International students buy car in Australia is a necessity rather than being a luxury. It is the tram services in Australia which helps people to arrive at places punctually. It is very hard to surpass the traffic in cities where tram services are not present. After experiencing the dense traffic of Australia, you would obviously rethink your decision to commute through public transport. Travelling on daily basis in the busy cities of Australia would be a headache for the international students.
As per the national statistics of Australia, an average person has to commute for around one hour on a daily basis. Australia is big country and most of its universities are located at rural areas. The life of international students is very much busy since they have to find a perfect balance in between the academic and work life. Having a car would be very beneficial for the international students for daily commutation. Commuting daily through car in the well-developed highways of Australia is a routine for the native population and international student could avail car loans at minimal interest in Australia.
You could get a lot of option to buy cars in Australia since it is the part of daily life there. The students should first make a decision whether they want to buy a new car or a used car. Though a new car would be very expensive, you could avoid the persistent repair costs.
Ways for International students buy car in Australia?
If you could afford the outright cost of a car, it is the best choice to buy a new one. Buying a new car would entail you with high responsibility, and you would be accountable to whatever happens with your automobile. The international students could easily apply for a car loan in Australia.
Savings in long term perspective – You could avoid the periodical instalment of rent or maintenance charges from your monthly budget if you buy a new car. You just have to pay the periodic instalment of the car loan you have taken. Paying for the loan is better option than paying rent because in the closure of loan you would end up with your own car. Cars are always in demand in Australia and you could easily sell it to another person while you are leaving the country.
No Limitations- You would be the solely accountable for whatever you do with your car. No other person would have the right to put restriction on how and when you use your car. The international students who would like to go for leisure trips quite often, should buy their own car.
Less rate of interest for buying new car – The banks in Australia offers car loans at very low interest for the international students.
Value Depreciation – It is one of the major drawbacks of buying a new car. The value of the car would keep on depreciating on daily basis. There would eventually a huge gap in between the loan you have paid for and the present value of the car.
Require a large sum upfront – You have to pay a large down payment to avail car loans. The zero-down policy in the leases seems to be more attractive than buying a brand-new car. In Australia, you are required to provide at least 15 % of the total amount as upfront.
Regular cost for maintenance – You are the sole person responsible for whatever happens to your car after sales. Sometimes owner of the car may have to incur large expense in case of major repair. For international students, such type of expenses would bring large financial liability.
Leasing is a viable option for the international students, who couldn’t possess huge upfront amount. The student could lease various cars every year by the choice of leasing. In Australia, you could also be provided with the facility to buy the car by the end of the lease agreement.
Warranty Coverage – The major advantage of leasing a car is that they would be provided with warranty coverage throughout the ownership period. It is the responsibility of the leasing agency to repair the car if it requires minor errors.
Less expenditure for short span – Leasing is a very good option for the international students who require cars for only short periods. The lease service would be very helpful to the students who have very limited cash flow. The monthly lease would be very less as compared the periodical instalment of car loans. The advantage of free car services and small periodic charges makes lease services the most preferable option among the students.
Could use different brand-new cars – It is the human nature that they crave for brand new things persistently. The lease service makes it possible for the users to possess different brand-new cars. It is not financially possible for a person to buy the latest cars frequently. The maximum period for leasing a car is 3 years, and the agreement could be renewed by booking a new car after its expiry.
Not feasible for long term – If the international student would choose the leasing service for a long span, the overall expenditure would be much higher than the overall cost of the car itself. If you intend to use the car for a long period, it would be better to buy a brand-new car. Unlike the case of car loan, you would not end up with your own car in the case of lease agreement. Hence, we don’t exclusively recommend our readers to take car on lease in Australia.
Stern Laws – The requirements to take a car on lease are very strict in Australia. International students may think that leasing a car is much easier than taking a car loan. The students should understand that it is much harder to take a car on lease. The students have to meet many requirements like purchasing extra GAP insurance before entering into the lease agreement. GAP ensure the recovery of amount if the customer doesn’t return the car.
it would also result in restrictions on the distance you could commute altogether in the car. These restrictions altogether make hiring a car on lease a headache.
How to get a car loan in Australia?
If you have arrived at the decision to buy a car by reading the above provided comparison, the below written content would be very beneficial for you. Most probably you are going to apply for a loan to buy a car. There are certain restrictions to avail loan for International students buy car in Australia. The major reason behind the restrictions is that Australian banks consider it risky to lend money to non-citizens. Immigrants are perceived as high-risk borrowers in Australia.
The international student should possess the above provided documents to avail a car loan in Australia. The student should fill an online form for car loan which would get verified within a working day.
The authorities would notify the students via mail if they are eligible for the car loan. It is in this stage that the above listed documents need to be submitted by the international students. The maximum time for cash disbursement after the verification of documents is 48 hours.
The Australian government has even provided the facility to avail a loan for the down so that International students buy car in Australia. If the student applies for car loan after submitting a considerable upfront amount, there would be a considerable drop in the interest rate. The international students should punctually close their periodic instalments for loan unless it would even affect your visa provisions.
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