(Newswire.net — October 6, 2018) — It is quite a well-known fact that there are countless automotive lease companies operating in the market today. However, you need to be careful and you must know how you could identify a bad novated lease provider. Here are some really effective tips to help you differentiate between the good and the bad novated lease providers.
What Do You Understand by a Novated Lease?
Before exploring the expert tips, let us find out what is novated leasing all about. A novated lease is actually, an agreement which is made between your employer, you, and a finance company. It is the most cost-effective and easiest way of buying or owning a car. Moreover, you would not require earning a senior level executive’s salary. A novated lease is all about:
- Making tax savings, as well as, discounts on your vehicle and associated running expenses.
- Bundling finance and also, the running expenses into one single easy payment every month on payday.
- Leasing a used or a brand new car.
- Choosing the lease term which would be suiting your budget.
What Are The Different Types Of Novated Leases?
Fully-Maintained Operating Lease: This sort of a lease ensures that each and every operating cost for your vehicle including registration, tires, insurance, accident management, and fuel etc. would be managed properly on your behalf. These are included in your salary package.
Non-Maintained Operating Lease: The non-maintained operating lease implies that you would be responsible for the entire vehicle maintenance and all associated running costs.
Signs of a Bad Novated Lease Provider
They Are Marked by Lack of Transparency
Good novated lease companies usually are very transparent about the interest and other details. However, you could easily identify a bad novated lease provider as they would not be willing to tell you upfront. So you must do your homework and research and confirm facts in case you have any doubts before you sign the contract or agreement. You must not hesitate to ask as many questions as you want because you are shelling out the money from your bank.
They Have Less Access to the Financiers
You could determine the actual status of a novated lease provider simply by examining how well-connected the company is with the financiers and if they are having easy access to ten or more financiers. If they are well-connected with several financiers they could be curating the best deal for your unique circumstances. A bad company would be lacking access to so many financiers and they would be hiding vital facts like the financier who is offering the best deal.
They Come Up with Unrealistic Quotes
Bad novated lease provider gives you unrealistic quotes without even trying to evaluate your personal circumstances. This way, you would miss higher savings opportunities. You must never hesitate to ask for quotes. Do not forget you would be relying on that car for the next decade or so. You must do ample research and gather other reliable quotes. Compare the quotes meticulously and take a well-informed decision.
Conclusion
A bad novated lease provider has inefficient service networks while a good one would provide a comprehensive and competent servicing network to assist you all the way. Bad companies rely on unreliable and inadequate networks leading to exorbitant long-term maintenance expenses with little to no guarantee of competent and quality services. Be alert and recognize the signs of a bad company at the very beginning and choose the best company.