Planning One’s Vehicle Purchase – Problems Associated and Related Factors!
Tuesday, July 17, 2018, 6:00 AM | Leave Comment
Purchasing one’s dream car is a cherished desire of many people. Sometimes due to financial or budgeting issues, it becomes difficult to buy the vehicle of one’s choice.
But if a person is determined to buy a personal vehicle, then there are options available for purchasing the vehicle of one’s choice.
Several financial services will make the whole process cost-effective and simple. You just need to find the right one:
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Problems associated with public transportation
Having a car allows one the freedom to commute from one place to another without thinking about the hassle of travelling by public transport. It is true that there are many options available under public transportation services, but if a person has their own vehicle, then he/she doesn’t need to worry about knowing the schedule of the commute services and can also avail the opportunity to travel at one’s leisure.
If a person has to depend on public transportation, then he/she will need to modify the travel plan according to the availability of means of public transit. Therefore, there are many reasons to purchase a personal car.
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A suitable path available for salaried individuals in case of car purchase
There are many benefits to being a salaried person and working under a registered employer. One of these benefits is the aid that one can procure for purchasing a car as a paid employee.
Hence people who are salaried employees should take a minute to learn about Novated Lease before buying a car. This type of lease is a form of financial tool that will aid an employer to save tax as well as GST when he/she decides to buy a vehicle for personal use.
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Suitability of lease over loans
People are well acquainted with this type of loan. In case of a regular loan, one opts for taking a certain sum of money as credit from a lending agency and then uses it for buying the vehicle.
But in this kind of loan one will give a specific amount of money to the employer from their salary and that will cover all the costs involving the maintenance of the car. It implies that the deducted pay will become the capital for car maintenance.
Car lease service providers are professional experts who will formulate the salary package according to the type of car chosen a particular employee.
The lease is applied before the purchase, so the owner does not have to pay tax and GST on the chosen vehicle. The lease is a very significant form of aid that can be incredibly resourceful while purchasing and maintaining a car.
One should think about availing the lease option because while driving a car there are multiple types of issues that need to be fixed through capital investment and doing that numerous times will reduce the funds considerably.
But if the car owner is a salaried person who has chosen a novated lease, then all such costs are pre-deducted, and there is no need to worry about capital for vehicle maintenance.
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