Novating your current vehicle

Posted: 13/03/2012 By: Rory Deegan

Not many people are aware that you are in fact entitled to a novated lease even in cases where you have already purchased or own a vehicle. Most people believe that novated leases can only be entering into prior to purchasing a new car. This is not true and in this article we will explain how you can novate your existing vehicle.

How is it set up?

Like any novated lease, people with existing vehicles simply need to contact the novated lease company and enter into a new novated agreement with all the normal credit checks and paperwork. The special case of handling an existing car instead of a new car within the novated lease is managed by your account manager. With years of experience in these and normal novated leases the Novated by Fleetcare team will have no problem working through this.

If you have an existing finance arrangement

For those who have vehicles on existing finance packages, we can help. We refinance the vehicle and include all running expenses within the novated lease. We essentially bundle all your car costs into one like in any Novated Lease. GST is also saved as within the re-financing process this is paid for by the financier.

Wrap up

Even though the standard advice is that as long as the vehicle will be under 8 years old at the end of the lease it should be noted that this is also not an unmoveable rule. If you are ever in any doubt as to the viability of a novated lease in your unique circumstances the advice remains that its best to call and ask direct.

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