Selecting a Novated Lease Vehicle

Many Australians are realising the benefits of salary packing a car instead of going with traditional vehicle financing. The opportunity to save thousands of dollars across the term of the loan and effectively give yourself a tax cut is incredibly appealing. This article will look at the various options available to you when selecting a vehicle for your lease, we look at both buying new and pre-owned vehicles.

Once you and your employer have authorised the salary package schedule and after credit approval from the financier and receipt of a signed salary package schedule, the leasing provider will place the order with the successful car dealer.

Where you are acquiring a new vehicle, you have the following options:

1. Most Novated Lease providers will assist you in sourcing your vehicle. They will obtain their best price and advise you of the resulting salary sacrifice amount at the salary package schedule stage. This option is very advantageous as the novated company can do the often stressful negotiating and also leverage their buying power to get you a better deal.

2. You may choose to source the vehicle yourself. Your written request for the Lease provider to purchase the vehicle from your nominated dealer should accompany the Request for salary package schedule. The leasing provider will then prepare your salary package schedule on this basis.

3. You may obtain a written quotation from your dealer of choice and provide this to the Novated Lease provider with your request for a salary package schedule. The lease provider will not disclose the quotation, but will obtain alternative quotations. The best price will prevail and the Novated Lease provider will advise you of the order price during the salary package schedule process.

Owned & Second Hand Vehicles

You can Novate second hand vehicles, a few rules apply around the finance and you should contact your novated provider to discuss this prior to committing. The second-hand vehicle being financed under a Novated Lease arrangement must be in good condition and up to date with the manufacturer recommended servicing.

It must also be registered at lease commencement. Vehicles must not be older than seven years of age at the lease end date. Prior to finalisation of the salary package schedule and before the financier settles the finance on your lease, owned and second-hand vehicles will require a full mechanical inspection at your expense. Please check with your account manager to find an authorised inspection centre.


Article Source: Jack Haymaker

Vehicle Finance - Vehicle Financing Options For Blacklisted People

Getting Vehicle Finance If You Are Blacklisted or have Judgements

Getting finance for a vehicle is no easy task if you have been unfortunate enough to pick up judgements & you have subsequently been blacklisted.

In fact trying to secure credit through the usual mainstream banks and finance houses will be very difficult if you have been blacklisted - in fact it's safe to say that you probably won't have any success at all.

However what really matters is how many judgements you have listed with the ITC and how many black marks you have against your name.

Obviously the more black marks on your credit record the more you will be seen as a risk by any lending institution.

What You Should Do Before Applying For Car Finance

Before rushing off & submitting your credit applications for car financing all over the place you should first establish exactly where & with which companies you have been blacklisted & whether you are listed as having any judgments against your credit record with the ITC.

So applying for credit at several companies will mean that if you have been blacklisted & have had an application denied recently this information will come up on your credit record which will probably mean that you will be denied straight away.

It is therefore worthwhile checking out your credit rating first & establishing exactly where you stand in terms of judgements & blacklisting so that these can be addressed prior to submitting your application for finance.

So Where Can You Get Vehicle Finance Even If You Are Blacklisted

Whilst you could come across many, seemingly, easy car finance options that could tempt you to sign up for.

It is however necessary to exercise caution when engaging with some lenders who could turn out to be loan sharks who may not be operating within the bounds & regulations of the Credit Act.

You therefore need to be very careful as, while a loan shark could seem to be a short term solution, entering into an agreement with such a lender could ending causing you an unnecessary amount of financial & legal trouble.

If you have the means available to you it would of course be wise to get some legal advice to try & get your name cleared which would put you in a stronger position when negotiating the terms of a credit agreement.

If however, you cannot clear your bad credit rating, all is not lost because you still have other options available.


Article Source: M Morgan Bellinger

Need Money For College? Consider a Car Title Loan

Let's face it - getting a college education is expensive for many people. While it would be nice if everyone could hit the lottery and pay for it easily, that's not how the world works.

According to the National Center for Education Statistics, the average annual cost of tuition, room and board for a college student is $17,633. If you are a full-time college student, you probably don't earn that much in an entire year. You probably have several other expenses to cover, as well, which may make it tough to keep yourself in school.

To make matters worse, you probably have little to no credit if you are in college. This could make obtaining a traditional loan difficult or even impossible. Even with grants and education loans, it may be tough to make ends meet.

What options do you have?

Consider a Car Title Loan

You may have heard of car title loans on television. They are also called u-drive loans, pink slip loans or title loans. The commercials may be funny, but a title loan can help you get through a serious financial matter.

A title loan is a loan that is given based on the value of your vehicle. Even though you are in college and may not have a lot of money, you may own a vehicle. If this is the case, you may be able to get a loan based on it.

How it Works

To obtain a title loan, you can take your vehicle's title and a few other relevant documents and items to a car title lender. The lender will assess your vehicle's value and may offer a loan based on it. Some lenders will offer up to 50 percent of the value.

Car title lenders often offer loans without running a credit check. This is key, as your credit history won't be of concern in many cases.

Also, note that car title loans are usually processed much more quickly than traditional loans. Car title loans are typically processed on the same day that they are applied for, meaning that you could walk out with cash in a relatively short timeframe. This could be important when it comes time to purchase books or to pay an urgent tuition bill.

You'll typically have to provide some minimal income verification. This may include a pay stub from a part-time job or another verifiable source of income.

How Will I Get Around?

Most car title lenders require the borrower to hand over the title, not the vehicle. This means that you'll probably hold on to your vehicle for the duration of the loan.

In this case, the only way that your vehicle will leave your possession is if you do not repay the loan properly. This happens 4 to 8 percent of the time, so the odds are very high that you'll avoid this situation. Still, it is important to borrow just enough to cover your expenses and make sure that you can pay it back on time.

Conclusion

College education may be overpriced these days, but it is a reality that you'll have to deal with if you hope to get a college degree. With this in mind, consider a car title loan as one of your borrowing options, especially if traditional lenders have shunned you.


Article Source: Clay Wyatt