Exclusive broker rate announced for car loans

Specialist lender drops rate by 1% for limited time to accelerate diversification

Exclusive broker rate announced for car loans


By Rebecca Pike

A specialist lender is providing brokers the ideal opportunity to diversify into car loans with an exclusive rate.

Liberty Financial has introduced a new deal to help customers buying or refinancing a car. It has dropped the rate on its prime Liberty Drive car loan product by 1% until the end of August.

The non-bank hopes it will help brokers consider diversifying into motor lending and build stronger engagement with customers.

Group sales manager, John Mohnacheff, said Liberty wants brokers to see how quick and easy it is to write a car loan.

He said, “The whole purpose is to get a deeper engagement with not only our motor brokers but our mortgage brokers.

“Liberty Drive is a really straight forward product. It’s completely online and easy to offer to customers. If all the documentation is uploaded first time we can often get the deal done on the same day.

“It’s a great opportunity for brokers who are dipping their toes in the water with motor lending because the rate is sharp and the service proposition really stands out.  It’s not only for new cars, but for used cars as well, so there are lots of reasons for brokers to consider it,” he added.

Mohnacheff continued, “By helping brokers diversify, we empower both the broker and the borrower. It’s a win-win for the broker because not only does it add another string to  their  bow, but it means they can proudly say ‘yes – I can help you with a car loan’.

“We know that motor brokers are getting into mortgages, so residential brokers will have to look at other revenue streams as competition for the mortgage market increases. Brokers need to venture outside their comfort zone. Most realise it’s a lot less paperwork than they thought. It’s good, it’s sharp, and it’s quick,” he said.



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