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blog large image - The Pros And Cons Of Leasing Vs Financing A Car

The Pros And Cons Of Leasing Vs Financing A Car

Before you head into our showroom, understand and recognise the pros and cons when it comes to leasing versus financing your next car. By educating yourself on the best option for your personal circumstance, you’re ensuring you’re perfectly positioned to make the best decision possible.

Whether it’s a brand new Tucson SUV for family adventures or a trusted iLoad van to better your business, there are strengths and weaknesses to both leasing and finance. Scroll down to learn more on why and how you can access either option.

Why should I lease a car?

To put it simply, leasing a car can help cut down your taxable income and/or claim back GST. 

Increasingly in Australia, leasing is a popular alternative to buying outright or financing a new car but remember that like most things, it’s not for everyone. If your employee offers you the opportunity to lease a car, this may allow you to:

  • Cut down your taxable income

  • Enjoy a brand new car with pre-tax payments

  • Convenient monthly payments

  • Insurance and servicing handled by a leasing provider

As an employer, the benefit of offering leasing options to your employees includes:

  • Hire purchase finance

  • Chattel mortgages

  • Claiming back GST upfront

Mantello Hyundai’s Finance and Fleet Departments offer decades worth of experience in leasing – whether it be for yourself or your business – so if you need help, don’t hesitate to get in touch.

Remember, you have to be eligible for car leasing. The options when it comes to leasing include novated leasing, operating leasing and finance leasing

How do I lease a car?

If your employer already offers leasing options, then Mantello Hyundai can help you find your dream Hyundai for a competitive price! 

If your employer doesn’t currently offer leasing, don’t despair. There is every chance that the situation can change and you can help push it along by sending them a link to this blog. Education is the most valuable asset!

Why should I finance a car?

Financing a car, as opposed to owning it outright or leasing, is a viable option when you’re looking for a new [or used or demo] vehicle but don’t necessarily have all the funds needed to close the deal.

Depending on your circumstance, needs and budget, approval can be as swift as the same day and in essence, everything is sorted right there and then [whether that’s in the showroom or at the bank]. Finance can also be fine-tuned and personalised to suit your unique wants, whether it be personal or business.

You may be interested to know that the most common financing arrangements nowadays are chattel mortgages and consumer credit loans, which are secured on the car.

How do I finance a car?

When you’re ready to finance a car, you’ll want to follow these steps:

  1. Check your credit rating [so you can see how well you’re placed for approval]

  2. Review your budget so you can recognise how much you can afford to pay [per week/fortnight/month]

  3. Understand what extra costs come into play when securing finance [including interest rates and loan fees]

  4. Research what car you want [know the price range, it’s competitors, fuel economy, safety features etc.]

  5. Compare lending rates to find the best deal

  6. Head into our showroom to explore stock and arrange a test drive

You can either choose to finance through the dealership or through a lender [for example, CBA or NAB]. If you’re unsure though of how to start or who to trust, it’s always worth speaking up! 

Mantello Hyundai’s expert Finance Department is here to help. Give us a call or use our free Finance Calculator to start crunching the numbers.

Hopefully that’s cleared the muddy waters on whether finance or leasing is best for you. We understand though that as exciting as a new car can be, the definitive decision can be overwhelming. With that in mind, remember that your trusted Mantello Hyundai team are on hand in-store, online and over the phone, six days a week [Monday to Saturday] to help. 

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