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Easifleet offers a range of car financing solutions for your business, including novated leases and salary packaging. You can choose from a variety of cars that are on offer including brands such as Toyota or Holden, and see how much the fully maintained vehicle will cost you per fortnight.
Find out about the different leasing options that are available through Easifleet and if any might suit you.
How does leasing a car through Easifleet work?
Once you select the car that you want for your business, you simply send in an application and a customer representative will take you through the rest of the process. Lease terms are flexible and allow you to borrow a vehicle for a minimum of one year and a maximum of five years.
Simply submit some personal details, explain whether you’re leasing the car for your business or your own personal use, and you’ll have your car at a discount for the duration of the loan terms. As Easifleet offers a discount and allows you to get the vehicle for cheaper, this can result in savings of up to $6,000, according to its brochure.
What types of business car leasing does Easifleet offer?
Easifleet offers a variety of leasing options that can meet your needs, whether it’s for business or for pleasure. The options are:
- An operating lease. This is an easy option for your accounting team, as the cost of the car is fixed and comes out monthly. Once your loan term is up, you hand back the vehicle at no extra cost to you. This is a fully maintained vehicle lease, which means that the registration, fuel and general maintenance of the vehicle is taken care of by Easifleet.
- A finance lease. This lease includes a revolving line of credit so you’re able to make your repayments as well as an Australian Tax Office (ATO) residual that your business is liable for at the end of the lease. This means that the vehicle is accruing tax and you’re footing the bill.
- A chattel mortgage. A chattel mortgage is where funds are advanced to you from a third party company, but you retain ownership of the vehicle at the time of purchase. The offer from Easifleet provides a zero residual or a residual tax of your choice. This puts you in control of the amount you have to pay each month and this can be tailored to suit the cash flow of your company. However, you carry the risk that comes with owning this vehicle.
- A commercial hire purchase. A commercial hire purchase is where you are able to rent a vehicle from Easifleet for a fixed cost per month over a set period of time. This option has all of the benefits that are offered through Easifleet, such as a revolving line of credit, large discounts on fuel, maintenance and servicing as well as the easy application process. However, there are different GST rates that are applied with this leasing option and it should be spoken about to your business accountant before any final decisions are made.
What features are on offer?
There are various features on offer that are there to benefit you. These features include:
- A straightforward monthly fee. The fees that you have to pay throughout the loan are explained in your quote. This fee will vary depending on whether or not Easifleet is in charge of taking the payments out of your salary as well as creating your lease.
- Varied loan terms. Loan terms start from one to five years.
- Flexible repayments. Although payments are made monthly, you’re able to tailor the amount you owe depending on which lease you choose. For example, if you choose a chattel lease with Easifleet, you’re able to tailor the repayments to meet the cash flow of your business.
- Both fully maintained and non maintained packages are offered. If you’re just looking for a car and you don’t mind taking care of the running costs that go with it, you’re able to choose a non maintained package through Easifleet. This just means that you pay what is owed to lease the car and are responsible for fuel and servicing of the vehicle, just as you would with any other car.
- Reduced taxable income. As the payments for your business vehicle come out of your pre-tax dollars, this means you are left with a reduced taxable income as well as a higher net salary overall. This is only available for a novated lease.
- Variety of choice in vehicles. When selecting a business vehicle, you’re able to choose whatever vehicle you want. Easifleet has a variety to choose from on its website, but you are able to choose from whichever vehicle suits you. If you’re overwhelmed by the freedom of choice, Easifleet offers brands such as Toyota, Hyundai and many more to choose from, with the costs laid out for you to see.
- Straightforward costs per fortnight. If you’re choosing a vehicle through its website, Easifleet has outlined what it would cost you to lease the vehicle for a fortnight. However, this is only available for some vehicles.
- All costs are budgeted for. You’re able to benefit from discounts in fuel, roadside assistance, tyres, registration, driver training and online services which you can utilise as often as you’d like. There are also discounted servicing and maintenance which is given to you at fleet discounted prices. So you don’t need to worry about the cost of fuel or other general costs that come with running and using a vehicle.
- Flexibility in leasing and salary packaging. If your employer doesn’t offer salary sacrificing or doesn’t have anything in place, Easifleet can take care of this for you and work with you in order to take care of your car lease and your salary packaging. This offers peace of mind as you know your car is being paid off through your salary despite your employer not offering it initially. Easifleet will only make deductions from your salary if you agree to this beforehand.
How much does the loan cost?
The only fee that’s associated with a novated lease is the monthly management fee, which is included in the quote of the vehicle that you want to lease. This fee is dependant on how your lease is set up and whether Easifleet takes care of both the lease and the salary packaging of your car. The fee that will be charged for privately leasing a vehicle through salary packaging is $45 a month. There are fees associated with other types of leases, but this will be known to you once the final invoice is sent over from Easifleet.
However, some fees you can expect to incur while leasing a vehicle include
- Direct debit dishonour fee. This is charged when an organisation tries to take out the funds owed to it, but is unable to get the money.
- The cost of tolls. Easifleet send these directly to you if you incur a toll or a fine, as it’s not Easifleet’s responsibility to pay for the fines and tolls that have been incurred while you’re driving the vehicle.
- Cost of fuel and servicing. Although you get a discount through Easifleet, you still have to pay for these things yourself in order to keep the car running smoothly.
How to apply for the Easifleet business car leasing loan
In order to be eligible for a business car lease through Easifleet, simply click on “Go to Site”. You will have to supply the following information to find out if you’re eligible:
- Your name and email address
- Whether you have an Australian Business Number (ABN)
- Whether you’ve been operating for more than 2 years
- If you have relevant industry experience
- Any property you own
- Your previous year’s net profit before tax
- Whether you are replacing a vehicle and, if so, how much per month you were paying
- The monthly estimated rental cost you will incur
Benefitting from a reduced cost in leasing a car for your business is always ideal. So it’s important to consider all the business leasing services that might meet your needs before making your decision.
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