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How do you become an auto loan broker or agent?
Investing in the future

I am trying to find out information on how to become an auto loan broker. I would like to find out what are the pro's and con's of the business, and how do you go about getting, licensed or certified in New York. The New York info is not critical but if anyone has any insights that would be great. Any help would be greatly appreciated!!


Start with applying at a few banks or dealerships with financing services.

How To Become A Loan Broker


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How much maximum can loan broker collect as a broker fee for non real estate loan ?
Money in a minute

I checked online that most unsecured loan broker charge between 5%-10%. but I read this quote from state attorney site :

State law limits the total fee a loan broker can assess (after loan approval) to 0.5% of a non-mortgage loan.

does it mean illegal to collect fee more than 0.5% after loan approved ? if so, why som many broker charge much more than that allow to operate in NY ?
thanks in advance and I appreciate the respond :-)


There really isn't one. I know, you may find some information t the contrary, but that only applies to fees that are assessed directly to he borrower and broken out (which vary state by state and not exist at all in some states).

The way around it is for the lender to pay a "finder's fee" and build it into the cost of repaying the loan. The borrower never sees that additional cost over what a direct loan would have been.

Another technique is a simple mark up. This is common with car loans when the dealer act as broker. The interest rate is what the dealer says it is! If the bank's rate is 8% and the dealer thinks you can afford a higher rate and writes it up at 10% then the bank gets 8% and the bank rebates 2% to the dealer. This can work the other way where the dealer writes it up for 5%. Then the bank gets 5% from the borrower and a "buy down" paymet from the dealer. Sometimes the dealer is desperate to sell the car and eats this, but more often, it's built into the price of the car and the borrower is charged a higher price than a cash customer would have paid.

A fee that appears in excess of a legal maximum may be legal if it's called something else and not exactly what the law prohibited. If the fee is illegal and the broker is still operating, it could be that nobody is reporting him because no fee means no loan and the borrowers are willing to pay the fee to get the money.

How to become a loan broker?
Mortgage Consultant Anna Huang

Can anyone advise me as to how to become a loan broker and who I need to contact? Thanks in advance.


If you aren't already I believe you should be a lending officer for a broker for awhile first. No need to be licensed for that.

what are the best commission based careers in the Finance Industry (besides loan or stock broker)?
Pawnbroker

I'm already a mortgage and commercial loan broker.
No thanks, I'm already a State Certified teacher, so I'd probably be your worst nightmare !


you can become a life insurance and mutual fund advisor

Why my real estate loan broker/processor advised me to buy point?
Abandoned Home Indiana

She stated it is unheard of a buyer would not buy a point to lower down the interest rate. I have already researched and DO NOT WANT TO BUY any point. Yet, that's what she's saying. I am at the end process of buying a house, so not sure if I should change the loan broker. Please advise. Thank you so much.


Points lower your interest rate and can save you thousands over the term of the loan. This was VERY popular when interest rates were 7-10%. Currently, with interest rates in the 5-6% range, buying down points is less common. One point is usually equal to one percent of the loan amount. Your broker does not benefit if you do or don't buy points, she is just trying to save you money in the long run.

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News

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MarketWatch - Nov 26, 2009

European banks may have $40 billion Dubai exposure Telegraph.co.ukBookrunners on bond and loan deals typically retain around 10% to 15% of the issue on their own balance sheet, the broker said. Among the European banks Dubai Woes Hit Asian Bank Shares But Exposure Likely SmallSTOCKS NEWS EUROPE-Dubai bank exposure over-discounted-JPMINSTANT VIEW: Dubai World seeks debt pauseall 5,860 news articles »
Lloyds rights issue: Q&A

Financial Times - Nov 27, 2009

Lloyds rights issue: Q&A BBC NewsLloyds rights issue: Q&APaul Kavanagh, partner of Killik & Co, the broker, says that investors who don't want to put more cash into Lloyds should opt for tail swallowing to pick up Lloyds: What Shareholders Really ThinkFocus: Lloyds' shareholder war of wordsall 102 news articles »
Mortgage rates at record low bring warning: It'll only go up

San Jose Mercury News - Nov 26, 2009

Mortgage rates at record low bring warning: It'll only go up MonitorBankRates.comMortgage rates at record low bring warning: It'll only go up"Now's a good time to make a move on anything in the $400000 range for a single-family home," said Stanley Tseng, a broker with Nova Financial Services in Mortgage Rates Near Record Lows As Nervous Money Seeks Safe HavenLow mortgage rates make home-buying caseThe top 21 fixed rate mortgage dealsall 29 news articles »
In Debt to Start, and Sinking Even Deeper

New York Times - Nov 26, 2009

At first, her phone calls to Fidelity went unreturned, but finally, she said, her broker offered to convert her mortgage to a fixed-rate loan at 5 percent Finding a Surprise After Refinancing a Mortgageall 3 news articles »
Buying-and-selling real estate in this market takes experience, deep pockets

Seattle Times - Nov 28, 2009

Larry Cutting is an owner/broker and real-estate agent in Renton. He buys houses, fixes them up and sells them quickly. and more »

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