User:Carfinance11

Car finance brokers receive "accreditations" from lenders, which are official agreements between lenders and the broker that enable the broker to access each lender's services. The range of accreditations held by a broker govern the range of options they can offer to their clients.

The accreditation process varies from lender to lender, with some requiring very little to provide an accreditation, whilst others insist on a shopping-list of items including probity and solvency checks, established trading history, Professional Indemnity insurance cover, trade and customer references and more. Some lenders are so selective that they only deal with one or two of brokers across the whole of Britain!

Tip: When choosing a car finance broker, find out about their range of lender accreditations. Your brokers' accreditations not only affect the range of car finance options available to you, but also the quality of those options - the more selective lenders often provide the most attractive car finance products. Remember that when it comes to lender accreditations, quantity does not equal quality!

Choose a broker that recruits and retains professional, honest and experienced staff.

Your Car finance consultant should be an experienced professional who can demonstrate, in writing if requested, why a particular product is recommended for your specific circumstance. You are entitled to ask for testimonials from previous clients and confirmation of their experience if you wish.

Tip: See if your consultant can provide testimonials from their own customers and/or customers of their employer. If your consultant is a contractor rather than an employee, check that they have sufficient Professional Indemnity insurance coverage.

Service Prompt, personal service should be a given, but you should also expect your car finance consultant to provide clear information about timeframes, why they have made their recommendations, and any fees and charges associated with your car finance.

A good Car finance consultant should also be able to explain the comparison rate (if applicable) of your recommended vehicle car finance and the total cost of your car finance package, including any hidden fees or charges.

Tip: Try a comparison rate calculator to make sure you're comparing apples with apples.

Standards Complaints about car finance brokers may also be handled by the relevant financial services authority.

Additionally, car finance brokers serving clients based in certain areas face an extra requirement: they must hold valid licenses for the jurisdiction they operate in, which requires the licensee to pass a comprehensive range of checks, educational requirements and operational requirements.

Tip: For peace of mind in the event of any dispute, check that your car finance consultant, or their employer, is a member of the relevant trade association.

Security In a filing cabinet or behind a firewall - where is your personal information being stored?

Throughout the process of applying for and finalising your car finance, your consultant will need access to your personal information, including copies of drivers licences, home address details, employment and income information. This information and more is required by all reputable lenders.

Tip: As a bare minimum, your Car finance consultant should be able to supply a company privacy policy detailing how your information will be collected and used. You are also entitled to check that any information supplied is secured (preferably electronically) and, when appropriate, securely disposed of. Rows of unlocked filing cabinets are not a good sign! Read more about protecting your credit rating and stopping identity theft.