If you’re looking for a way to use a vehicle without owning it, car leasing is something you might want to look into, its not quite the same as low income car loans. This commercial financing product is open to both individuals and businesses. In the arrangement, the provider will buy the vehicle and then have it leased to you for a specific term. The length of time you will be leasing the vehicle could range from 1-5 years. The arrangement also involves residual payment by the end of the term, should you decide to own the vehicle.
Car leasing makes for a good tax solution that offers the possibility of claiming the full monthly payment for the lease as a tax-deductible.
Car leasing with MoneyScout
MoneyScout is a lender finder that can help connect customers who are interested in car leasing with the right commercial lenders. We have commercial consultants that can help you get connected with some of the major banks and a wide range of reputable non-bank providers who can offer you the best car financing rates and terms whether you prefer a fully maintained or standard car lease.
Our online lending process ensures quick approval and settlement. Most of our customers do not have to wait that long before they can drive away with the vehicle of their choice. Below are some of the things you can expect if you decide to sign up for car leasing with SameDayLend.
We work with providers that offer car lease structures that come with set repayments every month. This goes on for the duration of the term. With this, it will be so much easier for you to work on a budget to ensure that the rest of your finances are going to be well-managed the whole time.
Simplified and fast approval
We have made the whole application process easier and faster to ensure that approval is not going to take a long time. The whole process is done online, making it an even more convenient option for you.
Full maintenance options are available for customers so the repayment will be inclusive of the finance as well as the running costs of the car.
Minimised tax bill
You can enjoy the benefits of a reduced tax bill with car leasing through SameDayLend. Our consultants are going to offer you all the assistance and guidance you need to make the most of the arrangement.
No deposit necessary
There’s no need for you to make a deposit just to get approved for car leasing. Approved applicants also get the chance to get approved for 100% of the car lease.
Signing up for car leasing
Know the specific car leasing requirements
To find out whether car leasing is ideal for you, make it a point to talk with your accountant first. He will take your financial circumstances into account to find out whether it is going to work well for you. Once he deems that it is, then you’ll have to decide
You’ll want to compare quotes from several providers before making a choice just the same as you would when taking out a personal loan. At MoneyScout, this is made so much easier because we are partnered with some of the top names in the financing scene. We can help you make comparisons with other lenders across the country instantly so we can present you with no less than the best offers. Whether you want to look at shorter terms, lower residuals or a whole host of other options for your specific preferences, we can help.
Send an application
After you have set your sight on a specific quote, you’re ready to submit your application details. Our application is 100% online and is streamlined to ensure the most convenience on your part. It can be accessed and submitted from any internet-enabled device. Submitting the form shouldn’t take you more than 10 minutes where you can expect a formal offer within the same day.
Shop for cars
After the lease approval has been finalised, it is time for you to decide on a car, if you still have not set your eyes on one. An in-house broking team can assist you in finding a vehicle that works best for your needs, old or new.
Sign off the loan documents
After you have decided on a car, you will now need to get your loan documents signed off. The whole process is done online and only your e-signature is required. Often, the whole loan settlement takes place on the very same day as the documents are finalised.
Deciding between fully maintained or standard car leasing
The specific car leasing setup you choose will be dependent on your specific circumstances. If you want to drive but would rather do away with the usual hassle involved with insurance, registration and car maintenance arrangements, then you can sign up for a full-maintained lease. This option provides you with a low-admin and very convenient way of using a car. In a way, it works very much like a car hire but for a short term because it takes care of everything from registration to insurance to maintenance. The costs involved will already be incorporated into your monthly payments. It is common for agreements to have a term of 1-5 years. After the lease ends, you just hand the car back and you will no longer have any obligations whatsoever. For business owners, fully maintained car leasing is beneficial due to the tax benefits and budgeting ease it presents. You do not really own the vehicle which makes it an expense. As a result, it can be claimed against your tax bill. You do have to make sure that it is operated within set kilometres of travel, however. Also, it must be in good condition when returned. In addition, you won’t have to deal with depreciation risks at the end of the term. You won’t also have to worry about its resale value as well as selling it once the term ends.
Fully maintained car leasing
- Maintenance is arranged by the lessor and included in the regular payments
- Monthly payments already include rego
- Car leasing costs are tax-deductible
- Breakdown assistance is included in the lease payments
- Insurance costs are incorporated in the monthly payments
Non-maintained car leasing
- Arrange car servicing on your schedule, within recommended intervals
- Tax-deductible costs
- Register the vehicle on your own
- Source and sign up for insurance yourself
While a fully maintained leasing setup offers the most convenience along with ease of budgeting, it will be costlier. Other people also have an issue about how it seems to take away their freedom in terms of sourcing insurance and servicing. It is common for larger-fleet companies to go for fully maintained car leasing as this does do away with the headaches often attached to admin work.
Low-doc car leasing
If you’re concerned about not keeping your financial documents up to date and how it might affect your chances of getting approved for car leasing, a low doc car lease will work for you. Through this arrangement, providers will look for alternative elements by which they can determine the specific financing your business or yourself as an individual can qualify for. Low-doc leasing is ideal when you have a new business, so you won’t have the required tax records in signing up for standard leases. This is also ideal if you wish to upscale and want to invest in equipment and vehicles. Instead of looking at your financial records, lenders will consider your business or personal credit history instead. Our brokers at MoneyScout will help ensure that the car leasing options you are presented with will be most ideal for your needs.
Tax and car leasing
When determining whether to buy or lease a vehicle as an employee or for your business, always look into the tax implications of such a move. Selecting the right car financing option will make a whole world of difference in the amount of tax you will be required to pay which can then have a considerable effect on your cash flow. When you budget, always look into maximising the vehicle’s value to your business. Remember that personal uses cannot be tax-deductible. See to it that vehicle use is properly accounted for too when filing tax returns.
Employees are prohibited from claiming any tax deduction on leased vehicles that they use for travel from home to their workplace. This is considered private use, after all. However, if the job you do requires you to drive often while using the car, then it is possible to make a tax-deductible claim when certain conditions are met. Always speak with your accountant in the event that you are not too sure about the tax implications of your car leasing arrangement.