The artificial intelligence (AI) revolution is coming, and it will impact just about every aspect of your life.

    AI is also impacting the world of loan brokerage – where you engage a third party to effectively compare all the finance options on the market and find the best deal for you. 

    Some brokerages are now picking your loans for you using AI. Future brokerages might offer an AI tool that lets you a finance option yourself – with a human that can assist if needed. Sort of like self check-out at Coles. 

    The upside? Theoretically, the cost of paying human salaries is not somehow baked into your car repayments. In other words, AI could make car finance cheaper, although it’s early days.

    Early days or not, there are still plenty of reasons why you’d opt for just a human instead. In this article, we explore why.

    Why it’s still best to use a human broker for finance

    A computer can compare huge amounts of data quickly, but a human still knows the exact questions to ask, what products will be best for you, and tailor a solution – and perhaps even negotiate a sharper deal. At this stage, a robot can’t do all of this.

    Things can go wrong if using an AI broker

    While there’s no denying a person can stuff things up, a computer can overlook obvious things altogether – and a car loan in which you are entering a legally binding agreement, is not something you want to stuff up.

    The takeaway

    There’s no doubting future AI tools will become smarter and more powerful, enabling quicker and easier purchasing of car finance – for potentially cheaper. But at least as we write this, it’s still best to engage an expert human broker who can ask you questions and get a sense for your individual needs and requirements – simple as that.

    Disclaimer: The information on this website is for general purposes only and not a substitute for professional financial advice. CarExpert recommends seeking independent legal, financial, taxation or other advice unique to your individual circumstances.

    CarExpert.com.au
    CarExpert.com.au is a Author at CarExpert.