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If your employer gives you the option to salary package your car, a novated lease is usually the best finance option. With a novated lease, the choice of car and dealership is up to you. The financier simply acquires the car on your behalf and then you lease it from them.

You novate the lease to your employer, who takes on all your rights and obligations under the lease, including the responsibility of meeting the lease rentals.

The contract is in your name and you remain the registered owner throughout the lease. If you leave the company, you keep the vehicle and take over the payments or get your new employer to make the payments.

A chattel mortgage allows companies and business professionals to purchase goods such as motor vehicles or boats in a more cash-friendly way. You take ownership of the goods on delivery and the financier secures the loan by registering a charge over them.

A finance lease allows companies and business professionals to purchase goods such as motor vehicles in a more cash-friendly way. The Financier purchases the goods on your behalf and then leases the goods to you. You have use of the vehicle or equipment for an agreed time in return for a series of affordable rental repayments,

When the lease expires, you can choose to return the equipment to the financier who will then sell it in the market place (you would need to make up the shortfall if the net sale was less than the agreed residual value). Alternatively, at the expiry of the term the vehicle or equipment is available for purchase.

Commercial term purchase allows companies and business professionals to purchase goods such as motor vehicles or boats in a more cash-friendly way. The hire purchase agreement is a contract where the financier (the “owner”) gives you (the “hirer”) possession and use of an item of equipment in return for regular payments. When the final payment is made, you own the goods.