Securing car finance as a visa holder in Australia can be challenging but not impossible. Whether you’re on a student visa, working holiday visa, or skilled migration visa, there are several finance companies and lenders willing to work with visa holders. Understanding which lenders are the most flexible and offer competitive rates can help you navigate the car loan process smoothly. Here are some of the best car finance companies for visa holders in Australia:
1. Commonwealth Bank of Australia (CBA)
Commonwealth Bank of Australia (CBA) is one of the largest banks in Australia and offers car loans to both citizens and visa holders. CBA is known for its competitive interest rates and flexible loan options. They accept a wide range of visa types, including working visas and student visas, as long as you meet their eligibility criteria. They often require proof of stable employment and income, so being employed full-time or part-time can increase your chances of approval.
2. ANZ Bank
ANZ is another major bank in Australia that offers car loans to visa holders. The bank has specific lending criteria for temporary residents but provides options for those on working, skilled, and partner visas. ANZ also offers both secured and unsecured car loans, making it suitable for those who don’t want to use their car as collateral. ANZ provides loan terms up to 7 years, and applicants can apply for loans online or in person.
3. Westpac
Westpac is well-known for offering flexible loan options to people from various backgrounds, including visa holders. Whether you're on a 457 or 485 visa, Westpac may approve your car loan application, provided you meet their credit and employment requirements. Westpac offers competitive interest rates and a range of repayment options, and applicants can apply for a car loan quickly through their online platform. Westpac also offers the benefit of direct access to local branches if you need to discuss your loan in person.
4. Latitude Financial Services
Latitude Financial Services is a well-regarded non-bank lender in Australia that offers tailored car finance solutions, including for temporary residents. They provide both secured and unsecured car loans with competitive interest rates, and their application process is simple and quick. Latitude is known for being flexible with applicants who have limited credit history, making it a good choice for visa holders who are new to the Australian credit system. They also offer quick pre-approvals, which can help you find out how much you can borrow before visiting a dealership.
5. Allianz Australia
Allianz offers both personal loans and car loans to temporary visa holders. Their rates are competitive, and they have flexible loan terms to suit individual needs. Allianz typically offers car finance options to people on skilled worker visas, student visas, and partner visas. They do not require a large down payment, and applicants with limited credit history can still be approved, as long as they demonstrate steady income and financial responsibility.
6. Pepper Money
Pepper Money is a non-bank lender that specializes in providing loans to people with non-traditional financial situations. They are an excellent option for visa holders who may have a limited credit history or have struggled to secure finance through traditional lenders. Pepper Money is known for offering flexible lending criteria, with a variety of secured car loan options available. They also offer competitive interest rates and provide a fast, hassle-free online application process.
7. Macquarie Bank
Macquarie Bank offers car finance options to visa holders, particularly those on longer-term visas like 457 or skilled migration visas. They provide competitive interest rates, flexible terms, and the ability to finance both new and used cars. Macquarie offers easy online application processes and a streamlined loan approval system. Their lending criteria focus on your income, employment stability, and ability to make regular repayments.
8. FlexiGroup
FlexiGroup offers a variety of flexible car finance options for visa holders. Their loans are designed to accommodate individuals with temporary visa status, including student, working, and skilled visas. FlexiGroup offers both secured and unsecured car loans, and they are known for being more lenient with applicants who have limited credit history. Their simple application process, quick approvals, and flexible repayment options make them a great choice for visa holders.
9. ZipMoney
ZipMoney, a well-known alternative lender in Australia, offers instant credit options for people who may have less-than-perfect credit histories or are new to the country. ZipMoney’s car loans offer interest-free terms for up to six months, making them an attractive option for visa holders looking for a short-term financing solution. Although ZipMoney is more commonly associated with smaller purchases, their car finance products can be a good option for those on temporary visas who need a quick solution.
Conclusion
There are several car finance options available to visa holders in Australia. Whether you’re on a student, working holiday, or skilled migration visa, lenders like Commonwealth Bank, ANZ, Westpac, Latitude Financial Services, and others offer flexible terms and competitive rates. Visa holders should compare different lenders based on interest rates, loan terms, and eligibility requirements. Additionally, working on building a positive credit history in Australia will help increase your chances of securing a car loan with favourable terms. With the right information and planning, you can find the best car finance option that suits your needs.
DISCLAIMER
The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.
