Choosing the right finance broker can change the entire experience of getting funding. Whether you’re buying a vehicle, upgrading equipment, or scaling your business, your broker is the person who connects you to lenders, negotiates the deal, and helps you understand what you’re signing.
However, not every broker operates in the same manner. Some genuinely take the time to understand your goals and find the best path forward. Others just push your application to whoever says yes first.
To make sure you’ve got the right person on your side, here are the key questions to ask a finance broker (from your local team of brokerage experts).
1. How many lenders do you work with?
This is one of the first questions to ask a finance broker, as it reveals the extent of their network. A broker with only a few lenders in their toolkit has fewer options, which could mean higher rates or less flexible terms for you.
A strong broker works with a broad mix. Think banks, specialist lenders, and even private finance companies. More choice usually means a better fit for your needs.
What you want to hear:
They can name several lenders they partner with and explain how they match clients to each one.
2. What type of finance do you specialise in?
Much like most industries, no one is a true Jack of All Trades. Every broker has a comfort zone. Some focus on personal loans, while others specialise in asset or business finance. Ask early to determine whether they truly understand your industry.
At GVK Finance, for example, we work with clients across various sectors, including construction, transport, agriculture, and small businesses. That means we already know what lenders look for in those spaces and how to position your application to tick the right boxes.
Why it matters:
When your broker is familiar with your sector, they can anticipate what a lender might question and address it before it becomes a problem.
3. How do you get paid?
It can be an awkward topic, but this is one of the most useful questions to ask a finance broker. Most brokers are paid a commission by the lender when your loan is settled, which is how the industry operates. Some may also charge a service fee. You deserve to know exactly how that works.
A trustworthy broker will be upfront about it. If they dodge the question or use vague language, that’s a red flag.
4. Can you explain the finance options for my situation?
Finance jargon can make anyone’s eyes glaze over, and a good broker knows that. Asset finance, chattel mortgage, working capital, hire purchase; it all sounds complicated until someone explains it properly.
Ask your broker to explain the differences in simple terms. If they can’t, it’s a sign they might not be great communicators when things get more detailed.
What to look for:
They should clearly explain each option: who owns the asset, what the tax implications are, and which setup best supports your plans, because your plans are what’s at stake here!
5. What information do you need from me?
This question shows you’re organised, and it’s a quick way to spot if your broker is, too. A good one will ask for specific documents, such as financial statements, ID, invoices, and possibly quotes.
If they don’t ask for much, be cautious. Lenders rely on detailed information to move quickly. A broker who cuts corners here could create delays later. And if your paperwork isn’t perfect, don’t stress. An experienced broker can help you present your numbers in a way that still shows strength.
6. How do you decide which lender is best for me?
This might be the most revealing question to ask a finance broker. Some brokers focus only on the lowest rate. Smart ones look at the full picture, considering repayment terms, flexibility, balloon payments, and how the deal aligns with your long-term plans.
Maybe you want low repayments now with the option to refinance later. Perhaps ownership matters more than short-term financial gains. The right broker will consider all of that and provide you with a confident answer.
7. How Do You Support Me After the Loan Is Approved?
Contrary to popular belief, a broker’s work shouldn’t end the moment your loan is approved! The best ones check in, help with renewals, and stay available when your circumstances change.
This is one of the most underrated questions to ask a finance broker. A broker who’s in it for the long term will treat you like a partner, not a one-off transaction.
Your best bet here is to ask directly, “What happens after settlement?” Their answer will reveal whether they prioritise relationships or commissions.
When you’re shopping for a business finance broker, you’re shopping for a guide, not just a middleman. This is the person you will trust to walk you through one of the trickiest parts of running a business, and the stakes are even higher if you are taking your first run at the gauntlet.
Asking the right questions to ask a finance broker helps you spot who’s actually on your side. The best brokers are open, thoughtful, and genuinely care about helping you succeed. They’ll make sure you understand the options, feel confident signing the papers, and know you’ve made a solid decision.
So, yes, it’s about trust. Take your time to find a broker who listens, explains, and treats your goals like their own, and you’ll have a partner worth keeping.
Partner with GVK Finance, your trusted business finance brokers.
You’re in the business of getting stuff done, and we’re in the business of getting you the money to make it happen! Apply now for finance matched by one of our expert brokers.