Novated lease

A novated lease is a three-way contract between you, your employer and a leasing company. It lets you have a car but your employer pays for it. The leasing company buys the car and then loans it to you. You pay back the loan with money from your paycheck. Your employer takes the money out of your paycheck every month to pay for it instead of you having to pay for the car. You pay for the car out of your paycheck so you don’t have to put a lot of money upfront for the car. At the end of the lease, you can usually buy the car or start a new lease.