Car Loan for Student Visa

lehatu on 11/07/2017 - 22:37

Hi guys,

So I'm an international student with 2 years left on my visa (will extend to work after that in Oz and I plan to stay for long)
I work 2 part-time jobs:

1 is private tutor, cash-in-hand, good money average out maybe 700-800$/week during uni time (peak might be 1100-1200$/week in exam time)

2 is Sale Consultant in Real Estate, just started working there for 2-3 months, average make about $2000/month (will increase as my company will do more marketing and promotion in the future)

So due to my new 2nd job, I really need a car and I plan to buy 1 in the next 1-2 months. Nothing fancy, below $15k all cost (Rego, Insurance, Pink/Green slip included all to $15k) and I want to get a car loan if possible. I mean I can pay cash, but I don't want to pay a lump sum because I want to keep them for emergency

So do you guys know anyone can get a car loan for student-visa? Lowest interest rate if possible, some down-payment is fine i guess and longest long-term as possible

Any help will be appreciated guys

Financial

closed Comments

  • citygal on 12/07/2017 - 00:02
    -2

    I don't think student visa is a restriction to a car loan. They put more focus on accessing your income and credit history. But your income from your job as a tutor is unlikely to be recognised as your "income" to get a car loan because it's cash in hand and there's no payment summary whatsoever (unless you reported your earnings from this job to the ATO which I don't think you did). Your income that the bank can access is your income from the real estate company.

    • lehatu on 12/07/2017 - 08:49

      Well im planning to declare the tutor job as Self Employed, will it help? And also do you know any bank can help me?

    • Baysew on 12/07/2017 - 09:59
      +1

      I don't think student visa is a restriction to a car loan.

      Banks will decline the application on the basis of a student visa.

      Personal Loans For Temporary Resident

      Also your work hours, (student Visa), is limited to 20 hours per week.

      Just pay cash!

      • SnoozeAndLose on 14/07/2017 - 21:56

        20 hours a week can work as private tutor 700-800$/week and Sale consultant. how much you get pay by hour cash as tutor?

  • garetz on 12/07/2017 - 00:37

    Not to mention as an international student with a student visa, i dont think you are able to work in australia legally. So no income can be used to be assessed for a car loan, unless you want to be deported.

    • citygal on 12/07/2017 - 01:21
      +4

      An international student with a student visa can work in Australia, but the working hours is restricted to 40 hours a fortnight (20 hours a week) during semester and no working restrictions during holidays.

      • lehatu on 12/07/2017 - 08:25

        Thanks heaps mate,

        Yea that's all about student visa

        I worked around 20 hr/week anyway

  • Findo on 12/07/2017 - 01:14
    +3

    I hope you are paying tax on your earnings.

    • lehatu on 12/07/2017 - 08:25
      -2

      Well it's cash in hand, so not currently.

      What about I declared it and use that for a loan?

      • dasher86 on 12/07/2017 - 09:21

        cash in hand earning still need to be declared on your tax return.

        • lehatu on 12/07/2017 - 09:30

          Yea I'm planning to do so soon. I wont be pay any tax since i made around 10-12k only.

          But then will it help me get a loan? Do you know any bank can do that?

        • Findo on 12/07/2017 - 10:10

          @lehatu:

          So i made about 10-12k last semester and got 6k from the real estate job.

          That's $16-18k

          Get yourself a Camry or corolla. Bulletproof, boring and cheap to run.

  • spackbace on 12/07/2017 - 01:15
    +3

    Lowest interest rate? Cmon seriously?

    Cash job has no bearing on a financier they won't look at it.

    So as far as any finance institution is concerned, you can get maximum 2 year term, and you've been in a job for 2-3 months earning $500/week.

    Good luck with low interest…!

    • spackbace on 12/07/2017 - 01:16
      +3

      I mean I can pay cash

      Then buy an $8k car which is more than adequate to get you around, and leave the rest of the savings in the kitty

      • lehatu on 12/07/2017 - 08:28

        Low to me is lower than 10% mate.

        I've been shopping around. Some broker can offer 4-5% car loan, but most will offer 7% and above. I'm aiming for lower than 10%

        For the cash payment, I don't want to since I've been into a situation whereby i need the money but i do not have it and it went quite bad (family issues so I prefer not to say anything more)

        • spackbace on 12/07/2017 - 09:30
          +1

          Have you put an application in to get those rates, or just seen them advertised?

          Sorry but your situation isn't a 4-5% situation, you're too risky

        • lehatu on 12/07/2017 - 09:32

          @Spackbace: not yet,

          Well that y i said i aim for below 10% since i know there is no way i can get 5%

        • spackbace on 12/07/2017 - 09:34
          +1

          @lehatu:

          Yep and even below 10% will be hard.

          In your situation, just be thankful someone will lend you money! Don't get hung up on the rate.

        • lehatu on 12/07/2017 - 10:11

          @Spackbace: :( well that's sad, well tbh i can still okay with 11-12% but more than that then i dont want it

        • spackbace on 12/07/2017 - 10:29

          @lehatu:

          Find a car, put an application in, see what they say

  • AliensStoleMyMoney on 12/07/2017 - 01:33

    bikies…………. no seriously why cant you just buy a old commodore or something ? you said nothing fancy is needed

    • Marcsie on 12/07/2017 - 06:20
      +1

      Old Commodore ? I rather buy Japanese or Korean cars like Mazda 3, Corrola or Hyundai I30 :)

    • lehatu on 12/07/2017 - 08:30

      Well I'm looking at a madaz 3 2012 onward.

