LadyBlaze Posted November 17, 2016 Share Posted November 17, 2016 Hello! Has anyone had experience of getting hire purchase on a new car when they arrived with a 457 visa? I have an employment contract in place, as well as a bank account...I just don't want to spend all of my savings up front on a new car as I'm going to need to buy furniture etc. I can imagine lenders won't look favourably on this with no credit history in the country. Thanks in advance for any any advice on car loans and also how to actually buy a car. I'm a loan female and a tad concerned the dealers see me coming... Link to comment Share on other sites More sharing options...
VERYSTORMY Posted November 17, 2016 Share Posted November 17, 2016 You can get it, but they will limit the length of the credit term to 6 months less than the length of the 457 visa. So, if you have 4 years left on the visa, they will limit the credit term to 3 years and 6 months Link to comment Share on other sites More sharing options...
LadyBlaze Posted November 17, 2016 Author Share Posted November 17, 2016 Thanks so much VERYSTORMY, that's really helpful. Link to comment Share on other sites More sharing options...
Beaty Posted November 17, 2016 Share Posted November 17, 2016 You can get it, but they will limit the length of the credit term to 6 months less than the length of the 457 visa. So, if you have 4 years left on the visa, they will limit the credit term to 3 years and 6 months That's interesting, I wouldn't have thought it would have been available on anything less than PR. B Link to comment Share on other sites More sharing options...
Bungo Posted November 17, 2016 Share Posted November 17, 2016 In Australia car loans are often secured against the vehicle, not common in the UK unless you take out the car dealerships own finance offering. As such they csn be more open to lending towards 457 holders than you might initially think. Link to comment Share on other sites More sharing options...
rosiew Posted November 17, 2016 Share Posted November 17, 2016 Does anyone actually ask your visa status when you apply for credit or insurance? I don't remember ever being asked Link to comment Share on other sites More sharing options...
scuffythetugboat Posted November 17, 2016 Share Posted November 17, 2016 I was working in Perth back in 2013 for a company that laid off some people on 457 visas. One of them had a car on finance that was only a few months old. He drove it to the Airport then flew out leaving the car in the car park. Link to comment Share on other sites More sharing options...
mrmash Posted November 18, 2016 Share Posted November 18, 2016 We bought a car on finance on a 457 visa back in 2013, we didn't really need the finance but wanted it for some good credit history. Was only for a 12 month term so the interest was negligible. Our finance was through the dealer (St. George finance) as we had a 457 visa, the finance company initially wanted a 50% deposit, but agreed on 30% due to my salary. Link to comment Share on other sites More sharing options...
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