Both of the above-mentioned people have considerable knowledge about loans. Everyone will freely tell us what the components of the loan are, how to choose the cheapest loan, what documents we will need, etc. However, there is one significant difference between these people.
A professional loan broker
A professional credit broker represents the interests of his clients, i.e. ours as a potential borrower. We want to get the cheapest loan. The broker therefore wants the same. So he is looking for the best loan for us from all offers available on the market. It is not limited to just one bank. He is not an employee of any bank, but our representative, and our interest is most important to him.
A bank employee
A bank employee represents the interests of the facility in which he is employed. Even if he has knowledge of cheaper loans than those available at his bank, he certainly will not share this information with a potential borrower. The task of a bank employee is, among others selling as many banking services as possible to clients. One of them is the loan agreement. A bank employee can only show you the offer of the bank where he works. There is no interest in letting you know that your competition has cheaper credit. His offer is limited only to one bank, and the most important interest for him is the bank’s interest, not the potential borrower’s.
Can a professional credit broker do more
First of all, a professional loan broker has more knowledge about loans. It’s his work or everyday life. He comes in contact with it every day. He is still learning and at the same time has the latest knowledge. Only because he is always up to date with the credit market can he be a specialist in obtaining the cheapest solutions. In addition, a professional credit broker works best when we want to get a difficult loan, i.e. one that we cannot negotiate ourselves at the bank’s outlet. Professional credit brokers have greater opportunities because they negotiate our credit terms with the bank’s decision-making employees. Due to the fact that conversations take place at a different level and are conducted between equal partners who are equipped with considerable knowledge, we can expect much more beneficial effects than we would achieve alone. A professional credit broker will find a way out, even from a seemingly impossible situation.