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What is a Novated lease and salary packaging?
Why choose Novated Lease? Finance your new vehicle with a novated lease and notice the financial benefits
Why choose Novated Lease? Purchasing a new car via a novated lease is one of the most affordable avenues to take when organising your vehicle finance. A Novated Lease is an agreement between three individual parties: The purchaser who is a full time Australian employee, their employer and an independent car dealer.
Novated Leases in Australia operate on an agreed repayment schedule whereby the employer purchases the vehicle from the car dealer on behalf of the employee, who then makes regular repayments to the employer in the way of direct deductions form their wages. This is an innovative way of financing a vehicle in that the vehicle owner is in no debt to the car dealership and instead owes their employer. The agreed percentage is then withdrawn from their weekly wage.
Novated leases act as a security platform for car dealers, as they are paid in full by the employer, and act as a buffer for the employee as their repayments are scheduled to come direct from their wage so they’re never in risk of missing a repayment.
Novated Leases are the most financially responsible way to purchase a car through your employer, as they offer car finance at a rate that is affordable to you.
If you are still asking yourself ‘what is a novated lease?’ For further advice or information on novated leases in Australia contact Automotive Lease Packaging for expert guidance through your next novated lease. You can also use our car lease calculator to easily work out your monthly repayments or visit the finance lease or operating lease page for further information.
Looking for a particular make of car? Why not try a Holden Novated Lease, Ford Novated Lease or Toyota Novated Lease?