Buying a car with a bridging visa

helloiamalexa · April 2021

I've always wanted to buy my own car, especially now that i'm here in AU. Public transport is good but getting to places can be a bit of a hassle. I prefer to buy a brand new car but have a long way to save up to pay upfront. Not sure if I'll be able to get a loan with a bridging visa. Does anyone have any experience on this? I'm leaning on getting a used one but don't know much about cars.

cucci · April 2021

Is your bridging visa leading to PR? It would be costly to get a loan while on temporary visa because amortizations will be computed against the remaining validity of your visa. Since bridging visas are temporary in nature, meaning your application for substantial visa can be approved or disapproved, a car loan may not be viable.

The other option is to buy used. You can get from dealers or buy direct from sellers. Of course most of the time this would be spot cash and the prices can range from as low as Au1K upwards depending on the vehicle. If buying this way, be sure to bring along a mechanic who can check the vehicle and be sure to test drive. I haven't tried but read somewhere the mechanics would charge 2-3 hours labor cost. In most cases the cost would be better than buying a used car that would cost you more to service and maintain.

helloiamalexa · April 2021

@cucci said:
Is your bridging visa leading to PR? It would be costly to get a loan while on temporary visa because amortizations will be computed against the remaining validity of your visa. Since bridging visas are temporary in nature, meaning your application for substantial visa can be approved or disapproved, a car loan may not be viable.

The other option is to buy used. You can get from dealers or buy direct from sellers. Of course most of the time this would be spot cash and the prices can range from as low as Au1K upwards depending on the vehicle. If buying this way, be sure to bring along a mechanic who can check the vehicle and be sure to test drive. I haven't tried but read somewhere the mechanics would charge 2-3 hours labor cost. In most cases the cost would be better than buying a used car that would cost you more to service and maintain.

Thank you @cucci. I wasn't aware that there were those sorts of calculations involved relating to my Visa. I'll take you advise to bring a mechanic with me