Some things to consider if you have bad credit when looking at a Novated Lease
At the end of the day a novated lease is a financial product and to get a novated lease you need to pass the credit criteria of the bank or lender providing the money to buy the car. So sometimes if you have had some credit issues in the past, it can cause a bit of a roadblock when you apply for a novated lease.
Here are some tips and things to consider before you apply if you have bad credit.
Just remember, every situation is different and these are just general tips so if you are concerned, speak to a credit professional before you dive in and start applying for things! If you apply and get declined, there will just be an unnecessary hit on your credit file that won’t help moving forward.
It is important to be open and honest. Having something on your credit report doesn’t instantly mean you will be declined. Your novated leasing consultant will be able to help you through the process and give you the best chance of getting approved and getting a good deal. Not telling them if you know you have something on your file won’t help anyone.
Plus, things happen! We all know that. All of our novated leasing partners are personable legends that won’t make you feel anything other than supported and respected throughout the whole process
If you aren’t sure and may be concerned there is something on your credit file, it is best to just check! Getting a copy of your credit file is free (you get one free copy a year) and it is easy to request.
Then, you will have all of the facts in front of you so you can make an informed decision and understand your own situation properly.
There are heaps of places now offering free credit checks however the biggest reporting agency for personal credit information is Equifax.
If you have existing credit, make sure you do your absolute best to make all of your payments. If there is something on your credit file, banks and lenders may consider looking at your current conduct to see how you are managing your money. If you are making payments on time, it shows you can manage your money. If you are missing payments or always late, it isn’t a great look when you want more money to buy a car.
While the payments for a novated lease might be sent from your employer to the leasing company to then pay the lease payments, you are ultimately responsible. If you are ever worried about anything during the application process just make sure you speak to your novated leasing provider, be open and honest and you will be on track to get the best outcome in your situation.
Find out exactly what a novated can do for you! Request a quote today, speak to a leasing expert and they will prepare a free quote so you can see the numbers in black and white.