🚛 Can FIFO Workers on a Temporary Visa Get Car Finance?
Yes, but it can be more challenging. FIFO workers on temporary visas (e.g., 482, 494, 417) may face stricter lender requirements due to:
❌ Irregular income schedules
❌ Higher loan risk for lenders
❌ Short-term work contracts
However, approval is possible with:
✅ A stable employer & long-term contract
✅ A strong credit score
✅ A secured car loan or a deposit
💡 Tip: Lenders prefer FIFO workers on employer-sponsored visas (482, 494) over working holiday or seasonal visas.
🏦 How This FIFO Worker on a 482 Visa Got Car Finance
A 37-year-old FIFO mining worker needed a $35,000 car loan but had irregular income. They secured finance by:
| 🔑 Strategy | ✅ How It Helped |
|---|---|
| 📑 Showing a 12-month employment contract | Proved stable long-term income |
| 🚛 Using a secured car loan | Lowered interest rates & increased approval chances |
| 💰 Saving a 10% deposit | Reduced lender risk & improved terms |
| 📆 Applying through a finance broker | Found a lender that works with FIFO workers |
💡 Tip: FIFO workers with higher base salaries have better chances of securing finance.
📋 Car Loan Eligibility for FIFO Workers on Temporary Visas
Lenders assess FIFO workers based on job stability, visa length, and income reliability.
| 🔑 Requirement | ✅ What Lenders Look For |
|---|---|
| 📑 Visa Type | 482, 494, or PR pathway preferred |
| 🚛 Employment Type | FIFO contract must be at least 6–12 months remaining |
| 💰 Minimum Income | Typically $70,000+ per year |
| 📆 Credit Score | 650+ improves approval odds |
| 📉 Deposit | A 10–20% deposit increases loan chances |
💡 Tip: FIFO workers on seasonal or short-term visas (417, 462) may need a guarantor or a higher deposit.
🏆 Best Car Loan Options for FIFO Workers on Temporary Visas
FIFO workers can qualify for different car loan options based on visa type & employment status.
| 🔑 Loan Type | ✅ Best For | 📉 Interest Rate (Typical) |
|---|---|---|
| 🚛 Secured Car Loan | FIFO workers with employer sponsorship | 6–10% p.a.* |
| 💰 Unsecured Car Loan | Workers with strong credit & income | 9–16% p.a.* |
| 📆 Low-Doc Loan | Self-employed FIFO contractors | 7–14% p.a.* |
| 📉 Guarantor Loan | FIFO workers with limited credit history | 6–12% p.a.* |
💡 Tip: FIFO workers with permanent employer contracts qualify for lower interest rates.
(*Rates vary based on lender policies & borrower profile.)
💳 Why a Finance Broker Can Help FIFO Workers on Temporary Visas
A finance broker can:
✅ Find lenders that accept FIFO workers on temporary visas
✅ Help workers with irregular income get approved
✅ Negotiate better loan terms based on employment stability
🔑 Final Thoughts
FIFO workers on temporary visas can qualify for car finance, but lenders prefer:
✔️ Employer-sponsored visas (482, 494)
✔️ Stable long-term contracts
✔️ Higher deposits for better approval odds
🚀 Need help securing car finance as a FIFO worker on a temporary visa? Get expert 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.
