Keep the car you love and get the benefits!
A very uncommonly known way to get a novated lease is to buy the car you already own or have under finance. This is commonly known as a re-novation, sale and buy back or sale and lease back. They are all essentially the same thing with just a different name.
They work quite simply. If you have an existing car you would like to keep, you can structure your novated lease as a sale and lease back. You agree a price for the vehicle with the bank or financier and then on settlement and the beginning of your novated lease, instead of the funds going to a car dealership or private seller, they go to you or your existing finance provider.
Then, you simply pay the financier back over your selected novated lease term and the novated company will take over your servicing and fuel accordingly!
Pretty cool!
The normal conditions of a novated still apply like proof of income for the fiance + the car can’t be older than 12 years at the end of the term etc.
Some of the benefits of a sale and lease back are:
– You get cash like you have sold it privately but you get to keep it
– The tax benefits of a novated lease
If you have an existing car and are thinking about a sales and lease back, reach out and we will put you in touch with a novated expert today.
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.
