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How Car Finance Works
The safest and smartest way to finance your car is with a novated lease
If you are in the market for a new car, there are many different ways to pay for it. However, if you don’t have the cash lying around, or a generous family member willing to lend you the money, you will inevitably have to take out a car loan. If you dread the thought of getting a loan from the bank, there is another great solution that millions of Australians before you have undertaken – it’s called a novated lease, and it’s one of the smartest and financially secure ways to own your dream car.
The process for how car finance works through a novated lease is simple: when you choose to go through Automotive Lease Packaging, you are entering a financially binding contract between your employer and a registered car dealership of your choice, with ALP acting as your financier. Firstly, you will need to fill out an application form that requires information such as your personal details, employment details, monthly expenses and monthly income. Then, using our car finance calculator, we agree on a repayment structure based on the term, interest rate, amount borrowed, and the residual payment.
There are many benefits to a novated lease, such as having tax savings and a regular payment structure that enables you to never miss a payment or be out of debt. If you would like more information about how car finance works, call Automotive Lease Packaging today.