Novated Lease – secured loan.
At Get That Boat Loan, we can help you find the right fully maintained Novated Lease. A Novated Lease is an agreement between, three parties, the employee, their employer and the finance company.
It operates by creating a Finance Lease Agreement between the employee and the lender.
A Novation Agreement is then entered into between all parties, which will transfer responsibility for the lease rental commitment to the employer during the lessee’s period of employment.
In addition to the lease rentals some of the boat’s operating expenses are also able to paid with pre tax income; some examples are
- Comprehensive, Security Shortfall and Loan Protection Insurance
- Boat registration
- Fuel and oil
- Servicing requirements
Benefits of a Fully Maintained Lease
- Lease payments and operating expenses are paid with pre tax dollars
- Your employer makes the payments on your behalf
- Portable – if you change employers can be moved from your current employer to your new employer ( on approval by your new employer )
- Terms available from 12 – 60 months
- Choice of boat to suit individual needs
- The ability to offer more flexibility in employment packages to recruit better people
- No residual risks to the business
- Portable, so if an employee leaves the boat goes with them
As the repayments are made pre-tax, there may be some fringe benefit tax (FBT) implications, so it is recommended that you speak to your accountant and employer before deciding if a fully maintained Lease is suitable for your situation.
Speak to your friendly Get That Boat Loan specialist and let us help you find the right boat loan for you.