What Is A Leasing Broker?

When it comes to leasing, especially your first time doing so, it can be unnerving. It is good to have an understanding of what a leasing broker is and what we do at Willow Leasing.

What Is a Leasing Broker?

Willow Leasing is a car and van leasing broker that brokers deal between suppliers and customers.

Behind the scenes, we are the people who negotiate the pricing of our vehicles by corresponding with both suppliers and finance companies. The price of the deal is decided by how much it cost to purchase initially and its estimated value at the end of the contract. The value at the end is calculated using the mileage and contract length.

  • A car estimated to drive only 5,000 miles a year will have a greater value than one estimated to drive 25,000 miles as there will be more wear and tear.
  • Similarly, a car used for only two years will differ in value from a four-year contract car as more time and usage have passed.

When we have the prices from the finance companies, we use our own platforms (like our website or social media) to advertise them to you. Once you enquire with us, our fantastic sales team helps you get the car you want at a price you are comfortable with along with helping to organise what is necessary if you want any extras added on. Once you are satisfied with your order and have passed a credit check, our team corresponds with the suppliers to get your car ordered and your finance agreement submitted.  

Using a Lease Broker:

When deciding whether to use a leasing broker or get a car through your local dealership, there are both advantages and disadvantages.

Advantages of Using a Lease Broker:

  • Leasing brokers have access to a wide range of makes and models which you can browse through from the comfort of your home.
  • As leasing brokers correspond with multiple suppliers and finance companies, they have access to a wider scope of deals to get you the cheapest one out there.
  • Needing something quick? Brokers have wider access to stock deals across a number of brands that they can offer you.
  • Brokers let you find the right car for you by deal and not necessarily by model.

Disadvantages of Using a Lease Broker:

  • Most brokers are office-based companies so don’t have showrooms or customer-facing premises. This means that they can’t offer test drives or a physical car for you to view.
  • Brokers also charge an administration or processing fee for their services.
  • You can be caught out by bedroom brokers. These are brokers that operate from their homes and usually have just one person working for them. They tend to not be regulated by the proper authorities like the FCA or BVRLA. Always remember to check your broker before dealing with them

How Do I Know If My Lease Broker Is Respectable?

There are a few ways to check how reputable and respectable your leasing broker is:

  • Always check their reviews – Brokers who have nothing to hide will advertise their reviews across their websites and social media. Check out their reviews and see what their other customers say. You can check out Willow Leasing’s reviews on our dedicated website page or through our Feefo merchant page.
  • Are they regulated by the right authorities – Leasing brokers who are regulated by the FCA (Financial Conduct Authority) and the BVRLA (British Vehicle Rental and Leasing Association) have gone through the proper processes, procedures and evaluations to become members of both associations. You can use the FCA and BVRLA websites to check a broker’s credibility by either using their name or a reference number which can usually be found on the broker’s website.

Any Questions?

If you have any questions that we haven’t covered in this guide, our team are always available to help you in any way we can. You can give us a call at 0345 350 3776, email us at enquiries@willowleasing.com or send us a message on our live chat service!