oliver1982

Yes, but he hid the small print fro me which was on the back and also said that they even return the deposit if it doesn't work out. Lesson learned.

I'm just happy that I escaped three and a half years worth of 17% interest on a 140,000 kms car Lucky escape really

ianhutch1

So can you actually get reasonable finance on a car when you are on a 457?

What is a reasonable rate which we should be aiming for? We need to buy my wife a car when we arrive and was going to do 50% down and 50% finance to try to get our credit rating started.

smurtaza

Yes Melbourne City Ford had a car on a 120,000 Kms and the advertized price was $14K (on invoice/contract of sale of vehicle)+rego.Then they add warrantty+GST+loan establishment fees which makes the vehicle $16K and for final payout the buyer need to pay $22K for used vehicle.

DCI Gene Hunt

I haven't looked for a long time, but I'd say about 9 - 9.5%

Oliver, that's terrible. Name and shame the car yard please, that's the first time I've heard of them actually trying to enforce that small print. It must be a very, VERY shonky car yard.

oliver1982

They're actually Brisbane's biggest non-franchise car yard, apparently. I'm sure I'll find a way out of this !

augigi

Clear lesson there: don't sign things you haven't read.

Tell them you will be instructing your solicitor if they don't return your deposit immediately and see if they buckle. I suspect if it's in the contract though, you might be SOL.

oliver1982

I can live without the deposit...it's the $1333 they're demanding that's the problem

smurtaza

They are greedy. Melbourne City Ford had a car on a 120,000 Kms and the advertized price was $14K (on invoice/contract of sale of vehicle)+rego.Then they add warrantty+GST+loan establishment fees which makes the vehicle $16K and for final payout the buyer need to pay $22K for used vehicle.

ghanghro

we were in Gold Coast on 457 last year and almost all the car loan agents were more than happy to give us car-loan as long as the loan term finishes before our Visa Expiry date

augigi

Sometimes the best defence is a good offence.

You can always tell them to sue you. They probably won't want to hire a solicitor for a thousand bucks.

thlo

Of course you can. The rates are standard, you shouldn't have to be ripped off by car dealerships because of your visa. The car loan rates have come down a lot recently because of the downturn in car sales.

Our lenders have rates of around 10% but it could be higher or lower according to the amount borrowed and the age of the vehicle.

I hope that helps. Any questions drop me a line.

wullieb1

I got my car loan about 15 months ago and i think the rate is something like 13.5% (i'd need to check).

The term only runs until the visa is finished.

jayr

I have had two finance leases with separate providers on a 457. On first arrival, my employer only allowed me to pick between two finance companies. One of those was my own bank which refused as I had "just arrived and might leave the country". The other was BMW Finance who, despite having no financial relationship with me, were happy to oblige.

I have since also used Leaseplan who I don;t think asked about my residence status.

Most finance leases should be at interest rates of around 10% at the moment.

If your employer does not restrict you to certain providers then you should find it easy to get someone to provide the lease in my opinion.

Gems

Nissan will let you have car finance on a 457 visa.
Well at least the one in Perth does, this is for new cars.

I would check out Nissan dealer in your area. Finance will be for length of your 457 eg if its for 3 years that how long you have to pay off the car. Also want a deposit.

Gems

thlo

I would recommend having your car loan pre approved by a finance broker before you start shopping for the car. After all you may want to buy from any dealer (not a specific factory dealer) or even privately.

This also removes the pressure packaging aspect at the car dealership, where loading the interest rate up to 20% is quite common when your consumer defences are down having just found a car you liked. We often assist car buyers this way and it removes the uncertainty of not knowing what you can afford.