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When you are living in Australia for an extended period of time, you will often need a car and the cost of hiring one week after week will often be prohibitive. The problem you are going to have is convincing us to loan you the money when you cannot prove that you are either going to stay in the country long enough to pay off the loan or pay it off before you leave.
While this may be the last thing you would do, we have been caught out by visitors who have done exactly this and we are now understandably reluctant to do anything that would put ourselves in the same position again. The reality is that you are unlikely to get as good a deal as you would if you were a resident but at Budget Auto Finance we promise we will do the best we can to offer you the best deal.
The first thing that will be different for you is that you will have to provide a good proportion of the price as a deposit so if you do decide to default, we will be left with less of a figure to try and get back.
We will lend to you but there will be certain conditions that you may have which will not be applied to residents. You will find that we may only allow the loan to run as long as you have left on your visa. We are still taking a risk with you as while you are allowed to stay in the country that long there is nothing to stop you leaving before it runs out so we could still end up out of pocket.
The loan will need to be paid off in the time you have left, and this is going to limit how much you will be able to borrow and then that will limit the sort of car you can have. As we have a wide range of vehicles, there is a wide range of prices that should not cause too much of a problem as you should still be able to get a car you are happy to drive.
If you have researched loans and are wondering why you would be able to get other loans – such as a mortgage – on longer deals it is because there is less chance that you could hide a house or take it with you when you leave so the lenders will get their money back that way.
This is one area when it may be best if you are new to the country rather than having lived here for a number of years as you will have longer left on your Visa. The reasoning will be that you are unlikely to want to leave in a very short period of time and if you have made the decision to move here you are bound to give it a few years to see how things go.
