Everything to Know about Novated Leasing
Most people feel the need of being car owners today. Being your driver cannot be compared to any other means of automotive transportation. People have a better social standing once they purchase a car, and they enjoy some private rides. Buying a car can be an expensive deal, and it takes time for some people to get there. Having cash at hand makes it easy for one to make a car purchase. Car loans make it possible for most people to be car owners sooner than they are able, as they manage to get quicker finances. Getting a car loan approved is never assured, and it can be quite a long process. However, novated leasing has come into the auto-financing industry as a sure way to sort out a large number of people. The only way you can complete the car novated leasing deal is through a third party. In this case, the third party which could be your employee come in and takes responsibility for some of your leasing obligations. It is, therefore, not possible to carry through with the process, unless they are there. It is possible to come across many people who know little if anything about novated leasing. 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. In most cases, since the third party is the employer, you will sort things out with them within the context of your job. It is from your payments that they will deduct their due until you are done. If you change jobs, you can decide to have the payments transferred to your new employer or you pay from your pockets.
Novated lease does not grant full car ownership unless you are done paying. It is possible to get a new car model and continue paying for it if you were not content with the old one.
What most people like about novated leasing is the fact that it is an easy way to get your dream car. Also, it can be cost-effective since some employers may decide to cover for the insurances; you can also be saved from goods and services tax payments.
Should your employer or whoever is sponsoring you for the deal withdraws, things might go south from your side.