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Choosing to offer asset finance might seem like a walk in the park for many brokers, however, there are certain aspects that need to be considered first.
Mary Nebotakis, managing director of Natloans and recipient of the Australian Broking Awards’ Asset Finance Broker of the Year gong, shares her top tips for brokers looking to make their mark in this space.
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1. Get to know your clients. Spend time fact finding – knowing your client. For PAYG clients, look at their assets and liabilities and don’t be afraid to ask questions. If they have a car loan, ask them how long it will run for and will they be planning in the near future to upgrade. Ask about their repayments and rates and with which lender. For self-employed customers, look at their depreciation schedule and statement of financial position. Ask them what their plans are moving forward with the goods they have.
2. When being compared by a bank or the dealer, advise your customer to look beyond the rate and look at the actual repayments and what is included in those repayments.
3. Ask your referrers (such as accountants) for asset finance leads. If you tell someone you are doing this type of business, you never know what can come your way.
4. Tap into lenders and PD days that can assist you in knowing more about this area – there are always people willing to help.
5. Partner up with an experienced broker who can mentor you with the loan process. An experienced brokerage like Natloans can arrange a referral program where you don’t have to start with trying to do the whole process from end to end – this way you don’t miss out on the opportunity and learn along the way. Experienced brokers can quote customers and win the deal for you, and you can share the commission with them.
