Novated Lease - Fingo vs SG Fleet, Interest rates and Other factors

Megatron on 30/09/2026 - 12:54

Hi All,

In the process of buying a EV via a NL arrangement and I only have two options, Fingo and SG Fleet. I am seeking for some clarification and opinions if anyone with expereince can provide -

  1. Fingo vs SG Fleet - Any feedback
  2. Interest rates - this is the most challening one
  • Fingo says they used a 8.7% rate in their quote but reverse calcs suggest the effective rate is 11.5%. When asked the response was that the pricing includes "establishment fees & a Documentation fee" which is why it reverse calcs at a much higher rate
  • SG Fleet quoted 9.04% and it also reverse calcs at a rate of 9.04%
  • Technically, Fingo works out to be $60 a month more with a lower quoted rate.
  1. If SG Fleet's 9.04% includes all financing costs, do you recon it is a good rate?
  2. Redundancy Insurance - To minmise risk, I am considering a redundancy insurance which is about $3.3k over the 4 year term as quoted in the quote. Are there any other cheaper options?
  3. Running costs budget - Is it better to budget them at the lower end or higher end of your needs?

Anything else I should be looking at to work it all out.

Automotive Novated Lease

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  • oscargamer on 30/09/2026 - 13:25

    Just go with SG.

    I have had 3 NL's with them. All EV's. Their numbers are pretty good. Don't get sucked into the extras (like minor damage repairs and all that snake oil)

    Redundancy insurance? that's up to you. get a quote from another body to compare.

    Their people are generally good, but their systems are pretty average. One department does one thing, then a second does another, but of course first team doesn't talk to second team etc….

    I doubt they are any better or worse than others.

    Running costs. Go for slightly more than you think. What's the car, how many years leasing and how many km are you planning per year?

    Also - you do understand what happens at the end of the lease?

    • 2
    • Megatron on 30/09/2026 - 13:28

      Thanks mate.. in my dealing so far, SG seems to be more transparent so I was leaning towards it.

      Don't get sucked into the extras (like minor damage repairs and all that snake oil)

      Yep, already removed all of those things.

      Redundancy insurance? that's up to you. get a quote from another body to compare.

      Any preferred providers you know of?

      Running costs. Go for slightly more than you think. What's the car and how many km are you planning per year?

      It is a Merc GLB EV.. still deciding which one of the two

      Also - you do understand what happens at the end of the lease?

      My understanding is, when the lease finishes, I pay the residual payment and keep the car.. anything else or other costs I should know about?

      • 0
      • oscargamer on 30/09/2026 - 13:45

        Is there anything I can say to change your mind on your choice of car? That is possibly one of the worst manufacturers there is currently. EDIT - and FUGLY ! just looked at it. But each to their own :)

        Are you arranging your own insurance? You should.
        Are you mainly charging from home or commercial?
        Do you know about the FBT and how it applies to the cost of your car?
        How many km/yr?
        How many years NL?

        • 1
        • Megatron on 30/09/2026 - 13:50

          The new GLB is a completely new platform and bigger size.. it has no relation with the old GLB. I have been a merc owner for 6 years without issues.. I know they depreciate quicker but at this stage EV resales values over 5 years are unknown. I dont like Tesla for it's minimalist approach and the Chinese EVs just dont drive as good. But happy to see what you are recommending?

          I will arrange my own insurance.
          Mostly solar charging in summers and a EV plan in winters.
          As it os FBT expempt, assume I dont have to worry about fbt?
          About 15k KMs per yr.
          I am going with 4 yr NL to minimise the baloon payment… and at the end I will decide if I want to keep it or not.

          • 0
          • oscargamer on 30/09/2026 - 13:58

            @Megatron: I won't recommend anything, as you are clear as to what you want. PS it wasn't Tesla

            Looks like you are all over it.

            Good luck.

            Do try a broker to get the price down. Don't automatically take SG's purchase price !

            • 0
            • Megatron on 30/09/2026 - 14:07

              @oscargamer:

              Do try a broker to get the price down. Don't automatically take SG's purchase price !

              Merc has a Tesla like pricing model, it is fixed and no difference between online pricing vs dealer pricing. The good thing is, they currently have a 4% NL discount.

              Good luck.

              Thank you :)

              • 0
              • oscargamer on 30/09/2026 - 14:14

                @Megatron: Just try a broker and see what they say. Nothing to lose….

                • 0
                • Megatron on 30/09/2026 - 14:18

                  @oscargamer: I never have so a recommendation would be helpful?

                  • 0
                  • oscargamer on 30/09/2026 - 14:23

                    @Megatron: Motorscout

                    Do reply back if they can better the Merc fixed price….

                    • 1
                    • Megatron on 30/09/2026 - 14:27

                      @oscargamer: Interestingly, on their web the first question is "what car are you looking for" and in the list there is no Merc or Tesla.. but they have the likes for BMW, Audi, Landrover.. so I can only assume that they dont deal in Mercs.

                      • 0
                      • Mechz on 30/09/2026 - 15:56

                        @Megatron: Merc doesn't do deals anymore. It's fixed price or nothing.

                        • 0
        • Drakesy on 01/10/2026 - 14:40

          I second that, the GLB is one of the worst cars in Mercedes' lineup.
          No one will look at you and go "that guys got taste"

          If anything it'll be - he's got the worst car out of the bunch and can't afford a proper GL.

          Save your money and buy an EV where you're not paying $30k for a badge.

          • 0
          • Megatron on 04/10/2026 - 23:20

            @Drakesy: With due respect, thats not right.. the GLB 250+/350 have no relation with the old GLB.. it is a much nicer looking car compared to the old model.. if you dont like the boxy look, then its not for you but plenty of people do like it.

