Car finance

[Dedrei]

Is there any hope for some of us to get finance for a car or motorbike perhaps on a 457 visa. We are on a 4 year one. Any suggestions??

[Ajay]

Hi Dedrei,

You should be able to finance a vehicle - the only restriction is that the period ofnthe finance will be reduced to the balance of time on your visa. You'll need to shop around though - some banks may insist on a deposit but if you simnply tell them that you'll take your business elsewhere, then they sometimes change their tune. We got our finance through St George, but any of the big banks are worth contacting.

Cheers

AJay

[Danie]

Hi Dedrei!

Jip there is hope! Well the size of your hope depends relatively on the size of your deposit...!

Everyone in my office was aware of my frustrations of getting finance that was not ridiculous. I went to a couple of companies and most would not touch you on a temporary visa, like 457, however there are those that are willing to give you finance if you make a 10-40% deposit, the lower the deposit the higher the interest rate!

But all of those that were willing to give me finance made the maximum period of repayment the remaining period of my visa.

Personally I took my finance through "GE Money", they gave me the minium hassle with a relative low interest rate and small deposit!

I also dealt with a couple of financial brokers and one guy tried to help me as far as he could, only asking money if the deal went through! Give him a call for some advise, his name is Russel Johnston 03 9336 1954 greenss[at]bigpond.com

Make sure you have the following documents, it helps speeding up the process:

* Copy of passport and visa

* Driver’s licence

* Employment contract

* Payslip

* Print of bank statements

* Rental agreement if renting

I hope this help! There is light at the end of the tunnel...

Danie

[Bob]

Dedrei!

Without paying exorbitant rates of interest to a finance company, have you considered buying a second hand car that is only a few years old?

There are a number of cars and bikes out there, some in really good nick, that will see you guys thro' two or three years until your PR comes thro' and you can get a "normal" personal loan at usual interest rates.

The RAC of Queensland (R.A.C.Q.) will put a car thro' a thorough test for you, if you are a member, writing up a report and letting you buy a car with some degree of confidence that it will last a couple of years.

You should be able to drive a late 90's car for about $4,000 to $5,000, depending on the model.

With inflation at only 2.5%, I wouldn't be happy with a finance company if they charged me interest of more than 12 or 14% over the term of the loan.

You do have choices, so don't feel pushed into a corner by the bank manager or car dealer.

Edited May 8, 2006 by Bob

[Dedrei]

Most of the banks websites have a section where you can apply for loans and stuff. The requirement for a personal loan is that you have to be a permanent resident. How's that gonna work? Should I still try or rather go inside and talk to them.

[Rialet]

We had a lot of assistance from the car dealerships we went to. We explained our situation (also 457 visa) and really got a lot of help. We did not even require a deposit as we could proof an investment with one of the bigger banks as well as the fact that we bought our first car cash - and that they can also use or view as a deposit. Most of the bigger dealerships have their own financing companies that work together with different banking institutions.

Hope this helps.

Cheers

Rialet