Tips for Obtaining a Car Loan on a 457 (Temporary) Visa

Rapid Finance on 23 December 2014

You’ve come to Australia to chase the sun. You’ve found a place to stay and a job to pay the bills. Now, you need a car to get from one to the other.

When you are travelling, budgets are often tighter than they would otherwise be at home. You will also most likely have different financial priorities, which might prevent you from buying a vehicle outright.

Fortunately, it is not impossible to obtain a non-resident car loan. Travellers working in Australia on a Temporary (called a ‘457’) Visa – the most common program in Australia to sponsor skilled workers on a temporary basis – might be able to obtain a car loan from certain lenders.

What Do I Need to Get a Car Loan on a Temporary Visa?

While it is possible to get accepted for a car loan while working in Australia on a Temporary Visa, the application criteria are often stricter than they would be for permanent residents.

When processing your application, a lender will take several circumstances into consideration:

  • How long you have been in your job
  • How long you have been in Australia
  • How long you intend to stay in Australia
  • The length of the Visa & it’s expiration date
  • What type of job you are in
  • Your current income
  • Your past credit history
  • Your loan deposit  (If required)

The more of these criteria you can answer positively, the more chance you have of obtaining acceptance for a car loan. For example, if you have a good credit history, a high income, and you intend to stay in Australia for a significant amount of time, chances are your application will be stronger than those with low incomes, bad credit and shorter visits. The ability to put down a deposit for a car loan should also strengthen your chance of acceptance.

When applying for a car loan on a 457 Visa, it is advisable to get advice from a professional broker. Based on their experience, they should know which lenders are more likely to accept you as an applicant, taking your circumstances into consideration. They should also know which lenders would be able to offer you the most competitive car loan deal.


While it will often be harder to obtain a car loan while working in Australia on a 457 Visa, it is not impossible. When faced with a non-resident applicant, lenders will take into consideration a broad range of criteria that spans credit history, current income, type of profession and the length of your stay.

Not all lenders will accept car loan applications from non-residents working in Australia on a Temporary Visa. If you are on a working visa and you are considering applying for a car loan, it is recommended that you speak to a professional broker who might be able to help negotiate a suitable car loan for you.

If you are looking to apply for a car loan on a Visa, contact us to get a quick quote.