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How to Obtain a Novated Lease

By Bill Tsouvalas

Republish: EasyPublish™ Published: 30Dec2009 Word count: 477 Viewed: 214 time(s) Get Free Content For Your Site

Obtaining a lease for a vehicle can be difficult for some people and this can leave them without transport, which can pose problems for them. Now however there is another option that anyone wanting to lease a vehicle should look into and that is obtaining a novated lease. This is a type of vehicle lease which is based on an agreement between an individual, their employer and the financing company.

By obtaining a novated lease a person can own their own car and pay for it directly from their salary and then own the vehicle outright at the end of the lease term. If this sounds interesting to you here is how to obtain a novated lease for a vehicle.

Firstly it is essential that you speak directly to your employer and find out if they would be prepared to enter into a novated lease agreement with you. Some employers will already offer this option to their employees, if yours does not you could ask them to look into the potential benefits of doing so.

Once you have got confirmation that your employer accepts novated lease agreements you need to take advice on obtaining a novated lease. To get this advice you should really aim to speak to your financier, a company that provides salary packaging and your accountant. Doing this will ensure that you have all of the information that you need on novated leasing, which is vital before you enter into any type of finance agreement.

Next you need to choose the vehicle that you would like to obtain a novated lease for then ensure that the cost of the vehicle is in line with the novated lease modeling. This step is crucial in order to obtain a novated lease as each individual will have their own credit limit based on their salary. When this has been done it is time to speak to your novated lease supplier and they will then liaise with the company you are purchasing the vehicle from. The company supplying the vehicle will then arrange for the tax invoice to be sent straight to your financer, who will be providing you with your novated lease to arrange the finance on the vehicle.

As soon as the financing (novated lease) has been approved the deed of novation will be created and sent to everyone involved to sign the agreement. When the deed has been signed you can then sit back and wait for your vehicle to be delivered to you. At the same time the department that deals with your salary will arrange for the deductions to be taken out of your wage each week or month.

As you can see obtaining a novated lease is easier than you might think. In fact as long as your employer accepts these arrangements it should be straightforward to set one up for you.

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