      Nothing fancy means i do not care what the speed it gets, how cool it look and all those stuffs, but this is the first time i buy a car, so i want something reliable and fairly new cause i have very little knowledge about what car should i get or what should i be looking for in a car

      I want to get a car around 10-12k and then all paperwork comes in 15k

      • AliensStoleMyMoney on 12/07/2017 - 09:01
        +2

        well my commodore is 20 years old and runs perfectly fine even a 2012 model would be fine :)

        with commodores they are so common you get parts super cheap and repairs are cheap aswell :

        • Marcsie on 12/07/2017 - 09:17
          +1

          Nothing can beat Japanese or Korean cars regarding cheap easy service and reliability:)

        • lehatu on 12/07/2017 - 09:29

          Ok thanks mate, I'll take a look at the car :D

        • lehatu on 12/07/2017 - 09:29

          @Marcsie: what do you recommend for Jap and Kor car?

        • AliensStoleMyMoney on 12/07/2017 - 11:00

          @Marcsie:

          idk my family has one of each, and my car is the cheapest overall .

          not to mention the commodores are built like tanks

        • whooah1979 on 14/07/2017 - 21:47

          @lehatu:

          c o r o l l a.

  • Marcsie on 12/07/2017 - 06:17

    Just saving up money and buy car with cash, no loan :)

    • lehatu on 12/07/2017 - 08:31

      Yea but this sale job i got really need a car mate :( so the sooner i get it the better

      • Marcsie on 12/07/2017 - 09:14
        +1

        But borrow money to buy a car is not a very clever decision :)

        • lehatu on 12/07/2017 - 09:31

          Well i know that, it's just I've been a situation that i need the money but do not have it, luckily a friend help me out but still the situation can be lots better if i have the money in the first place.

          That's why i want a car loan, just for 2-3 years

  • apple2016 on 12/07/2017 - 06:52

    The loan term could be depending on your time remaining on student visa. I don't think you can get a 3 year loan.

    • lehatu on 12/07/2017 - 08:31

      Well that's alright, 2-3 years is fine for me if i really can not get longer than that

  • Ocker on 12/07/2017 - 08:24

    The ATO spies have amazing ways to catch those avoiding their taxation obligations by taking "cash-in-hand" payments

    • lehatu on 12/07/2017 - 08:32
      -1

      Haha thanks for the warning mate, I'm planning to declare it soon, let's see if that help me get a loan

    • Belv on 12/07/2017 - 10:13

      tell me how the hell they would know if any one makes cash in hand if no one talks or declares. i personally know heaps of people that make cash for some part time or one off jobs

  • lehatu on 12/07/2017 - 08:34

    Guys thank so much for all the replies so far.

    I'm thinking about declaring my tutor income as a self employed so that the bank can see what sort of income i got.

    So i made about 10-12k last semester and got 6k from the real estate job, total annually can be more than 30k/annually. Do you think that's help?

    Do you know anyone who can get me a loan guys?

    Thanks heaps

    • spackbace on 12/07/2017 - 09:33

      For self-employed income, you'll need tax statements etc and again, financiers are pretty strict on self-employed people.

      Have you put any applications in for finance? Maybe try and see what they say… You know, the professional finance person, not an internet forum

    • Belv on 12/07/2017 - 10:16

      self employed - thorough abn. you are going to need two years of proven pay instead to show bank. full time - only need 4-6 months pay proven

    • midlake on 14/07/2017 - 11:34

      This isn't helping with your question, but how do you get the tutoring gig and how many hours do you work a week? It sounds like a pretty sweet deal to me…..

      • lehatu on 14/07/2017 - 21:41
        +1

        Oh hey Midlake, so I started out tutoring with my friend. He's with a tutoring center somewhere down in Newtown and at 1 point he got so many students during the first week of uni so he got me into the job.

        Then after i tutored a few help him with the first 2 weeks, after that everything just based on referral and past students

        So normally i charged ~50$/h tutoring in Uni, sometimes i get more due to groups tutoring (2 people maybe just 80-90$/h) and then during peak times like assignments and exams, i charged like 80-90$/h

        Normally i work 20hr/week, during peak might go up to 25hr or something

        • midlake on 14/07/2017 - 22:04

          Thanks for the info lehatu. Sounds like a good deal. Wish that was around when I was in uni….. good luck with the car loan matey!

        • lehatu on 15/07/2017 - 21:36

          @midlake: yea thx mate, guess i just need to buy a cheaper car and go with cash then haha

  • sph on 12/07/2017 - 10:06

    Minor lenders unlikely to lend as you don't have PR. You will be very restricted to who will lend you money because of this.

    As other posters have stated, 15k is a lot to spend on a car if you just need something to get from A to B. Given your limited income and the fact that you need to borrow, I would suggest getting something much cheaper. You can still get a reliable car for around the 6k mar easily.

  • Findo on 12/07/2017 - 10:15

    Have you tried ratesetter and other peer lending sites? I doubt a traditional financial institution will lend you money at under 10% interest.

  • lainey13 on 13/07/2017 - 12:05
    +1

    So… you WANT to pay interest because you MIGHT need the money you already have as an 'emergency'. Right… why not borrow the money if you DO have an emergency then?!

  • whooah1979 on 14/07/2017 - 21:51

    just buy a $10k corolla. there is your asset in case you need emergency funds.

  • Blue Cat on 14/07/2017 - 22:59
    +1

    Buy the OZBargain approved car - Toyota Corolla (any year)!
    It is the #1 car for a reason - boring, slow and next to impossible to kill.

    • lehatu on 15/07/2017 - 21:37

      haha yeah what do u think about the civic? Other than Corolla what can i choose also?

  • lehatu on 15/07/2017 - 21:37

    Guys thanks for all the cmt so far

    seems like i can't get any loan anywhere so i might pay with cash and buy something 8-9k then.

    Will open another thread for what cars to buy, hope u guys can help me :)

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