If you are looking to lease a car and don’t want the responsibility of the lease, you might check in to whether your employer does a Stratton Finance Novated Lease www.strattonfinance.com.au/novated-lease . A novated lease can be a good arrangement both for you and the company you work for.

What is a novated lease?
A novated lease is a third-party arrangement between you, your employer and an auto company. The way a novated lease works is that you lease a car but your employer takes on the responsibility of making the lease payments. This often is negotiated as part of a salary package where a portion of the salary is diverted to the lease payments. In most novated leases, the employer also takes on the responsibility of paying for other costs, such as maintenance and auto insurance premiums.

Advantages
There are a number of advantages to leasing a car using a novated lease. One of the biggest is having your employer take on the responsibility of paying your lease payments. That way, you don’t have to worry about budgeting or about making the payment on time each month. Another big advantage of this arrangement is that the car stays with you. If you leave the company, responsibility for the lease will just revert for you, or you can enter into another novated lease deal with your new employer. This can be a much better arrangement than having a car provided by your company that the company keeps when you leave. An advantage for employers is the opportunity to get bulk discounts from auto companies if they do lots of novated lease arrangements with their employees. Another advantage for employers is that they don’t take on the same level of risk as they do when they own a fleet of company cars.

Disadvantages
Novated leases are not perfect solutions, and they do carry some disadvantages. As with any other lease, you can face fees and penalties if you decide to break the lease early. Also, such leases are often touted as not requiring you to income taxes and general services taxes. However, that is not the case. You may be able to save on taxes by having the lease count as a business expense.

A novated lease clearly can be a good deal for both employee and employer. A common area where people go to get car finances would be Stratton Finance https://www.strattonfinance.com.au/ Before entering into such an agreement, you should do your research and weigh the pros and cons.

You have searched for the best car loan to help you finance a vehicle purchase and have finally landed on an ideal lender and product. So what comes next? Applying for a loan is usually accompanied by comprehensive paperwork that can make the process a nightmare. Preparation will ensure that you don’t rush around at the last minute trying to find the needed documents. Coming up with an application checklist will speed up the process and get you well on your way to being approved for a car loan.

Identification and Contact Details

A valid driver’s license or passport will help identify you when approaching a lending company for a car loan. Applicants can also present their birth certificates or other documents with a name and photo. Ensure that you have updated contact details when applying for a loan and that includes your residential address, email address, and phone numbers.

Credit History Records

A lending business has to know the state of your credit history to gauge your liability risk. Your past debts and repayment habits say a lot to a lender. If you are still servicing other loans or credit cards, the lending company may ask for statements to see that you are making timely payments. A good credit history improves your chances of getting approved for Car Loans at Stratton Finance, which is why you should make efforts towards repaying your debts. It may be wise to wait a little while to clean up your credit history before beginning the application process.

Proof of Income

An applicant who has never taken out a loan of any kind will not have a credit history so a lender will ask for other means to prove income. It’s not enough to just say you earn a certain amount every month. A lending agency has to know that you have the means to repay the loan. First, you have to submit copies of your payslips for several months. Group certificates and tax returns can also serve as proof of income if payslips are not applicable.

For a self-employed individual seeking a car loan, the lender may ask for tax returns of the business or Notices of Assessment. Other financial documents such as bank transaction listings can also help you prove income generation.

For an applicant on Centrelink benefits, a lender will need the Centrelink Income Statement with your application. Always check first if a particular lending business grants auto loans to people on Centrelink benefits.

Asset Details

In the case of a secured a car loan, the customer will have to give the particulars of the vehicle. The engine number and registration are some of the details to include your application. Sometimes a lender can send a cheque directly to the dealer, so you have to give precise information when applying.

Assembling the documentation required for a car loan application in advance can save you a lot of frustration when you approach a lender. Know the basic requirements and work towards meeting each one.

The majority of individuals who live in Australia will need to drive a car at some point in their lives. A car is the second most expensive purchase that an individual will make during their lifetime; the most expensive purchase is a home. Cars are extremely important to everyday living. Whether an individual lives in a rural area or a big city, they are going to need a car at some point to get from point A to point B. Since the majority of Australians cannot afford to pay for a car out right, they do well in to investigate car finance options.

A Little Information About Car Finance
There are different institutions that an individual can go to in order to find good car finance options. Banks can offer car loans, and the majority of car dealerships have car finance options as well. Before an individual decides to buy a new or used car, they do well to find the most affordable option for their purchase. There are different terms and conditions that come with every car finance option, and those conditions should be thoroughly understood. Generally, the better an individuals credit, the better their interest rate will be.

How To Look For Good Car Finance Options
An individual does not have to wait until the day that he or she purchases the vehicle to investigate the different car finance options. There are various companies that offer car finance options online, and all that an individual has to do is go online and apply for a car loan. In that way, he or she can know exactly how much that is going to have to be paid for the loan. By using the numbers, an individual can also know how long it will take for them to pay off their loan. He or she can also see if there are any options to pay the loan off quicker. Learn more about Car Finance at Stratton Finance www.strattonfinance.com.au/car-finance/options/car-loan.aspx

Alternative Car Finance Options
When it comes to car finance, not everyone wants to have to get a loan. If an individual has friends or family members who are willing to give them a personal loan, then he or she can possibly get an interest free loan from them, there are generous individuals who offer personal loans to people in need online as well. These individuals will offer a low interest loan, or they may even offer a loan with no interest at all. It is wise for an individual to look into options that have zero interest. In that way, he or she can get the car paid off for less.

Regardless of how an individual decides to do his or her car finance, he or she does well to get informed before making any purchase. Not only is it wise to find information about the right type of car for a budget, but it is also savvy to investigate car finance options.