Car finance brokers can help consumers understand loans available through the lenders they work with. This guide from Car Loans Online explains broker roles, lender panels, fees and questions to consider when exploring personal and business car loans in Australia.
This website publishes general information and tools. It does not accept loan applications or borrowing enquiries, assess eligibility, match or refer visitors to brokers or lenders, arrange credit or provide personalised recommendations.
What does a car finance broker do?
A car finance broker acts as an intermediary between a borrower and lenders. Depending on the services offered, a broker may explain loan features, compare products available through their lender panel and assist with application documents. The lender makes the lending decision; using a broker does not guarantee approval.
Lender panels and car loan comparison
A broker's lender panel is the group of lenders they can access. Panel size and available products vary, and a panel may not cover the whole market. A broker's comparison may therefore differ from comparing options directly with lenders.
When comparing car loans, consider the interest rate, comparison rate where available, fees, loan term, total repayments and any balloon payment. Also check security requirements and early repayment conditions. A lower monthly repayment can reflect a longer loan term rather than a lower overall cost.
Broker fees and commissions
Brokers may receive commissions from lenders, charge borrowers fees, or both. Payment arrangements vary. Ask for a clear explanation of any fees you would pay, when they become payable and any lender commissions or other incentives. These are general broker remuneration concepts, not a description of a referral service offered by this website.
Which lenders and types of car loans can you access, and what is outside your panel?
What fees, commissions or other incentives apply?
How do the loan's total cost, repayment conditions and features compare with alternatives?
Will obtaining an indicative rate or submitting an application involve a credit enquiry?
What licensing or authorisation applies to the services you provide?
For consumer credit assistance, brokers generally need an Australian credit licence or authorisation under one. Business-purpose lending can be treated differently. You can check relevant licensing and representative details through the ASIC registers.
Explore car loan information and tools
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Knowledgebase
Equity: The amount of (or that portion of) an asset actually owned. Equity is the difference between the market value and the current amount of money still owing on the loan. This is also referred to as the owner’s interest.
