploring the various financing options that brokers can offer. By understanding that the availability of finance covers a broad spectrum of vehicles, customers could be better informed about their choices and options.

Myth: All Brokers Offer the Same Finance Deals 

Another widespread misconception is that every broker will offer you the same deal. However, just as your needs are unique, so are the solutions provided by different brokers. They can tailor their services and deals based on individual requirements and situations.

Brokers aim to differentiate themselves by building relationships with a wide array of lenders and leveraging their knowledge. Their personalised approach may allow you to receive a finance deal that fits your circumstances.

Myth: Finance Approval from Brokers is Slow 

People might assume that working with a broker means a slower approval process. This isn't necessarily true; brokers might expedite approval times as they often have direct lines of communication with lenders and understand what’s needed for a successful application.

Their industry knowledge might allow them to navigate the application process efficiently. It may facilitate quicker finance approval than you might achieve independently.

Contact Our Finance Brokers 

At Kel Penfold Finance, our financial brokers offer tailored solutions to meet your unique needs. We are here to guide you through the process, offering advice and support every step of the way. Whether you’re looking to finance a car or equipment, we’re here to help. Contact us today to explore your vehicle finance options in Tamworth.

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