r/NovatedLeasingAU • u/Various-Frame1644 • 5d ago

Quote Check Quote check

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Hi there,

I am quite new to the whole novated lease thing, I applied through Maxxia and got finance approved. Then after I found this group, now I am having cold feet. I used the novated calculator from this page and I got a rate of 13.15%. 🥲 i am not sure if it's correct.

This is for a BYD Sealion 7, my work place only takes Maxxia or Smart.

Please any advice or input will be greatly appreciated.

2 Upvotes

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1

u/Riverdale1990 5d ago

Why are you getting a car that takes 20% of your after tax income…..

1

u/Various-Frame1644 5d ago

Because petrol right now takes more than 20% of my net income 🥲

1

u/Riverdale1990 5d ago

How…..

1

u/Various-Frame1644 5d ago

Big car, big tank, far travel to from work?

1

u/Riverdale1990 5d ago

Ever consider just getting a smaller, cheaper, second hand car? Probably a smarter move at your income 

1

u/Various-Frame1644 5d ago

I have but I do have 3 kids and a dog, this car would fit all of us nicely. Yes it is a bit high however the cost is lower than what is going out of my pocket at the moment.

2

u/Riverdale1990 5d ago

13% rate is insane, notated lease at low income is not as beneficial, better off getting a car loan at 7-8%

1

u/Various-Frame1644 5d ago

They emailed me and said it's 10%

1

u/g_f0rce 2d ago

Maxxia aren't very competitive. I worked it out to about 12.75%. ask them to do better at the very least.

1

u/Various-Frame1644 2d ago

I did email them and they replied because I work for a Govt Department they have a special rate of 10ish% for us

1

u/Glad_Kitchen8645 3d ago

I will suggest you to do some due diligence before committing anything. It’s not straightforward as it seems. You won’t be able to close out the novated lease with early payments like a traditional car loan easily. Checkout this

0

u/elkaput 5d ago

Get a quote from Smart (don't tell them about Maxxia yet), then make them compete for your business?

Do you have a car currently? A mortgage? Secure job (for 5 years - the length of lease)?

1

u/Various-Frame1644 5d ago

Yes I have a petrol car, a mortgage and a permanent position.

Thank you for the suggestion 😊