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A car loan is a specific type of personal loan used for the purpose of purchasing a vehicle, such as a car, van, truck, motorcycle, or other motorized vehicles. A car loan is typically used when the borrower can not afford to purchase the vehicle with cash, but can afford to pay off a loan in monthly instalments.
Types of 457 visa car loans
A new car loan is for buying brand new cars (lenders will offer new car loans cars for up to five years) where the interest rate is likely to be lower. A new car loan will typically use the car as an asset to secure the loan.
A Used-car loan is available for cars Usually That are a five year old. A used car loan is usually a secured loan, like a new car loan, with the car as the asset.
Of An UNSECURED-car loan is available for Usually OldEr-car, That Banks do not see of value in securing. Unsecured loan interest rates are typically higher than secured car loans.
Who can apply for a 457 visa car loan?
If you’re a non-resident and hold a current 457 work sponsorship visa with a duration longer than the term of the car loan, you may be able to find a lender willing to consider your application..
What else should you consider when you compare a 457 car loans?
- The interest rate. Ensure that the interest rate you are offered is competitive for your financial history and the vehicle that you are purchasing.
- The loan term length. The shorter the loan, the less it will cost you in interest.
- Balloon payment. Some loans will require a larger sum payment at the end of the loan term. This is especially common with dealership lenders.
- Repayment frequency. Check to see how often you will need to make a payment and if you will be penalized for paying off the loan early.
- Fees or additional costs. Sometimes a loan with a higher interest rate with fewer hidden fees is more economical in the long run. Monthly account fees and establishment fees are common with car loans.
- It is likely your lender will insist upon valid car insurance during the life of the loan as additional protection for the car as the security of the loan.