Truck, Van and Ute Finance for VISA holders
Are you a non-resident in Australia on a VISA? You might be a temporary resident on a work, student or bridging VISA and having trouble organising finance for a work van, truck or ute for your business? Even though you have guaranteed income and good credit history your VISA status could be holding you back from getting on the road and working.
Why can’t I get a loan with a VISA?
The reason lenders wont lend to non-resident VISA holders is because of the temporary nature of a VISA. Some VISAs may have no end date recorded but that doesn’t mean that the Government wont change the rules or their mind and you might have to suddenly leave the country. So if you have a car on finance you would most likely default on the loan and leave it behind (at no fault of your own) and the lender will have to pick up the pieces. This is why lenders won’t lend to VISA holders, its too risky and VISA changes in most cases are not the fault of the VISA holder.
How can I get a loan with a VISA?
It’s a tough question and it usually involves someone else taking some responsibility for the loan. You could ask a family member or friend who is a permanent resident to take the loan out for you, but this can be complicated. In some cases a lender would allow a friend or family member who is a permanent resident to go on as a guarantor but this is unlikely to help as most lenders have a policy of not allowing the primary applicant to be a VISA holder.
Is there an option?
You might like to try Rent to Own. It’s a great way to get the vehicle or equipment you need to get going and earn a living. While you are renting you are building equity in your vehicle and once your residency is changed to permanent you can use your payment history to support a mainstream loan and refinance the vehicle.
We have helped tradies, courier drivers and small business owners on VISAs secure the vehicle they want and need to get working and earning a living.
It can still be tricky so get in touch with us to find out how we can help Ask about Rent to Own
