Car Loans For International Students

Ok so you’ve a student a need a car. They’re expensive, we get it. After a long day trudging around in public transport the thought does cross your mind -'how do i obtain a car loan as an international student'. So you jump online looking for ways to get a car loan as an international student. The good news is that there are options available to you - it may be possible to get a car loan while studying in Australia. Not all lenders will lend to students. And for the lenders who do lend to students each have their own requirements and conditions – known as underwriting criteria.

How to apply for a student car loan.

Before applying for a loan, a lender or credit provider will want to find out a bit about you to determine if they want to lend to you. Usually this involves a credit check when you apply for credit. Any previous credit you have that you have paid regularly on will be a benefit, as this helps build your credit history and show that you have a habit of paying your bills on time so lenders can determine the risk of providing a car loan to you. There are websites that allow you to do a credit check which we recommend you do prior to applying for a loan.

Are you an international student looking for a car loan?

Having a job will help show the lender you have the ability to repay the loan. Other documents such as overseas bank statements or foreign credit history may also be considered when apply for a car loans for international students. One method that can help you if you are seeking an international student car loan or finance is the use of a guarantor. A guarantor or co borrower helps with international student car loans as there is someone who has the credit history who makes your application more palatable. Be mindful though as the guarantor is going to be responsible for payment of the loan in the event you do not make good on your commitment – so its important the guarantor understands exactly what they are up against and is fully aware when entering into such agreements.

Help obtaining a car loan as an international student.

Insta Auto is a leading automotive technology provider that connects dealers, lenders and customers and aims to save time and money in the car financing process. You can download our car finance app and apply for a loan today.