What You Need To Know Before Going To Your Bank
Written on the 22 May 2021 by Nathan Drew, Fox Finance Group
What's Better - Finance Broker or Your Bank?
Today I want to give you a few points to think about and I'm going to explain the real difference between using a Finance Broker like us and going straight to your bank for a loan and let you decide what's the better option for you.
When deciding whether to use a Finance Broker or to go direct to your bank for your next car loan, personal loan, or a leisure loan for something like a boat, jet ski, camper trailer or caravan, there are some simple things to remember while making your decision.
To make it easy to understand, I've broken these points down into the below categories.
1. Product Choice
As you'd expect, a bank will only promote its own products, which can limit your options. But with us, you have access to more than 40 lenders which includes the major banks and boutique lenders. This means that we have access to literally hundreds of loan products which we use to make the bank or boutique lender work hard for your business. We can potentially save you thousands of dollars in interest and if your situation is a little unusual or a little bit tricky, there is still a good chance that we will still be able to find a lender that will cater to your situation.
2. Understanding Different Loan Criteria
As a broker, it's our job to understand the different banks application requirements for their different loan products. This can potentially help us speed up the loan application process for you. If you are applying directly with a bank that doesn't have the right loan product for you, it can mean that you are taking up your valuable time for something that isn't going to happen, which can be frustrating. A bank has set criteria for their loan products, which are very hard to overcome if you don't quite fit what they are looking for. We know what each of the lender's appetites are and will only approach a lender with your application if it's right for you. This approach will also help keep your credit file intact and not reduce your credit score, which is critical in today's finance market. Click here to find out our top tips to having your loan approved the first time.
3. Understanding Your Credit Score
As part of our service, we can help you obtain a copy of your current Credit File. We call this our Free Credit File Health Check. Now I know that a Health Check doesn't sound like much fun, but let me tell you, understanding your credit file is critical to getting a successful and competitive loan outcome. In today's finance marketplace, if you don't know what your credit file looks like then you are definitely starting behind the eight ball. We perform this for you at no cost to you, and there is no obligation to pay for this if you decide not to proceed with one of the loan approval options that we present to you.
4. Once Your Loan Is Up and Running
Once the loan is set up, we check in with you from time to make sure that your loan still meets your individual needs. If it doesn't, we'll work with you again to move you to a loan that does fit your needs at that time. Banks usually don't usually look at your individual loan regularly and they don't normally touch base with you to let you know that you could be saving money on your loan if you went to a different loan product. When working with a bank it's up to you to keep an eye on the market to see if you could be saving money. With us on your side, you have that constant go to person for everything financial.
If you would like to know more about how we can help you, and how we go above and beyond your bank, please get in touch with our team on 1300 665 906 and we'll step you through all the details.
Learn more about the Author Nathan Drew.
Author:Nathan Drew, Fox Finance Group
About: Managing Director - Fox Finance GroupConnect via:LinkedIn