Most lenders in Australia will only provide funding to Permanent Residents or Citizens , however if you’re on a current 457 visa or sponsored work visa there may be an exception to the rule allowing the you the ability to borrow.
The general rule lenders follow is that the loan must be completed prior to your visa expiry date as your 457 visa is granted by Government Immigration and should you wish to extend your 457 visa, they will require a new application. This is irrespective of whether your employer is happy to continue your employment.
Depending on what type of work you are involved in, some financiers may request additional information or a contribution toward the purchase of the vehicle such as cash deposits or a trade in. This reduces the overall risk to the lender as they will be responsible for selling the vehicle, should the borrower decides not to complete the loan and leave the country. Additional conditions are treated on a case by case basis with each lender and are usually subject to profession, asset backing, savings history, any current credit history and visa length.
iCREDIT recommends you speak to a professional broker before applying for car loans on 457 visa as they understand lending criteria and finance practices and can help you find lenders and loan products to suit your circumstances, budget and profile.
iCREDIT can help you compare and choose loan product suitable to your needs and through using our National buying power with the banks, gain the best answer possible for your needs and objectives.
Contact us on 1300 350 118 or firstname.lastname@example.org to discuss your car loans on 457 visa requirements.