When it comes to knowing the benefits and drawbacks of getting a loan with a broker or a bank, it’s easy to get confused because there’s essentially no right or wrong answer - it all depends on your personal circumstances and needs. If you’re trying to decide whether to get a loan with a broker or with your bank, we’ve put together this handy info guide to help you make the very best decision.
So what’s the difference between a broker and a bank?
Service
When it comes to the service you receive when dealing with a bank or a broker, there are some things you need to know. A broker like Rapid Finance will guide you through various options, help you compare rates and loan features and talk you through the entire process. A bank, on the other hand, will explain what offers they have and help you with your application but you will have to do most of the heavy lifting.
Options
As a broker, we have access to hundreds of loan options for our customers, from a huge panel of lenders. Most banks only have 2 - 3 different types of facilities in each asset glass - Why be restricted on potentially getting a better deal or the right product that suits your requirements ?
Benefits
Brokers work FOR customers - using their professional experience to compare rates and fees across a whole panel of lenders. Although banks can offer attractive packages and even advice, they are essentially aiming to sell you their product only. For those who have sound financial knowledge and confidence, this won’t be a problem, but for those who might be new to the world of loans and financing, a broker can guide you every step of the way and really have your back.
Complexity
For those customers with more complicated financial situations - such as poor credit history or being self-employed - finding a loan from a bank can be tough. Banks tend to have stricter regulations and rules when it comes to lending money to borrowers. At Rapid Finance, even if you have bad credit, we generally can still help you.
Urgent loans
Whether you need money for a car, a boat or emergency home repairs, Rapid Finance can generally help you secure an urgent loan, hassle-free. We know which lenders are able to approve loans quickly - helping you avoid the usual backlog that banks have.
Did you know? Often, people think that they can’t get a loan, when in fact they can. No matter what your financial past, we work on your behalf to find a loan that works for you. Even if we can’t help you get a loan straight away, we may be able to help you get defaults and judgements removed from your credit file/s and recommend to you how to improve your credit score in as little as three months.
Rapid Finance have been helping customers with loans for over 20 years so know pretty much how to find the perfect loan for you and your situation.
On a side note, don’t forget about our wholesale cars - We offer the one stop shop where we can help you source a vehicle through our extensive wholesale network - Through our network, we will do some extra checks on your behalf as well as inspecting the vehicle to ensure its a great vehicle - We will also check :
-
There is no money owing on the vehicle
-
The vehicle has not been a repairable write off
-
There vehicle has not in any serious accidents
-
We will check everything works on the vehicle
-
We will get the roadworthy for the vehicle
-
We will do a detailed inspection on the vehicle
To find out more info about our wholesale Network vehicle, click here
For a free assessment, call Rapid Finance today on 1300 467 274
Give us a call on 1300 467 274 or apply online today.