Fincar November 23, 2020 No Comments

Writing off the idea of a novated lease before you’ve looked into it could well come back to bite you, because it could be that you would benefit from a novated lease and you might be able to novate your car after all.

That’s right, you don’t necessarily need to be on a large pay packed or driving interstate for work. You might even be surprised how many workplaces are willing and able to accommodate this type of deal.

Try our quick quiz to see if you are likely to benefit from a novated lease or from novating the car you already have.

  1. Do you need a car loan? If you do need to borrow money to get your next car – and most of us do, because it’s not easy to pay off a new car in cold hard cash – then a novated lease will probably work for you.
  2. Do you still have money to pay off on your current car? You can make a novated lease work for the car you already have, assuming that you’ve still got a bit to pay back on your car. With a sale and lease back agreement, you get the salary packaging benefits of a novated lease and also get the equity you already hold in the car back in the form of cash that goes straight into your back pocket.

  3. Do you use your car mostly for private purposes? If you’re a contractor or a sales rep who is required to keep a driving logbook and uses the car for work-related purposes most of the time, then a novated lease might not be the best option for you.
  4. Does your employer offer salary packaging? If they don’t, well, obviously, you won’t be able to get a novated lease but if you employer does have an established program, then you should be all good to opt into a novated lease.

If you answered yes to all these questions, then you are likely to find that a novated lease will work for you.

 

The Fincar team is here to help you with all your financing needs. Contact us today to help arrange your next car or equipment loan.