How to become a car loan broker

Written by laoa
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How to become a car loan broker
Car loan brokers help borrowers of all credit types buy vehicles. (Oli Scarff/Getty Images News/Getty Images)

Becoming a car loan broker gives you access to a broad selection of lenders who offer financing to buyers who want to buy a vehicle. The job is suitable for those who prefer to work from home, enjoy helping people to meet their vehicle financing needs, and are good at building relationships. Many people of all credit backgrounds use the services of a car loan broker, but many brokers specialise in finding loans for those with poor credit histories. Before starting your career as a loan broker, you must get a consumer credit licence from the Financial Conduct Authority.

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  1. 1

    Enrol in a course that teaches you how to understand the financial industry. Unless you have a degree in finance, obtaining a certificate of some type will help you when it comes to obtaining clients who are in need of car loans. Understanding how loans work will also help you get the best possible terms for your clients. Remember, you will have the option of working from home, as you will only be connecting clients with loan providers for a fee and not actually originating or giving the loan.

  2. 2

    Become proficient at record keeping. Understand how to keep track of your clients' records and perform any loan calculations which are required by using accounting software such as Microsoft Excel and Word. Enrol in an online course, or find some accounting tutorials on the Internet.

  3. 3

    Contact lenders who specialise in car loans. Build relationships with lenders who focus on auto loans by taking them out to lunch. Ask these lenders what requirements they look for when qualifying people for car loans, the number of years they have been in business, and if they focus on a particular niche, such as car buyers with bad credit. Ask these lenders what fees they would pay you for referring clients to them to obtain vehicle loans.

  4. 4

    Let people know you have a car loan business. Contact your friends and family members, and hand out flyers with your contact information to people you meet. Let them know that you can help them get a low monthly payment on a car loan despite the condition of their credit.

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