Credit brokers are firms which can help find customers a loan, like car finance.
- A credit broker is different from a lender because it does not directly lend customers any money.
- A broker will look for a finance deal for you and introduce you to a lender.
- Brokers tend to work with more than one lender, so they can shop around on your behalf to find the best deal from their 'panel' of lenders.
- Brokers may work with a couple of lenders, or many. If you ask they will be able to let you know which lenders they work with.
- Brokers often receive commission from lenders for introducing customers to them, but this does not affect the deal offered to the customer.
- If you have a poor credit history, you may find speaking to a broker can give you an idea of which lenders are suited to your credit profile before applying.