Get the car you want with pre-approved finance
Business car finance
Novated Lease
This type of finance is an arrangement between you, your employer and the financier (Commonwealth Bank). The agreement allows you to have full use of the car while your employer makes the monthly lease payments to Commonwealth Bank. The repayments are deducted from your pre-tax salary in addition to any applicable Fringe Benefits Tax, insurance and car running costs.
If you can salary package and want a car for either private or business use, a Novated Lease may be ideal for you1.
The benefits:
- You can choose the car your want within the guidelines set by your employer.
- You can use the car for personal use, take the car with you if you change jobs, and own it at the end of the novated lease term.
- Depending on your individual circumstances, it can be an effective way of lowering your taxable income, giving you a tax benefit.