Sunday, July 6, 2008

What Types of Cars Can You Novate?

A broad range of cars can be novated.

You can novate a new car - either sourced by you or by the novation company.

You can novate a used car. The used car can be purchased:
- through a LMCT (Licenced Motor Car Trader) dealership;
- from a private seller; or
- from yourself! (your own car) *conditions apply

Yes, you can ask the novation company to organise the purchase of your own car by the financial institution, and then arrange to have the vehicle leased back to you through a novated lease. This was a particularly popular method of novation when interest rates went up and people wanted to move the lump sum they had invested in their car on to their home mortgage.

*The amount paid for your car will be determined by an evaluation obtained by the finance company and the novation company.


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Adam Reedy said...

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