How Long Does It Take to Get a Novated Lease Approved?
The time it takes to get a novated lease approved can vary, with some applications processed in just a few hours, while others may take several weeks. Let’s break down the steps and what you can expect during the process.
1. Initial Approval
In some cases, novated lease providers can approve your application within four hours of submission, particularly if all the necessary documents are in place and you meet the eligibility criteria. This is ideal for those who are well-prepared and can submit everything quickly.
2. Document Collection and Review
Once the initial approval is granted, you’ll need to gather documents such as proof of income, employment verification, and personal identification. This step can take 1-2 weeks depending on how quickly you can collect and submit everything. Delays in providing complete and correct documentation can extend this timeframe.
3. Finance Application and Final Approval
The finance application process is the next step, which generally takes 2-4 weeks. This can vary based on the lender's processing speed, your credit history, and how soon the application is finalised. If everything is in order, this step can move faster, but be prepared for some waiting time, especially if additional checks are required.
4. Vehicle Selection and Registration
After the finance is approved, selecting and securing the vehicle adds an additional 1-2 weeks to the timeline. Vehicle availability, insurance, and registration processes also factor into this step, so it’s wise to stay in communication with your dealer to avoid unnecessary delays.
Overall Timeline
The entire process, from submitting your application to driving away in your vehicle, can take anywhere from one week to several weeks. Being prepared with documentation and quick decision-making on your vehicle choice can help expedite the process.
The time it takes to get a novated lease approved largely depends on how organised you are and the responsiveness of your leasing provider and lender. By having your documents ready and understanding the process, you can potentially reduce waiting times.
Ready to apply for a novated lease? Contact us today for expert guidance and a smooth approval process.