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Searching for a home loan is not like buying a pair of shoes or a shirt. Despite being experienced, many consumers have realised that finding a suitable home loan is riddled with complexities. If you are worried about obtaining the loan package, you can consult an expert finance broker. Don’t confuse between a loans officer and a finance broker.

The Difference between a Finance Broker and a Loans Officer

Loans Officer

You can get a home loan directly through a lender (e.g. bank, credit union, building society, etc.). If you decide to go through a lender, you will probably be dealing with a “loans officer” who will identify which of the lender’s portfolio of loan products will suit your needs, instead of searching the entire market for a suitable loan.

You may also find that the loans officers employed by lenders expect you to have a full knowledge of home loans. They even ask you if you want a fixed or a variable loan. But, they forget to give you an explanation of what they are and how they work.

Finance Broker

You can also go through a finance broker who has a full knowledge of how home loans work. They can explain to you the various credit policies and lending requirements for all lenders/credit providers as they deal with them on a regular daily basis.

So, before you start searching for your next home loan, you should seek the assistance of a professionally qualified and expert finance broker who will save you lots of time shopping around and is willing to provide you with a number of comparisons of the different interest rates and loan products available in the market.

Here is a list of reasons why finding an expert and independent finance broker can be beneficial for you:

>> They will methodically analyse your financial situation before undertaking a review and research of your individual needs and objectives;

>> They know the interest rates and lending criteria for different lenders/credit providers, and they can negotiate on your behalf;

>> They will help you put your loan application together and will obtain all the relevant documentation the lender/credit provider needs; and

>> They will work with you to get a pre-approved home loan (after you have decided which home loan product you want).

So, now you know that dealing with a loans officer employed by your local bank branch will limit your available choices of suitable loan products, and you will be required to do all the shopping around.

Truly, having an independent and expert finance broker on your side will save you lots of time and stress. It is because a finance broker will negotiate your eligibility for a home loan, not to mention get you the best deal that suits your individual needs and objectives.

Car is one of the most loved possessions of Americans. Car driver adore the four-wheeled beauty so much that they often make an impulsive purchase without considering the hidden costs. This impulsive nature gives dealers a chance to cheat car buyers. They add so many extra charges and fees without your notice and end up earning more, unnecessarily more.

Don’t let the hidden dealership costs ruin your car buying experience. Know everything about the real cost of buying a car.

• Vehicle Registration Fees

When you buy a new car or a used car, you need to register it with your local DMV office and pay vehicle registration fee. If you buy a car from a dealer, he/she does the work of registering the vehicle on your behalf.

• Sales Tax

When you buy a car, you need to pay the state sales tax. You must also consider several other local taxes levied by your city, county, etc. Usually, the dealers charge the sales tax from you and pay it on your behalf.

Both fees mentioned above are non-negotiable and inevitable for every car buyer. There are other questionable fees mentioned below:

• Dealer Preparation Fees

Dealer preparation fees are also called vehicle preparation fees and shipping fees. They are charged by dealers to cover the cost of preparing the car for a buyer. Dealers argue that they undertake a lot of work for making the car ready for the buyer. But, usually the work includes nothing but washing the car, removing protective covers from the seats and other such things. So, it is important that you negotiate this charge with the dealer.

• Advertising Fees

Advertisements and marketing are important for attracting customers. But, it is not necessary to charge customers heavily for it. Dealers levy advertising fee because they argue that it was advertising that brought car buyers to them. You can negotiate a lower price with the dealer to ensure an affordable car purchase.

• Documentation Fees

For a dealer, every car purchase comes with a significant amount of paperwork. So, dealers charge documentation fees or “doc” charges from car buyers. It is important to know that few states such as New York, California and Delaware have a maximum limit for charging documentation fees. While there are several states such as Florida, Kansas, Iowa, etc. that don’t have a limit. If you live in a state that doesn’t have a limit for the fees, you can negotiate and reduce it to make your purchase cheaper.

• Fees for Dealer-Installed Accessories

Dealers can add several unwanted expensive accessories such as aftermarket wheels, sound system, stolen vehicle recovery system, etc. and charge you for it. Make sure that you are paying for only those things that you need. Also, remember that you can obtain most of the accessories at a cheaper cost by shopping around elsewhere.

• Floor Plan Fees

Dealers don’t have all the cash that they require to buy vehicles. So, they obtain finance. Dealers charge floor plan fees and try to extract the cost of finance from car buyers.

So, whenever you set out to sign your contract at the dealership read everything and asks question regarding anything that raises an alarm. You can take a friend or a family member with you if you are feeling overwhelmed with the thought of negotiating with the dealer. Remember that signing without negotiation means allowing the dealer to take possession of your hard-earned money.