Why use a car finance broker?
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What are the benefits of using a car finance broker such as Motorly?
Direct lenders will tailor their products to a specific set of customers. If you don’t meet the criteria, you will be declined. This could mean you approach multiple lenders before finding the one for you.
Where car brokers like Motorly come into their own is they usually have access to more than one lender, this is commonly known as a panel of lenders. This panel will typically have lenders who have varied lending criteria, this allows them to help people with a variety of different circumstances. Be it those with poor or bad credit, or those without deposits, to the self-employed.
Brokers can often check to see if you are provisionally approved for finance, explain the options available to you, help with the paperwork and even assist you with the car search.
Every car finance lender has a different process, this means when you ask for a quote, there’s no knowing if the lender will perform a soft or a hard credit search. If they do conduct a hard search, this will leave a footprint on your credit file and could negatively impact your credit score.
When applying for car finance with Motorly we will only conduct a soft search, only when you choose to proceed with a lender will a hard search be completed. Therefore, we can say with confidence that getting a quote with Motorly will have no negative impact on your credit score.
Not only can you get a quote without impacting your credit score, you also save time applying with Motorly and similar brokers, because anyone who has purchased a car before knows it can be very time-consuming. A car finance broker will do a lot of the hard work for you, and with Motorly you will only have to make one application. This takes away the need to fill in the same details several times on different sites. We can then confirm if you have been approved in principle for finance by one or more of the lenders on our panel.
Every customer who is pre-approved with Motorly is assigned an account manager. The role of an account manager at Motorly is to make the car buying process as enjoyable and simple as possible. Firstly they will explain all your finance options and answer any questions you have, they can assist you with your car search, ensure the car is being sold by a reputable dealer and even complete the paperwork.
Justin Cottrell
Founder