Brokers can secure better loan terms due to their industry connections and negotiation skills. They guide you through the complexities of loan options, helping you avoid potential pitfalls. This makes the entire process more streamlined and potentially more cost-effective than going directly to a lender. Brokers have access to multiple lenders, including those that may not be available directly to consumers. This broad access allows them to compare a variety of loan products to find the best deal for your specific financial situation, which might not be possible if you apply on your own. By leveraging a broker, you could secure lower interest rates, reduce fees and charges, or even achieve cost savings such as fee waivers.

The size of your deposit directly impacts your borrowing capacity for a car loan. A larger deposit reduces the loan amount, which can lower your monthly repayments and improve your chances of loan approval. Additionally, a significant deposit may lead to more favourable loan interest rates, as lenders view a higher deposit as a sign of financial stability, reducing their risk. Understanding the total amount payable and associated fees and charges is critical when determining the amount you can borrow.