A pre-loved car is a great way to get into a vehicle for a lot less, but what about if you’d like to use salary sacrificing to put more money back in your pocket? At Metro, we help thousands of Aussies finance a suitable used car of their choice with novated leasing.
A novated lease, also known as salary sacrificing, is a three-way agreement between an employee, their employer, and a financier like Metro. You lease a vehicle to suit your needs, and your employer makes the lease payments from your pre-tax income. Those payments also bundle running costs such as insurance, registration, fuel and maintenance into one recurring amount, so there are no surprise expenses along the way. New to it? Our guide to what a novated lease is covers the basics, or explore novated leasing with Metro to see how it works.
Metro is a leading provider of novated leasing finance solutions to employees and employers alike, with a range of tailored benefits and rates to offer. To learn more about novated leasing at Metro, head to our dedicated info hub.
Novated leasing a used car with Metro couldn’t be simpler. Some of the great benefits our customers enjoy include:
When it comes to novated leasing for a second-hand car, Metro can fund vehicles up to 12 years old at the end of the lease term, so if you’ve got your heart set on a particular vehicle, get in touch and let’s chat.
Because lease payments including the vehicle and its running costs are made from your salary before tax, you could benefit from additional savings throughout the lease term by reducing your taxable income.
We understand there is no ‘one-size-fits-all’ when it comes to vehicle finance, which is why we work hard to tailor leasing options to suit the specific budget and vehicle needs of employers, their employees and their families.
Novated leases bundle all costs, including the vehicle’s ongoing insurance, registration maintenance and fuel, into one regular pre-tax payment – meaning easy, reliable budgeting for employees, and less paperwork and admin for their employer.
As an employee, by accessing the vehicle of your choice with novated leasing, you just have to focus on enjoying your new car, knowing that all other running costs are included in your lease payments.
Many savvy employers see novated leasing as a great value-add for their business and team members, with benefits that go beyond just a simple perk. Some of the main employer benefits of offering novated leasing include:
Now it’s time for the fun part! Enjoy your new car knowing that everything is taken care of by the Metro team, with lease payments made by your employer on your behalf from your pre-tax income (which may also result in potential tax savings). When you’re ready, here’s how to apply for a novated lease.
Metro is dedicated to helping Aussies make the switch to greener technology including electric and plug-in hybrid vehicles and chargers, with a range of financial products offering discounted rates and flexible terms for applicable vehicles. Find out why more Aussies are switching with electric vehicle novated leasing at Metro.
Don’t just take our word for it. See what our satisfied customers and accredited introducers have to say about their experiences working with Metro.
Yes, however there may be certain criteria that has to be met for a lease agreement to be made, such as the vehicle’s condition and age at the end of the lease period.
In order to be eligible for a novated lease with Metro, there are a number of criteria you will need to meet, including:
It’s always a good idea to talk with your employer and their chosen salary packager to understand if there are any fees you may be required to pay before you enter into any type of financial agreement.
Typically Metro will charge an upfront establishment fee of $330, as well as an Origination Fee up to $1,000 for its novated lease agreements.
At the end of the lease period, you will often have the option to purchase the vehicle by making any relevant final balloon payments, or you could even potentially extend the lease for a further term. Speak to your salary packager about what options may be available to you.
In most instances your lease will carry over to your new employer if you change jobs and your new employer offers salary sacrificing, however whatever the circumstances it’s important to let your novated lease provider know about any changes in employment status right away because it can affect your lease agreement, and may require adjustments to payments.
Start a conversation with one of our friendly team members to find out more about novated leasing at Metro or speak with one of our trusted brokers or salary packager introducers to get started.
