Choosing a finance provider

[Hamski 0]

Hi All

Just got registered with the FCA and need to choose a finance provider. Planning to sell at around £4-£6k.

Who's best? Is it worth going to a broker as you can access a number of lenders?

Thanks in advance

 

[Earunder 69]

In Brief...

As you're new with finance I would recommend a broker until you understand the breakdown on what to do with applications and have some experience.

Evolution Funding, Close Brothers, Mann Island Finance are all good brokers that can help.

When you have had a fair bit of experience go direct to lenders, you''ll need 3 to ensure you cover all basis of "credit scores".  I wouldn't recommend any more than that as remember each search goes against their credit score so you have to be responsible with what you do.

[Row 71]

1 hour ago, Earunder said:

Evolution Funding, Close Brothers, Mann Island Finance are all good brokers that can help.

Close Brothers are a lender not a broker 

[Hamski 0]

Thanks for the info - does anyone use Dealerplus?

[JDM1983 28]

Depending on your circumstances, you might find there isn’t much choice. If you trade from home, a lot won’t work with you. If you are fairly small, a lot won’t work with you. If you aren’t VAT registered, some won’t work with you. 

[J.T 39]

It's always good to have your fingers in a couple of pies Hamski. I use two brokers, one for prime customers and one for customers that might not look so good on paper. They have different advantages and disadvantages, my prime broker pays more commission but the paperwork involved is a ball breaker and is probably responsible for the lack of wood in the Amazon with all the printing of documents and getting the customer to come back in to sign. Then I have to create a special invoice for them and rescan everything and send it all back to them. My other finance company is more efficient and call the customers themselves and sort out all the documentation with them directly so I literally just just reply with their V5 doc ref and sign an email and return it and it's all done, though they pay much less in commission.

It's nice to deal with a smaller broker as you get to speak with the main man which can be helpful when things get a bit tricky. Good luck anyway.

[DJC CARS 0]

I'm thinking about giving Blue Motor Finance ago, anyone use them and if so do they pay finance commission?

[Dealer 54]

12 minutes ago, DJC CARS said:

I'm thinking about giving Blue Motor Finance ago, anyone use them and if so do they pay finance commission?

Yes and yes! 

[DJC CARS 0]

Thats great news thank you