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Do I have to have a certain credit rating when applying for a Novated Lease in South Australia?

Do I have to have a certain credit rating when applying for a Novated Lease in South Australia?

To get a Novated Lease in South Australia you will need to firstly be approved on a finance contract called a Lease. The lease is the only finance contract that can be attached to the Novation deed allowing you to Salary Package the car and benefit from the tax incentives. To get approved on a Novated Lease in South Australia is similar to most other finance contracts such as personal loans. However the leasing companies also take into account the large tax savings generated by the Novated Lease as well as the fact that your employer is paying for the car before paying you your wage. For these reasons, the approvals are more lenient than normal personal or car loans.

Below is our simple process and requirements to get an approval;

  1. Contact us on 1300 990 880 or (08) 8338 4427, come into our office at 288 Glen Osmond Rd, Fullarton or we can come to you.
  2. All we need is 5 minutes to collect information on
    1. Your personal details – Such as name, contact, Drivers Licence, address….
    2. Your car details – Make, model, year, price…
    3. Your employment details – Employer, phone number and address…
    4. Your financial background – Assets (what you own – cars, cash, house…) and Loans.
  3. Once we have this information you need to sign a Privacy Act Form which allows us to transmit this data to the leasing company and also allows the leasing company to check your credit rating.
  4. In most cases our leases are approved even is there are small paid defaults (poor past credit).
  5. Once we have an approval we are free to find the car and complete the documents for signing.
  6. Once the documents are signed we can settle the contract and you are free to collect the car.

The most important part of establishing a Novated Lease in South Australia is getting the finance approved or in most cases pre-approved before looking for the vehicle. The reason for this is that the approval process will let you know exactly what you can borrow and how much this amount will cost you from your take-home pay. Once you have the approval and the know the cost you will feel more confident in shopping for the car.

If you would like to get a quote on a novated lease in South Australia go to our Novated lease calculator or call us on 1300 990 880.

If you haven’t found your new car yet but know what you want to try our online new car buying site www.motorbuys.com.au. Motorbuys is designed so that you can choose the exact car in a few simple clicks. Motorbuys is the only site that allows you to choose the exact colour and accessories so that dealers can provide an accurate quote, so you can make a more informed decision.

To obtain a pre-approval on your lease click HERE