Cheapest way to finance a car purchase on 457 visa? How much deposit will we need?

[katerobbo]

Hello!

We are Brits living in Texas and have been here for the last 3 years, we are now looking at moving to Perth and weighing up all the differences in costs etc. Here we lease 2 VW jetties for $250USD a month, we didn't need to pay any deposit we just needed a letter from my husbands employer. I can't see lease deals being the same in Perth and we don't fancy the novated lease option as it would put our take home pay down too much.

Any advice on how to buy or lease a car on a 457 VISA with little to no costs upfront would be most appreciated. Or guidance as to how much deposit is typical when buying / leasing new car? Thanks so much in advance.

[marcozambini]

I'm looking into the same thing. I've been told that car finance is very expensive in Oz.

 

Can't believe that you get 2 VWs in the states for $250 per month!!! Amazing [emoji54]

Edited March 7, 2015 by marcozambini

[verystormy]

You will get the same sort of options as anyone else. The main difference is the repayment schedule. Normally, they will want it done so that it is fully paid off 6 months before the end of the visa. So, if you are granted a 4 year visa, you would pay sufficient to pay it off within 3 years and 6 months. Be aware that cars here are significantly more expensive than the USA.

[Druid]

On a 457 you get stung on the interest rate, I financed a 2009 Jeep Wrangler through St George ended up paying the highest interest rate as I didnt have a credit rating, the interest rate gets lower the better your credit rating is, and could only finance for the balance of my 4 year visa, speak to your employer about a novated lease, see if they are prepared to do this for you, the company I work for were prepared to do this but you had to get a new car, which I didnt want, I am paying a $110 a week for the jeep by the way, and when I went PR I was able to spread the term out to the full 5 years