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Car loan brokers

How to avoid the fees and costs of a car loan broker.

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The pros and cons of using a car loan broker

Written by

Shaun McGowan

A car loan broker is someone who acts as the middleman between you, the person applying for a car loan, and the lender who will give you the money.

The actual role of a broker is complex, they use their expertise to find the best car loan for your individual circumstances, by understanding all the lender's rules and products, and ensure your applications are air-tight when sent to a lender for approval (all boxes ticked).

But there can be costly downside, and sometimes finding a decent broker can be as difficult as finding a decent car loan. So here’s what you should look for (and look out for) when deciding to work with a car loan broker.

When they're great...

There are often more good reasons to engage with a broker than there are bad reasons.

A car loan broker can be incredibly helpful if you don’t know where to begin, if you have a bad credit history, or if you’re not sure if you have the required documentation to apply for a car loan.

The immediate benefits of working with a broker is that you have an expert who can understand and assess both who you are and what works financially for you when borrowing money.

This means less time spent searching, understanding and comparing different lender offers, and no chance that your credit score is impacted by a declined application.

Pros of brokers

  • Personal service
  • They are legally obligated to find you the best deal they can
  • Will help complete your application
  • Will recommend the most suitable loan products
  • A convenient and fast process from inquiry to approval
Pros of using a loan broker

Make sure you actually need one

If you have good credit and are employed, you should be able to avoid the costs of a broker and find a good deal by yourself. Application forms are pretty streamlined these days.

You could use Money Matchmaker™ too as it compares 11 car loan lenders all at once for you, giving you real prequalified rates and pricing without any of the fees that a broker charges.

Where to get a car loan with Money Matchmaker

Comparing the best ways to get a car loan

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up to $990





Impact Credit Score




Multiple Lenders




Number of Quotes

Up to 11



Time to Quote

60 seconds

1-5 minutes

1-2 days

Phone call follow ups




Cost to apply




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When they're not so great...

There are two main things to look out for when you’re considering a car loan broker:

  • How much money they are making off your application?
  • How much they care about your financial interests?

Both of these can be incredibly costly if they’re overlooked, but there are ways to ensure the person you’re working with has your best interests at heart.

Broker Fees

Fees can vary, you shouldn’t be paying anything before your loan settles. A broker can typically charge up to $990, which is often added to your loan to repay over the term.

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Broker Commission

Success fees are common, and you should ask your broker what they charge and how they make their money. They may also recommend a lender based on the fact they get a slightly higher commission with them, so keep this in mind.

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Loan interest rates

Brokers negotiate the interest rate with the lender on your behalf, but some brokers have been known to inflate the interest rate on an offer to take the resulting amount as hidden commission.

Are you being charge high interest rates on your loan?

Is a car finance broker right for you?

Working with a broker can be an excellent way to get a good deal on a car loan with minimum risk or work on your part.

Things to ask a broker:

  • How many lenders do they work with?
  • What commission and fees do they charge?
  • How is the interest rate on the loan assessed?
  • What fees are included in the loan?
  • What other types of finance are available?

With a little research online you can often find reviews of brokers from previous clients, and refine your search for a decent broker before you waste any time.

What kind of car will get you the best loan with Money Matchmaker

Where do you find a car loan broker?

Car loan brokers are located throughout Australia and in particularly the major cities including, Melbourne, Sydney, Perth, Canberra, Brisbane, Darwin, Hobart and every nook and cranny in-between. A simple online search will help you locate one.


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About the Author

Shaun McGowan from



Shaun McGowan

Shaun is the founder of and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded and Lend.

*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $30,000 over 5 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.