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The NACFB is the only UK trade body dedicated to the commercial finance broker. We represent members from across the whole commercial finance market: from buy-to-let specialists and commercial mortgage advisers to vehicle finance brokers; from leasing and asset finance specialists to factoring brokers. All NACFB members comply with an industry recognised Code of Practice
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Article - And our survey said..
1st October 2007
Motor Finance
As an Association, we are often approached by lenders and funders who are looking for to use brokers a route to market. Many of these institutions, who have cut back on their own internal sales force, come on board as NACFB Patrons (lenders are not able to become members as they are not brokers themselves) to get access to that all-important broker market. Of course, becoming a Patron is no guarantee that brokers will choose to put business your way, although there is certainly evidence to suggest that the more involved with the Association a Patron becomes, the higher their profile with the members and therefore the more likely a broker is to use their services.
But if you really want to know what a broker is looking for when it comes to funders, the best (and most obvious) way to find out is to ask them. Every year, the Association carries out research among its members to find out the volumes of business our members have written in the previous twelve months and also what a broker is looking for from the funders they use. The first big surprise we got when looking at the figures was the phenomenal increase in vehicle finance being written by our members. The increase, year in year was a staggering 339%. Between June 2006 and June 2007 NACFB vehicle finance brokers were responsible for over 19,000 deals totalling more than £1bn. So, from a funder’s point of view this is definitely a market worth tapping into.
So what do brokers want from their funders? Perhaps surprisingly, leasing and asset finance (including vehicle finance) broker members rate the speed of decision as the most important factor when choosing a funder. An overwhelming 93% rated the speed of decision as either extremely or very important. Competitive pricing actually comes second with 87% of leasing and vehicle finance members giving this the extremely or very important rating. The commission payable came in third – with 90% saying that it was either extremely or very important. Just to clarify, if you’re wondering how that comes third and not second, the proportion of brokers who voted it as ‘extremely’ important was a lot lower (24%) than in the ‘Competitive Pricing’ category (45%). Product rage also scored highly. Eighty-one percent of brokers believe that a comprehensive product range is very or extremely important.
A lender’s international presence made the least impact on brokers with reciprocity of referrals coming next. So, according to NACFB broker members, the ideal funder is one who offers a fast decision first and foremost, competitive pricing, a good rate of commission and a comprehensive range of products. If a broker has an existing relationship with a lender, this can help secure the business (78% of brokers rate this as important) but if a funder can tick all the right boxes they are moving some way towards securing that broker route to market.
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