So, you have had a few hiccups on your credit file but you still need to update your vehicle. It seems like an impossible situation with difficulty of getting to and from work with an unreliable vehicle which, in turn, costs way too much to service and repair. It can seem like an endless cycle of hand to wallet without getting ahead. A Novated lease could help you.
A Novated Car Lease is a cost effective way of getting into your next vehicle.
Employers know this, finance companies know this and you probably have an inkling also considering you are reading this. But like all finance-based products, there are credit checks and application criteria to meet.
Disclose, disclose, disclose
The most important thing to do is to disclose this bad credit information. Most banks aren’t fans of finding that item that you conveniently “forgot about”. Having an open discussion with your financial and fleet consultant at SPA is the right way forward when looking at a novation. Some clients even prefill in their applications online so that SPA can help you work on the preferred term and overall affordability and running costs for your financial situation.
Taking ten minutes to have an open conversation can be the key to success rather simply another decline.
Before you start the process, it is important to consider the below items and how you have changed old expenditure patterns.
- Why did your last credit discrepancies occur?
- What has changed in your personal situation to ensure it doesn’t happen again?
- Are these discrepancies paid out as of yet?
- Are you prepared to work on your personal situation and change your expenditure patterns?
- What is your current expenditure on your current motor vehicle?
- Consider the term of the finance. The longer the term the more affordable the finance component will be from a budgeting perspective.
- The amount you are looking to borrow.
- The age of the vehicle that you are looking at.
- The model variant of the car. Do you really need the vehicle with a sunroof and leather interior?
- Your location. Many owners find themselves paying for unwanted repairs due to getting an unsuitable vehicle for their location.
Despite what you may have heard, leasing a car with bad credit can be possible. Our financial and fleet consultants are available to discuss your specific financial situation and will guide you through the process. Book with us today.
Plan your financial future with the right foot forward. Call Today 1300 786 664