Jan 17, 2023 // By:aebi // No Comment
Everything to Know about Novated Leasing
Car ownership is one of the most important things in the lives of most people in the world today. Being your driver cannot be compared to any other means of automotive transportation. When one has their car, it is not only more convenient but also gives an individual a sense of status when they are in a society. However, it is not an easy thing for everyone to purchase a car, because it is not a cheap deal. Before one can purchase a car, they need to have saved a good deal of cash. In times when it is not possible to raise money to purchase a car, one can get a loan to make it easy and possible sooner. However, getting loans is not a walk in the park, because there are a lot of things that come into play before one can get it approved. As an alternative, a lot of people have resolved to go the novated leasing method of getting things done with their car purchase decisions. With getting a novated lease in your car purchasing process, you need a third party besides you and your vehicle salesman. It is this third party that caters to your financial responsibilities when it comes to your novated leasing deal. It is, therefore, not possible to carry through with the process, unless they are there. In as much as this is an ideal path to use when you need a car, it is also not very familiar to a lot of people. Here, on this website, click for more about novated leasing, and learn more now!
First off, once you are decided to use the novated leasing in your car purchasing agenda, some of your financial duties in the leasing of the car will be taken care of by the third party. The payments will be done by your employer, but you will again pay through your work. Your monthly payments will not remain the same, because your employee will deduct these payments from your salary. If you change jobs, you can decide to have the payments transferred to your new employer or you pay from your pockets.
You cannot be the sole owner of the car when you are still paying for it. It means that in times when you want to upgrade your car, you are allowed to do that after some years and keep paying for it.
It is a quick-fix for your automotive needs, which is why most people like it. There are possibilities of saving some money when you decide to make this deal.
Should your employer or whoever is sponsoring you for the deal withdraws, things might go south from your side.
Cited reference: Full Article