Non-resident car loan

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Non-resident car loan
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Money.com.au (Money) is on a mission to enable Australian consumers to enjoy an online shopping experience for financial products, starting with personal loans.

We believe that by providing you with fair & transparent choice, we will achieve our mission, and help more Australians get better deals (more for your money).

Putting you first means:

  • We only show you loans you qualify for, ranked by the lowest repayment

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  • We do not accept paid endorsements or promote lenders based on commission.

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Compare car loan rates

Loan Amount
Loan Terms
Interest Rates
(APR)
Comparison Rates
(APR)
$5,000 - $150,000
36 - 60 months
3.97 - 4.67% 4.51 - 5.22% Get your rate
$5,000 - $50,000
18 - 84 months
5.95 - 17.95% 5.95 - 17.95% Get your rate
$5,000 - $50,000
1 - 5 years
6.99 - 20.49% 6.99 - 22.06% Get your rate
$2,000 - $50,000
24 - 60 months
19.95 - 28% 35.97 - 47.66% Get your rate
$5,000 - $63,000
3 - 7 years
--- --- Get your rate

Key features of a non-resident car loan:

  • Borrow from $5,000 to $100,000

  • Fixed interest rates

  • Repayments to suit your budget

  • Terms from 1 to 4 years (most common is 2 years)

  • Secured & unsecured options

Who is eligible for a non-resident car loan?

  • Hold an eligible travel visa

  • Must be over the age of 18

  • Earn a minimum of $25,000 a year

  • Hold a valid provisional or full driver licence

Learn more about non-resident car loans

What is a non-resident car loan?

A non-resident car loan is a secured vehicle loan used by Australian non-residents on a temporary visa. As non-resident visa holders generally don't have a credit history in Australia, greater importance is placed on an applicant's deposit, income, and employment status when granting approval.

Non-resident car loans use the purchased vehicle as security on the loan amount. This is reflective of the risk in lending to temporary residents, and ensures the lender can recover the borrowed funds in the case of a payment default or vehicle abandonment.

You’ll often get the best deal on non-resident car loans if you can compare multiple offers from multiple lenders. Choosing the first offer you find may not always get you the lowest rate available or the lowest amount of initial or ongoing fees. You can do that simply by using our smart-form.

Compare non-resident car loans

To compare non-resident car loans in Australia, you’ll want to look at which lenders can offer you car finance based on visa status, financial history while in Australia, and the factors that could influence both your regular and total repayment amounts.

A car loan for a temporary resident in Australia works similar to a secured car loan. If you are approved for a vehicle loan as a non-resident, a lender will allow you to borrow a sum of money needed to purchase a car, and you will make regular repayments on the loan amount and loan interest over an agreed term.

The main points of difference between resident and non-resident car loans are:

  • Car loans for temporary residents have shorter maximum loan terms

  • Car loans for temporary residents cannot be extended beyond the end date of their visa

  • Non-resident car loans require a lender to assess your application without access to your personal credit history

  • The number of available lenders will be smaller — some may not offer any finance to non-residents, while others may only offer vehicle finance on certain visas.

However, it’s still important that you read the terms and conditions of each loan offer to account for any other provisional fees or penalties. Take note of the fees payable, both at the start and during the term of your loan, as this can impact the total amount repaid.

These may include:

  • Late payment fees

  • Break fees or early termination fees

  • Stamp duty and on-road costs

  • Referral fees or brokerage fees

If you do not find any available offers to compare, you can work with a vehicle finance broker to assist in finding you a suitable deal and completing your application.

Brokers operate all across Australia — whether you need a non-resident car loan in Brisbane, Perth, Canberra, Melbourne, Adelaide, Newcastle, or Sydney, you'll be able to find one who can help you assess a range of suitable options specific to your financial circumstances.

Money Tip: An annual income of $50,000 or more is ideal for non-residents, as a higher income will indicate to a lender an increased ability to meet your regular repayments.

Non-resident car loan rates and important information

The best non-resident car loan rates will generally be fixed - this means the interest rate applied to your loan will remain exactly the same for the duration of the loan term.

However, interest rates for non-resident car loans will vary between lenders. Lenders will often apply interest rates relative to your risk-level as a borrower. As lenders cannot use the credit history of temporary residents to assess risk, they will often calculate this by considering:

  • Your income

  • Length of employment

  • Type of employment

  • Time in Australia

  • Type of visa and its conditions or restrictions

  • Length of visa and its expiry

  • Value of deposits — if any

Other factors can affect the risk-level of your application as well; these can include:

  • The age of the vehicle

  • The type of vehicle

  • The amount you wish to borrow

  • The length of your loan

If you are using our smart form, the information you provide will be matched with the risk appetite of multiple lenders, with the results clearly displayed on your personalised results screen. You can then see the interest rates applied to available loan offers, which you can use to quickly compare and select the deal you think is best.

Changes to non-resident car loans

Car loans for 457 visa holders will no longer exist from 18 March, 2022. This is because the Australian 457 visa was replaced by the TSS 482 visa in March 2018.

A brief summary of the changes to 457 visa car loans is presented below:

  • In April 2017, Australian Prime Minister Malcolm Turnbull and Immigration Minister Peter Dutton jointly announced the abolition of the 457 TSS visa

  • From 18 March, 2018, it was replaced with the TSS visa (subclass 482), the new non-resident visa for skilled workers from overseas

  • If approved, the visa lets you work in Australia for up to four years and allows travel to and from Australia until expiry

  • Existing 457 visa holders can still apply for a non-resident car loan. As the maximum duration on 457 visas is four years, they will be entirely abolished by 18 March, 2022.

