The big banks used to be the best option when it came to all your finance needs. But times change and it’s important that customers find out some of the things the banks don’t want you to know.
Bank tellers are required to meet sales targets. This means they have to try to get you to open new accounts, get a credit card, line of credit, or some other product when you walk in asking for a loan. They have to do this as they sometimes get checked by mystery shoppers who mark them down for not trying to push another product.
They’re Not Specialists
While what the bank tellers say might seem like a good idea, they are not financial experts. They don’t know your entire financial situation or what would work best for you. They are only selling a product.
Banks Aren’t the Only Option
It used to be so simple – if you wanted a loan, you went to the bank because anything else was pretty much a loan shark.
Today it’s a different story. There are plenty of financial service providers offering competitive finance options and rates better than some of the big banks.
While finance brokers can often turnaround car loans and other finance products without unnecessary delays, banks can sometimes take days to approve a loan. Usually by the time you realise how long it’s going to take you’ve invested too much time to give up on the process.
Just because the bank can’t go any lower on their interest rate, doesn’t mean that’s the lowest rate out there. Bank interest rates can be based on a wide range of factors, including their profit margins, the demographics of their main customers and several other things completely unrelated to you.
That’s why it’s best to shop around or go with someone who will do this for you. A mortgage broker for instance has access to a panel of lenders all vying for their business. This means a broker can find the best rate loan out of the best financial institution.
If you’re looking to buy a new car, motorbike, boat, caravan, truck or even a camper trailer, talk to us at Loyalty Loans today. We can provide you with a free, quick, no-obligation quote so you know what you can afford.
Call us on 1300 310 301 or simply apply online for a quick quote.