# Car loan for TSS 482



## kamb1ng (Dec 1, 2019)

Hi I will be moving to Melbourne under TSS 482 visa. It's a medium-term 4-year visa.

Can anyone share experience of a lender that can help with a car loan?

How many months do I need to be working before I qualify?

Would financial products direct from a manufacturer (such as Toyota Access or Nissan Future Value) allow TSS 482 applicants?

Many thanks.


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## NB (Mar 29, 2017)

kamb1ng said:


> Hi I will be moving to Melbourne under TSS 482 visa. It's a medium-term 4-year visa.
> 
> Can anyone share experience of a lender that can help with a car loan?
> 
> ...


You probably will pay a very high rate of interest if one does agree to lend
It’s better to buy a used car which you can afford to pay outright

Cheers


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## Wafz (Sep 19, 2019)

kamb1ng said:


> Hi I will be moving to Melbourne under TSS 482 visa. It's a medium-term 4-year visa.
> 
> Can anyone share experience of a lender that can help with a car loan?
> 
> ...


I don't think you'd be eligible for credit or a car loan if you're not a permanent resident or citizenship, as far as I was aware.

Best option is to buy a used car that you can pay outright.


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## 1733258 (Nov 17, 2019)

Wafz said:


> I don't think you'd be eligible for credit or a car loan if you're not a permanent resident or citizenship, as far as I was aware.
> 
> Best option is to buy a used car that you can pay outright.


False - I am on a 2-year 482 (short term!) and got a car loan no problem. They just want to see if you have a permanent job contract (at least that's what they said to me)

Granted I wasn't able to use all banks (some wanted PR) but I was able to shop around and pick a competitive rate. The ones that allowed me to get one were competitive with each other.


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## Wafz (Sep 19, 2019)

mfh5001 said:


> False - I am on a 2-year 482 (short term!) and got a car loan no problem. They just want to see if you have a permanent job contract (at least that's what they said to me)
> 
> Granted I wasn't able to use all banks (some wanted PR) but I was able to shop around and pick a competitive rate. The ones that allowed me to get one were competitive with each other.


I wasn't aware of that. So how do those bank assert your credit history and credit rating?


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## nikhileshp (Jun 14, 2018)

Check if your employer provides Novoted Lease option. I am on 482 Medium Term but had visa validity of 2 years. I opted for Novoted Lease for my new car. Since Novoted Lease is tri-party contract between you, employer and leasing company, there should not be any issue in getting approval. Since your Visa is 4 years, you should get pretty good option. 

Also Novoted Lease installment is deducted from your pre-tax salary so you save some money compared to traditional car loan.

PS: Above is based on my personal experience and understanding which may not be 100% correct.


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## Geeceeza (Jan 22, 2020)

mfh5001 said:


> Wafz said:
> 
> 
> > I don't think you'd be eligible for credit or a car loan if you're not a permanent resident or citizenship, as far as I was aware.
> ...




Who was willing to give a loan and for what duration, I just got here on a 482 short term and need a car sorted


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## lynhea (Jan 20, 2020)

Wafz said:


> I wasn't aware of that. So how do those bank assert your credit history and credit rating?


AFAIK "credit rating" is not that big of a thing here. If you can provide a contract/payslips letting them know how much you earn and a bank account with a certain amount of money thats usually ok. If you have a good Australian guarantor that'll help your case. It depends a lot on how big the loan is, they might ask for bank statement from your previous bank.

If not, honestly you can buy second hand cars for really really cheap here...


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## samlarson (Aug 21, 2020)

> False - I am on a 2-year 482 (short term!) and got a car loan no problem. They just want to see if you have a permanent job contract (at least that's what they said to me)
> 
> Granted I wasn't able to use all banks (some wanted PR) but I was able to shop around and pick a competitive rate. The ones that allowed me to get one were competitive with each other.


Maybe you got lucky but I think that with credit rating this low the margins could be really high


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## Neb Ulozny (Feb 13, 2020)

It's a hit and miss game, I got refused on couple of loan applications due to my 4 yr visa and I just gave up. You can get credit cards in some banks but most won't even look at you as soon as they see you're not permanent resident.

Your next good option would be Westpac Credit Card that allows 12 month installments at about 4% fee, it's better than nothing.


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## vr2312 (Jun 12, 2018)

i bought myself a car (brand new) when i was close to a year on my 482 Visa. If you visit a dealership and get the car, they will sort it all for you with the loan. You literally do not need to have to visit banks and ask for loans and then purchase the car. That is not how it works here. 

What you can do is visit a dealership, identify a car, negotiate the price and then the finance person associated with the dealership will provide you with the details on what can be done with regards to the loan.


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## NB (Mar 29, 2017)

vr2312 said:


> i bought myself a car (brand new) when i was close to a year on my 482 Visa. If you visit a dealership and get the car, they will sort it all for you with the loan. You literally do not need to have to visit banks and ask for loans and then purchase the car. That is not how it works here.
> 
> What you can do is visit a dealership, identify a car, negotiate the price and then the finance person associated with the dealership will provide you with the details on what can be done with regards to the loan.


But then you will pay the highest possible rate of interest and get minimum discount on the cars
You are screwed both ways 

Cheers


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## vr2312 (Jun 12, 2018)

NB said:


> But then you will pay the highest possible rate of interest and get minimum discount on the cars
> You are screwed both ways
> 
> Cheers


I am afraid your understanding is incorrect. It all depends on how aware are you in your negotiations while buying the product and the RoI can always be compared with multiple service providers. Don't rush to judgement


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## LordD (Jun 19, 2019)

It really depends on how strict a dealer's lending practices are. In SA as of 2nd quarter last year, dealerships were not willing to finance anyone on TR, even to someone with cash in the bank and even though they were hungry for business. You'll just have to ask the dealership you're working with what their standard lending practices are at the time of purchase. Some may be more willing to take the risk than others.


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## iowasurvivor (Jan 21, 2021)

markdaniels said:


> False - I am on a 2-year 482 (short term!) and got a car loan no problem. They just want to see if you have a permanent job contract (at least that's what they said to me)


Hey. 

I'm about to move to Sydney on a two-year 482 visa, and my employer doesn't do any sort of "novated lease". I'm looking at cars, but can't find much information about getting cars, etc. Can I pry for details about your car loan? I was under the impression that you couldn't take out a loan longer than your visa.


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## vinuodh (Nov 24, 2015)

iowasurvivor said:


> Hey.
> 
> I'm about to move to Sydney on a two-year 482 visa, and my employer doesn't do any sort of "novated lease". I'm looking at cars, but can't find much information about getting cars, etc. Can I pry for details about your car loan? I was under the impression that you couldn't take out a loan longer than your visa.


Yes that's right you cannot take loan longer than your visa. I had this experience. You can get a car loan not all bank will provide but there is a way to get a loan.


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## TerryRuggiero (3 mo ago)

The loan's conditions will be set up to expire before the projected date of your visa's expiration, first of all.

A financier will not take it for granted even if you have assurance from your sponsoring employer that they would extend your visa. In the end, the lender does not want to assume this risk in the event that unanticipated events result in a change in the length of your visa.


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## phebe10_pr (3 mo ago)

1733258 said:


> False - I am on a 2-year 482 (short term!) and got a car loan no problem. They just want to see if you have a permanent job contract (at least that's what they said to me)
> 
> Granted I wasn't able to use all banks (some wanted PR) but I was able to shop around and pick a competitive rate. The ones that allowed me to get one were competitive with each other.


Hello, may I know what bank allowed you to get a car loan? I am about to start my job but a car is a job requirement so I can't start working yet.


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