Mortgage brokers can stay relevant to customers by diversifying into car finance, said a specialist lender.
Liberty Financial wants to make it easier for brokers to try different finance products in order to stay relevant to customers beyond helping them with just their home loan.
The lender has dropped the rate on its prime car loan product by 1%, specifically available to brokers.
John Mohnacheff, group sales manager at Liberty, said brokers should contact customers to see if they are considering purchasing a car or refinancing their current one, as well as just checking in on their home loan every few months.
He said, “It doesn’t take long. If you have picked up 10 customer files they could have up to 15 cars. Just reach out to them, whether it’s a letter, email or even SMS and ask if they need any motor broking services - it’s that simple.”
Mohnacheff said that within six months of buying or refinancing a property, people will usually change or refinance their car as well.
“Brokers should encourage their customers to talk to them first about obtaining finance before they buy a car.
“The whole thing about cars is once you have decided to make a new purchase – the process happens pretty quickly. We recognise this at Liberty, so we’ve refined our application process and the wonderful thing is that within an hour of submitting the deal you could have the approval.
“Then it gives the customer a better bargaining chip knowing they have got the finance secured. They can say ‘I’m prepared to pay cash here, what’s the best price?’”
Liberty’s offer runs until 31 August.
