Broker

Definition 

A broker is an agent or third party that acts as a mediator between credit applicants and lenders. Finding the right type of loan for the best rate can often be confusing and overwhelming, but a good broker should make it easier to get the right option for your financial needs.

What is the difference between a broker and a lender?

A lender is a financial institution that loans funds directly to an individual or business, whilst a broker acts as a middleman and matches credit seekers with lenders.

Brokers typically work with a network of lenders to compare the different lending options available for each individual, to help them get the best deal for their specific needs.

Is a broker worth it?

A good broker can help make your finance journey quicker and easier. Finding the right loan can take time and many individuals are simply too busy to spend hours comparing the market for the best deal. However, a broker will do all the hard work for you.

Using a broker also removes the guesswork around which finance option is best for you. By discussing your requirements with an experienced finance specialist, you can feel confident you’re getting the right package for your needs.

Choosing a good finance broker

Whilst there are plenty of honest brokers out there, sadly not all of them have your best interests at heart, and if you’re not careful you could find yourself paying more than you should.

To avoid being victimised or misled by an unscrupulous finance company, you should always choose a broker that is regulated by the Financial Conduct Authority (FCA) and accredited under the Consumer Credit Act 1974.

A good finance broker should also be prepared to provide answers to any questions you have about their services and your credit options. If they aren’t willing to disclose certain information, you should think very carefully before entering an agreement with them.

What you can expect from Creditplus

Creditplus is one of the UK’s leading FCA regulated car finance brokers and we take pride in providing an open and honest service to our customers.

When you apply for car finance through Creditplus, we run an initial soft search on your credit profile to check your eligibility. This won’t leave any footprints on your profile or impact your credit rating.

Next, one of our friendly customer consultants will be in touch to discuss your finance options. We’ll then search our vast panel of lenders to find you the best deal for your individual circumstances.

Once we’ve found a loan that matches your requirements, we will guide you through the next steps of submitting the relevant documents needed to complete your application.

Finally, once your contract is issued by the lender, we’ll walk you through the details of the agreement to ensure you understand the full terms of your loan.

With our ethical approach and wide network of trusted lenders, Creditplus have helped thousands of customers secure finance to suit their personal needs.

To apply, simply complete our quick and easy 2-minute application form and one of our friendly customer consultants will be in touch.