Usually you can only get car loans when you are a citizen, or permanent resident of Australia. There are a few exceptions to this rule, and this is based off the fact that the visa type and as long as the loan term is within the visa expiry.

 

There are some guidelines in regards to the visa holders and each lender may be slightly different what their policies may be.

 

Loan Term

The loan would have to expire within the expiry date of the visa period. Some financiers may request the loan term to expire within 3 months of the visa expiry and others may go right up until the date.

 

Balloon Or Residual Payment

As the financiers would want the car to be paid out in full prior to the visa expiring, the option for a balloon or residual in most cases would not be available to most visa holders.

 

Deposit

As a rule of thumb, most financiers will want at least 20% of the purchase price of the car as a deposit as the borrower would not usually have any borrowing history in Australia. There are some lenders and other cases where the deposit could be less, and dependent on their job title, the deposit requirement can be waived.

 

Summary

All other standard lending criteria would apply, such as affordability calculations or clean credit file. It is usually the loan term that may prevent this from happening, as if a visa holder is 2 years into their 4 year visa, they can only take the loan over 24 months as a maximum, which can increase the repayments and prevent meeting the affordability calculations as set out by each financier.

 

It would be a good idea to get professional help on applying for a car loan on a visa, as each lender reviews these applications quite differently.