How to qualify and apply icon

How to qualify for a car loan on a temporary visa

You can qualify for a non-resident car loan with the majority of lenders if you:

  • Are aged 18 years or over

  • Hold an eligible visa

  • Have an Australian bank account

  • Receive a regular stable income

  • Can confirm your employment in Australia

Before you apply, you will need to organise some documents to submit alongside your loan application. As non-residents often do not have an Australian credit file, demonstrating an ability to repay the full loan amount is crucial.

If you use our smart form and find a lender you want to apply with, you will be directed to the lender’s website and need to supply all documentation as you normally would when applying for a car loan, which may include:

  • Proof of identity - i.e. passport or driver licence

  • Proof of visa and details of expiry

  • Proof of income — e.g. bank statements and payslips

  • Proof of your assets — if any

  • Details of any current debts and expenditure

Most non-bank lenders allow applications for non-resident car loans to be submitted online.

As the approval process has stricter requirements for temporary residents than for Australian citizens or permanent residents, you should first ensure that you:

  • Have all the required documentation

  • Are applying for finance you can prove you are able to repay

Money.com.au aims to clear up the confusion around rates and approval, so we can provide the best consumer experience possible. We only show you real, personalised rates from lenders who can give you approval on the loan.

No hidden fees, no inflated rates, no stress, and no impact on your credit score.

Money Tip: Lenders view the expiry date of the non-resident visa as the maximum possible term.

How to improve your application and avoid being declined

Temporary residents are considered to be high-risk borrowers by lenders. If you meet the basic eligibility for a vehicle loan as a non-resident, it is still a good idea to consider the ways you could strengthen your application and avoid being declined.

Some common ways to improve your chances of getting approved include:

  • Provide a cash deposit — A deposit minimises the risk presented to a lender, both in lowering your regular repayments, and in reducing the amount they may have to reclaim in the event of a default.

  • Frequent, stable income — A frequent, stable income will make it easier for lenders to assess your ability to repay the loan amount. Some lenders may have difficulty in approving a loan for seasonal workers or non-residents receiving intermittent income.

  • Ask a guarantor to co-sign — A guarantor is a personal pledge by another individual to take responsibility for the loan repayments in the event you are unable to meet your repayments.

  • History of your Australian bank statements — Lenders look at your bank statements to determine eligibility for finance. This is to assess and confirm your income, how often you are paid, and any other debts which may affect loan repayments.

  • Qualify for a path to residency — Visas with a path to potential permanent residency are often viewed favourably.

Money Tip: Temporary Skill Shortage (TSS) visa holders who have been working in Australia with the same employer for three years may be eligible to apply for Permanent Residency through the Transitional (TRT) Stream.

Summary icon

Summary

Getting a car loan if you are a non-resident can be a difficult and frustrating experience. However, if you take the time to understand the approval process, and properly prepare your application, there are many options available if you meet lender criteria.

In summary, non-resident car loans:

  • Have a maximum term set by the expiry date of the visa

  • Often have higher interest rates than standard car loans

  • Use the vehicle purchased as security on the loan

  • May require a deposit

  • May require a guarantor

How much is the car you are looking to purchase?

Here are the most popular questions temporary residents financing a car are asking:

Where can I get a car loan as a temporary resident?

You can apply for a non-resident car loan with banks, brokers, and non-bank lenders. Applying online with non-bank lenders will often be the fastest way of gaining approval, while banks generally offer lower interest rates.

Do I need to provide a deposit?

You may not be required to provide a deposit on a non-resident car loan, however temporary residents will find it easier to gain approval if they can provide a deposit. Doing so will also reduce the cost of your regular repayments, which may also reduce the total interest you will pay.

Do I need to provide security?

It is unlikely that you will find a lender who offers an unsecured car loan for temporary residents. In most cases, the vehicle you purchase using the funds will act as security on the loan. For this reason, most non-resident car loans have a maximum loan amount equal to the purchase price of the vehicle.

Why are the terms shorter than other car loans?

A lender will not offer a loan term beyond the expiry date of your current visa. Lenders only consider your current visa when assessing an application, and will not take into account extensions or renewals. Most lenders will only offer loan terms with an end date at least three months before your visa's expiration.

Terms for non-resident car loans

Minimum Term
Maximum Term
2 years
4 years

Which visas are eligible?

Car loans for temporary residents are available on a range of visas. Below is a full list of visas accepted by lenders in Australia when considering finance.

Non-resident car loan eligible visas

  • 100 Partner visa 
  • 103 Parent visa 
  • 115 Remaining Relative visa 
  • 124 Distinguished Talent visa 
  • 132 Business Talent visa 
  • 143 Contributory Parent visa 
  • 151 Former Resident visa 
  • 155 Resident Return visa 
  • 176 Skilled Sponsored visa 
  • 186 Employer Nomination Scheme visa 
  • 187 Regional Sponsor Migration Scheme visa 
  • 188 Business Innovation and Investment (Provisional) visa 
  • 189 Skilled Independent visa 
  • 190 Skilled Nominated visa 
  • 457 Temporary Work (Skilled) visa
  • 482 STSOL Temporary Skill Shortage visa (Short Term skilled occupation list) 
  • 482 MLTSSL Temporary Skill Shortage visa (Medium and Long Term Strategic Skills List) 
  • 487 Skilled Regional Sponsored visa 
  • 489 Skilled Regional (Provisional) visa 
  • 801 Partner (Permanent) visa 
  • 820 Partner visa 
  • 835 Remaining Relative visa 
  • 856 Employer Nomination Scheme visa 
  • 857 Regional Sponsored Migration Scheme visa 
  • 858 Distinguished Talent visa 
  • 887 Skilled regional visa 
  • 888 Business Innovation and Investment (Permanent) visa 
  • 890 Business Owner visa 
  • 892 State/Territory Sponsored Business Owner visa 
  • 893 State/Territory