Loans when we get there
 

Hello,

Does anyone know how the credit system works in Australia? I will have to buy a car but don't want a shitty one so thought of getting a car loan and putting a decent deposit down.

I have a letter from WA Pol stating I have a job and how much a year I will earn.

Will it be difficult to get a loan straight off? What requirements need to be met?

Many thanks

Re: Loans when we get there
 

Car finance thru car companies comes with higher interest rate so best option is personal loan (as this can be upto 10% less in interest). Long time (15yrs) since we got loans )!so I would highly recommend posting this to the main Australia section for better answers. Also credit system does not, as far as I know, work like the uk one

Re: Loans when we get there
 

we had only been in Oz 3 months, back in 2011, OH got a bank loan with NAB, we're on a 457, loan ends in June when visa expires, just had to provide visa details and work details. repayments are much less than what the car dealership offered us.

Re: Loans when we get there
 

Actually, finance through a dealer using a reputable finance company can be cheaper than a personal loan. It does depend on the type of loan and your credit rating (here - which is not helpful for OP). Since I have just bought a new car, I did the research but my OH is also in the finance industry.

Re: Loans when we get there
 

We wanted to get a decent car too so took out a loan. We were both working and so had no problems whatsoever getting a loan within a couple of weeks of arrival.

Re: Loans when we get there
 

My husband got a loan for my car within 6 weeks of arriving. All he needed was the deposit and proof of income. The financing through the dealer was much less expensive than the bank loans we researched.