If you’re a homeowner now in the market for a new ride, then partnering with the right broker can help you save on both your mortgage AND upcoming car loan.
In simple terms, a finance broker essentially acts as a go-between – someone who deals with lending providers and banks on your behalf in order to arrange finance or a loan. Ideally, the loan options they present to you offer the most favourable terms or are a suitable fit for your individual circumstances.
Unsurprisingly, there’s many large purchases that can often require the help of a finance broker, with the most obvious being a mortgage broker. While more Australians than ever are turning to mortgage brokers to help them navigate the world of home loans, many still hesitate or aren’t even aware of the services available to them to purchase a new or secondhand car.
Sourcing A Car Loan With Cherry Lending
Although Cherry Lending & Finance specialise in providing mortgage solutions to first home buyers and the emergency services community, the very core of what Cherry Lending & Finance is all about is happy customers – which is why Nikki also extends her services to cover car loans as well.
“Our point of difference has always been to stick with our customers for the life cycle of their loans. Just because a particular product works for them today doesn’t mean that it will remain the best fit for them in ten years time, which is why we regularly conduct loan checks. In the same breath, our clients have found it to be a no-brainer to stick with the same broker for all of their financial needs. Rather than juggle several different financial institutions, more and more of our customers are returning to us to help them obtain a car loan.”
One of the most common traps that shoppers fall into when buying a new or a second hand car is committing to a car loan on a whim, or even purely out of panic derived from FOMO, or “fear of missing out”. These types of loans often have much larger interest rates that are designed to take advantage of excited shoppers who are eager to “seal the deal” quickly, so that they can drive away with their new set of wheels. Thankfully, there is a Plan B – using a car loan broker like Nikki.
While the prospect of getting a new car is exciting, many people just want the process handled quickly. Unfortunately, this can mean taking ‘shortcuts’ and not double checking all options, which is where a car loan broker can greatly help with sorting the paperwork in a timely manner. Reputable brokers have qualified knowledge of which lender and their products are best suited to their clients. While their experience is priceless, they also know how to present your financial profile and car finance application to improve your odds for approvals.
The key benefit of using a car loan broker is usually sourcing favourable interest rates and loan packages that best fits your circumstances. Even a savings of 2-3% of a car loan over a five year loan period can reduce your payments significantly, let alone if you are able to package your new car loan with your existing mortgage or home loan product. Ultimately, it pays to have a broker on your team who knows the ins and outs of how loan products work, and can help pivot you into the best possible position when it comes to minimising the costs linked to them.
If you’re weighing up which type of car loan is right for you, it’s worth speaking to the professionals first – particularly if you have other loans already tied to your name. Not only are brokers highly specialised gurus who know the ins and outs of loan products, but they can also help to guide you on what the preferred option is for your own individual set of circumstances – but where do you find one?
Finding Help To Navigate The World Of Loans
With a background in banking, finance, business development and project management, there’s no better advocate to have on your team than Nikki Berzin. As a fully qualified mortgage broker and director of Cherry Lending & Finance, Nikki is passionate about all things finance, and empowering her clients with the tools to hit their property and automotive goals is what she does best.
If you’re looking to get into your first home, purchase a new car or even want to look at your options for refinancing, the first step is starting the conversation. Get in touch with Nikki today, or call her directly on 0427 374 155 to bring your finance dreams to life.
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product. Subject to lenders terms and conditions, fees and charges and eligibility apply.
Credit Representative 499652 is authorised under Australian Credit License 389328.