Good Day Team,
I am working towards getting a novated lease setup thru work and I am trying to find out what interest rate the finance company is charging me for.
FBT base Value is around 29K and monthly lease payments are 1192 ex gst $1300 incl gst with residual of 17.6K ex Gst - 19k incl gst.
I can choose an alternative finance provider other than directly from lease company but the process is not that easy to go thru.
any help/suggestions in this regard would be muchly appreciated.
Thats an awesome calculator! It's great that you can compare novated lease with cash. Most other converters just compare with other types of finance options.
Yeah, I like using it as a good example. Yes, I work for Toyota but that isn't promoting their services, it's just allowing it to be transparent.
I hate the lease quotes that don't even say what you're paying for the car itself, and instead use FBT value.
And the other thing about the calculator is it explains every cost and what it includes or excludes :)
Thank you Spackbase, One year lease only.
I daresay they're charging ridiculous interest (which happens when they don't have to show it on quotes).
If it's a new car, go into a dealership and enquire with their Business Manager about their lease options, and get a quote for the identical inclusions, and compare them
@spackbase, Taking over the lease from my wife's lease as it ending. Just did the numbers and it's closer to 12%.
Try chucking details in here
$29k base value and $19k residual… are you only leasing for like a year or something?