Short answer: Sometimes. A deposit isn't always required, and some lenders will fund the full price for visa holders with steady income, enough time left on their visa and a clean credit history. Without a deposit, though, you borrow more and pay more interest, and approval depends heavily on your visa type.
Why visa type matters more than the deposit
Lenders first want to know whether you are likely to still be in Australia, and earning, for the life of the loan. Loan terms are often limited to the time remaining on your visa. As a rough guide:
| Visa | How lenders often see it |
|---|---|
| Permanent visas such as the 189 | Usually assessed much like an Australian resident |
| 491 and 482 (Skills in Demand) | Many lenders will consider these, depending on time left and employment |
| 485 temporary graduate | Possible, but terms are often shorter |
| 417/462 working holiday, student visas | Limited options. A deposit or a cheaper car is often expected |
Lender policies differ, so treat this as a general picture rather than a rule.
What a no-deposit application needs to show
- Stable income: Payslips and an employment contract, ideally with some time in the job.
- Enough visa time: Enough to cover a term that keeps repayments affordable.
- Clean bank statements: Regular savings, no dishonoured payments and no reliance on payday loans or buy now pay later.
- A sensible vehicle: A car that suits your income, with a value that supports the loan amount.
- An Australian credit history: Even a phone plan or credit card paid on time helps. A thin file isn't a dealbreaker but narrows your options.
The cost of skipping the deposit
Borrowing the full amount costs more over the life of the loan. Example only: on a $20,000 car at 11% p.a. over 4 years, borrowing the full $20,000 is about $517 a month. Putting down $4,000 and borrowing $16,000 is about $414 a month and saves roughly $960 in interest.
Also think about on-road costs. Stamp duty, registration, CTP and comprehensive insurance add to the price. Some lenders will finance some of these, while others won't. If you borrow the lot, you may owe more than the car is worth for the first year or two. That matters if you need to sell early, for example when your visa ends.
Options if a no-deposit loan isn't approved
- Save a small deposit. Even 10% can change how a lender views the application.
- Choose a cheaper or newer used car that is easier to secure.
- Wait until you have more time in your job or a longer visa grant.
- Be cautious with balloon payments. They lower repayments, but you still pay interest on the balloon and must pay or refinance it at the end.
Before signing anything, check the comparison rate and the total amount you will repay. Moneysmart's car loan guide is a useful independent reference.
On a visa and short on a deposit? Tell us about your situation in about 60 seconds and a licensed broker will call you. No credit check to enquire.
Related guides
- Car finance options for 482 visa holders
- Car loans for working holiday visa holders
- Saving for a deposit: tips for lowering your loan amount
General information only. This isn't financial advice. Finance the Ride is a referral service and doesn't hold an Australian Credit Licence. Last reviewed September 2026.
