You might have heard about novated lease deals, and now you are looking forward to benefiting from such arrangement and get your dream car. However, you might have questions about how much you will save and why you should get into such deals. Well, if these are your questions, then this article will help you get the answers. The first and obvious benefit you get from a novated lease deal is the fact that the deduction on your salary is made before tax.
It means that you will get more money in your bank since you will have lesser tax. When it comes to the actual savings, the best way to know how much you can save is to use the novated lease calculator. It is an online tool that is available for free and can help you determine the number of things after which you can decide whether the deal will work for you or not.
Keeping in mind the FBT changes and your salary, the novated lease calculator will help you calculate the following:
* Interest rates
* Indicative repayments
* Residual value
* Benefits of short term and long term loans
The novated lease calculator makes use of some suppositions and then will assist you in knowing the best repayment scheme that suits your needs factoring your salary package.
Benefits of Novated Lease
* It gives you flexibility in the choice of car type and the lease term
* Lowers your tax and hence you take more money home
* It provides budgets for fuel, insurance, maintenance, and registration
* It makes it easy to own a new car
* It saves on GST
How Novated Lease Calculators work
As mentioned above, novated leases calculators can easily be found online which makes the tool accessible. Using the calculator, you can secure a loan with the best financial terms available. A good novated lease calculator comes with a functional loan comparison software. For the calculator to give the best results, it needs the following
* Price of vehicle
* Interest rate and time
* Loan and a standard amount
* Concessions and discounts available
* Annual income or basic salary.
* Maintenance charges
When all the data are entered, the calculator presents a comparative statement of the proposals available from different money institutions. It will also calculate the interest, depending on the value of the car and repayment scheme. After working out probable discounts, the calculator shows the monthly repayment loan amount. The best thing about the novated lease calculators is that they are user-friendly and so you need no one’s help to use one. As long as you have all the inputs (the required data), using the calculator is easy.
If you are looking forward to benefiting from a novated lease deal, then use Novated Lease Calculator – VehicleSolutions.com.au. Their novated calculator is available online and very easy to use. With this, you can calculate your savings as well as quickly determine the most affordable car based on your salary package.
It is a useful tool that you need to use before getting into ant novated lease deal. What more is that they will help you get your dream car since they are professional car dealers and through the novated lease deal, they will help you finance your dream car. Visit their site for more info.