In Auto Financing, Car Finance, New Car Finance, Personal Finance Tips

Your financial broker at iCREDIT on the Gold Coast can help you understand Novated Leases!

Finance often comes with a lot of overwhelming information, but when you have a proper grasp of it, you can use it to your advantage. Novated Leasing is a terrific way to make the most of your money.

A Novated Lease is an agreement between a finance company, employee and their employer. It is often also known as salary packaging. Put simply it’s an extra benefit that can be offered to employees by their employer.

The best part is it doesn’t have to cost the employer any extra money, and they employee gets more bang for their buck every payday.

You can Get the New Car You’ve Been Dreaming About with Novated Leasing

If you’re wanting to finance a new car, a Novated lease can be the perfect solution for you. It gives you the ability to choose the type of car you want, rather than being given a company car. It also means that the car is yours, and you won’t have to give it back at the end of your employment.

After purchasing the car in your own name, you, your employer and the chosen finance company all sign the Novation Agreement.

Once the Novation Agreement is signed, your employer takes over the payments and deducts them from your pre-tax earnings. Your PAYG income tax is then calculated on the reduced salary, meaning you won’t have to pay as much tax.

A Novated Lease Can Include Everything from Fuel to Maintenance

There are two types of Novated leases.

The first is a fully maintained lease, this means that the operating costs of the car are also covered in the Novated Lease.

The second is a non-maintained lease, this means that only the repayments on the car are covered by the Novated Lease.

For more information on Novated Leases contact iCREDIT, your financial services experts.

 

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