🚛 Can Skilled Migrants on a 189 Visa Get No-Deposit Car Loans?
Yes! Many lenders offer no-deposit car loans to skilled migrants on a Subclass 189 Skilled Independent Visa because:
✅ 189 visa holders have permanent residency (PR), reducing lender risk
✅ Skilled workers typically have stable employment & high income
✅ Many lenders consider 189 visa holders as low-risk borrowers
Since Subclass 189 visa holders are permanent residents, they can access better loan terms, higher borrowing limits, and flexible repayment options compared to temporary visa holders.
💡 Tip: No-deposit car loans usually come with higher interest rates. If possible, putting down a small deposit can lower overall costs.
🏦 How This Skilled Migrant on a 189 Visa Secured a No-Deposit Car Loan
A 34-year-old IT professional on a 189 visa wanted to buy a $45,000 car without a deposit. They secured finance at 5.9% interest by:
| 🔑 Strategy | ✅ How It Helped |
|---|---|
| 📑 Applying for a secured car loan | Lowered lender risk & improved approval chances |
| 🚛 Having a credit score above 700 | Qualified for the best available rates |
| 💰 Choosing a 4-year loan term | Kept monthly repayments affordable |
| 📆 Selecting a reputable lender with experience in skilled migrant loans | Increased approval chances |
💡 Tip: Some lenders offer special car loan deals for skilled professionals—always ask about industry-specific discounts.
📋 Car Loan Eligibility for Skilled Migrants on a 189 Visa
Lenders assess income, employment type, and credit score when approving loans.
| 🔑 Requirement | ✅ What Lenders Look For |
|---|---|
| 📑 Visa Type | 189 PR visa holders qualify for standard loans |
| 🚛 Employment Type | Full-time skilled workers preferred |
| 💰 Minimum Income | Typically $60,000+ per year |
| 📆 Credit Score | 680+ recommended for better interest rates |
| 📉 Deposit | Not required for no-deposit loans, but improves terms |
💡 Tip: Migrants who recently obtained PR should wait 3–6 months before applying to improve approval chances.
🏆 Best No-Deposit Car Loan Options for Skilled Migrants on a 189 Visa
Skilled workers on permanent residency visas can access low-interest secured car loans.
| 🔑 Loan Type | ✅ Best For | 📉 Interest Rate (Typical) |
|---|---|---|
| 🚛 Secured Car Loan | PR workers with good credit | 5–8% p.a.* |
| 💰 Unsecured Car Loan | Migrants with no deposit or collateral | 8–15% p.a.* |
| 📆 Low-Doc Loan | Self-employed skilled professionals | 7–12% p.a.* |
| 📉 Guarantor Loan | Workers with limited credit history | 6–10% p.a.* |
💡 Tip: Secured car loans provide lower interest rates, especially for 189 visa holders with stable employment.
(*Rates vary based on lender policies & borrower profile.)
💳 Why a Finance Broker Can Help Skilled Migrants Secure a No-Deposit Car Loan
A finance broker can:
✅ Find lenders offering no-deposit car loans for skilled migrants
✅ Compare secured vs unsecured loan options
✅ Negotiate lower interest rates based on PR status & employment stability
🔑 Final Thoughts
Skilled migrants on a 189 visa can qualify for no-deposit car finance, but lenders prefer:
✔️ Stable full-time employment in a skilled occupation
✔️ A high credit score (680+) to secure the lowest rates
✔️ A secured loan or guarantor to reduce lender risk
🚀 Need help securing a no-deposit car loan as a skilled migrant on a 189 visa? Get expert finance advice today!
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.
