Choice is great, but it can add to the confusion or uncertainty about how to make the right decision.
Here’s a 5-point check list to guide you through the process and help you make the right decision and find the right finance broker.
1. Check out their website
This might sound obvious. The finance broker’s website should have plenty of details about who they are, what they do, what their specialities are and how they can assist you.
Check if they are approved by the FCA and if not ask yourself why not (or just walk away!).
Find out who the directors are and do a bit more searching on the internet form more information on them. If there is anything adverse, you have been warned.
2. Get referrals
Ideally you want two, maybe three, referrals from companies that had or have similar needs to you own.
Contact the referees and ask the pertinent questions, such as:
How long did the process take?
Was the package offered in line with that requested?
Did the broker add value to the process?
Are you happy with the outcome?
And of course, the best question of them all “Would you use them again without hesitation?”
3. Know their background and experience
As the old expression goes ‘Horses for courses’. If you are looking for say Aviation finance, it will be noted on the brokers web site.
If in doubt, always ask the broker, “Do you specialise in Aviation finance as I need a specialist.” This will usually elicit the appropriate response.
4. Ensure there are no upfront fees
It’s unusual for any finance broker to request up front fees and on 99% of occasions the brokers fee is paid by the funder who provides finance to you.
Most people don’t ask what fees have been paid to the broker, but don’t forget you do have a right to know should you so wish.
For the avoidance of doubt if a broker charges you a fee and then claims a fee from the funder they have a conflict of interest and will almost certainly be breaking the law.
5. Go visit them
Websites tell you plenty, but possibly not the whole story.
Check out their offices and their team; are they warm, friendly and open?
You’ll gain a feeling for how honest and transparent they are and whether you feel you’re getting the “best advice’. If we know there is a cheaper or less hassle-free option, we will always direct potential customers in that direction.