            • -1
  • jv on 30/09/2026 - 13:23

    yes

    • 0
  • Iwantthebestprice on 30/09/2026 - 21:14

    SG - I’ve been with them for my last EV and used them a second time for my new one. Can’t fault them. Everything was transparent and I’ve not had to call them once to sort an issue out or follow up on anything. By the sounds of Fingo and how they don’t give the actual interest rate upfront leaves a sour taste in my mouth.

    • 0
    • Megatron on 30/09/2026 - 23:55

      Yep absolutely that about Fingo. Their responses have been vague. Another thing I asked both was what happens if Merc cant deliver the car before the 31st March deadline, SG was clear that they will cancel the lease with no charge while Fingo rep didnt provide a clear answer.. it was so vague, I have forgotten what he said.

      So I have decided to go with SG. Do you mind me asking what interest rate they charge you and when you signed up? Also, have you taken their Lease guard insurance, if yes, any suggestions?

      • 0
      • Iwantthebestprice on 01/10/2026 - 09:52

        I signed my last NL June 2025 and locked in 5.9% for a Tesla Juniper, but money was much cheaper back then and there was room to haggle, also it helped it was EOFY so they came to the party, interest rate started at 9% when we started to negotiate, so there is room to move. I agreed to use their vero insurance as the price was decent and I know they like that because they get a commission.
        Never used lease guard, I would do the math on what the difference would be if redundant and add to either pay out the lease vs paying at normal finance rates.
        There are a few options of what you can do with your lease if made redundant.

        • 0
        • Megatron on 01/10/2026 - 10:08

          There are a few options of what you can do with your lease if made redundant

          I havent asked SG the questions around it.. do you have any links you can share so I can read?

          • 0
  • ChickenA on 01/10/2026 - 07:52

    The biggest problem with NL is when you change job, you will need your new employer to take over. Will your new employer willing to sign an agreement with them? What if you don't have a job? How will the fees and interest be charged and you have to pay?

    I didn't use NL for my EV due to exactly these, as I do too many contract jobs

    • 0
    • Megatron on 01/10/2026 - 09:11

      Yeah I am not planning to change my job but from what I understand, most mainstream employers will be fine as all now have NL arrangements due to the EV demand.

      Redundancy is a risk in the current environment and that is what the Lease guard insurance is for. It will costs about $750a year but is a good peace of mind.

      • 0
  • Daisycogs on 09/10/2026 - 11:13

    The person I was dealing with at SG fleet was giving massive red flags. I then read their online reviews which were beyond awful.. I went with a different company. Check out the online reviews

    • 0
    • Megatron on 09/10/2026 - 11:16

      I dont have any other options due to who my company is contracted with.. I didnt get a good feel with Fingo, so the only option is SG Fleet :(

      • 0
      • Daisycogs on 09/10/2026 - 11:26

        The guy I had to communicate with at SG fleet with was so greasy. They will be very active with returning phone calls at first, and as soon as you sign the contract its a ghost town. https://au.trustpilot.com/review/www.sgfleet.com

        Call up your payroll/finance department because they may be able to work something out. Our company actually switched providers after people were raising the same concerns.

        • 0
        • Megatron on 09/10/2026 - 11:31

          My company is a premium customer so I assume we wont face those issues.. I had to escalate something to a manager related to contract (not signed yet) and the turnaround was pretty quick with great level of service provided so far.

          I know about those reviews.. Fingo has 5 start reviews but then my experience was completely opposite.. they were hedious, dont have the right products and are slowed to respond than SG Fleet.

          https://au.trustpilot.com/review/fingo.com.au

          • 0
          • Daisycogs on 09/10/2026 - 11:39

            @Megatron: wishing you good luck! hope its a smooth process for you :)

            • 1
  • Dollar General on 30/09/2026 - 13:01

    Finance a heavily depreciating asset. What could go wrong

    • -8
    • Megatron on 30/09/2026 - 13:25

      Ok - let me say what I heard someone else say on social media.. My body is the biggest depreciating asset and regardless of how much I care for it, it will continue to depreciate and is irreplaceable.. A car, sure it will depreciate, but it is replaceble with money. At least my body and brain would have enjoyed it and it might help with logevity of the body that we all work hard for.

      • 1
      • QuickToThePointless on 30/09/2026 - 13:26

        heard of this guy?

        • 1
        • Dollar General on 30/09/2026 - 13:45

          Your body and your mind should be an appreciating asset as you should be earning more each year for a vast majority of your life

          Perhaps you are doing it wrong

          • 0
          • Megatron on 30/09/2026 - 13:58

            @Dollar General: In economic and physical terms, the human body is a depreciating asset.

            Agreed on earning more, but then what is the use of earning more if you cant spend it on thing you want to enjoy in life?

            And if you are worried about the debt side of thing, I am fairly comfortable with it as it is a debt by choice, not out of compulsion.

            • 0
      • oscargamer on 30/09/2026 - 14:16

        Some depreciate faster than others.

        Ask me how I know :)

        • 0
    • QuickToThePointless on 30/09/2026 - 13:21

      If under the bonut things go bad one day you may find Car Engine Has Blown off!

      • 0
      • Megatron on 30/09/2026 - 13:24

        That is why an EV, no Engine to blow off.. Just a battery that could heat up and the heater may not be needed in winters haha

        • 2
        • MS Paint on 30/09/2026 - 14:15

          Are you telling me that EVs don't have motors? Well I'll be a monkeys uncle.

          • 0
        • QuickToThePointless on 30/09/2026 - 13:25

          EV has plenty of bits that can has blown off, friend - the engine is metaphorical, in this case.

          • -1
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