Don?t settle for used, improve your ride with a novated lease
There isn't very much that beats driving a new auto. Even sitting in traffic is less agonizing when you are lapping up the latest features and creature comforts. But is a new auto just out of reach? No funds available, or hard to make a case for a major expense now? If your employer offers income packaging, a novated lease might be the answer. A new auto with no capital outlay and tax advantages to boot.
Novated leasing your way
Basically a novated lease is a three-way agreement. You enter into a finance agreement with your lender for the car. Your employer then agrees to take on your repayment needs thru a novated agreement. Effectively a salary sacrifice arrangement. Ensuring you get the pre-tax benefits.
The lease remains in your name, even though you leave the company. The auto possession lives with your financial institution but you keep any equity built up over the lease. Sound too simple? It is. Your largest worry is selecting your automobile.
Basically there are 2 types of novated leases:
Completely Maintained ? for a once per month payment you may have all operating costs associated with your car covered. This includes insurance, registration, servicing, tyres and even petrol.
Non-Maintained ? is a great choice for those that choose to be in charge of their vehicle?s care and maintenance.
There are that many benefits to novated leasing like:
- Tax benefits for operating and lease costs
- Adaptability with the selection of auto
- A fixed rate of interest, so no surprises
- Flexible repayment options
- Options available for motorbikes
- Upgrade, purchase or perhaps sell your automobile at the end of the lease.
Some startup and monthly fees apply. Fringe Benefit Tax (FBT) is also due on the fully maintained novated lease benefits.
Drive those tax benefits home
It's time to harvest the tax rewards. Setting up your novated lease is easy. Particularly if you've got the right folk looking after you. Talk to specialist finance brokers like Natloans about a novated lease solution to suit your needs. With a team of alert consumer service pros, you are warranted of getting the best deal practicable. Along with objective customized information that makes novated lease decision making a cinch.
Mary Nebotakis ? B.Economics, Dip.Financial Services, Cert IV Workplace Learning & Assessment. Australian Credit Licence: 386297.
On her web site she?s got many fascinating articles on car leases. You will also find more information on car leasing read here
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