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Duration of auto loan while on work visa?

New Member

Duration of auto loan while on work visa?

I had a question regarding application for an auto loan while on work visa in USA.

 

My husband and I are both on H1-B work visa working for different firms and are looking at purchasing a new car via a joint loan(hoping to get a lowest APR offered by car dealers that way). We also plan to make a down payment upto 30-35% of the total price of the new 2012 vehicle.

Since most loans cannot be offered for a period beyond the visa expiry date, I wanted to know:

 

  • how would the loan period be calculated in our case where I have my visa which is valid for the next one year (with a possible 3 year extension after renewal) while my husband has his visa valid for the next 3 years?
  • what would be the maximum period be for the loan to be paid off - will it be in the next 3 years or will it be a 1 year period?

 

Thanks. Appreciate your inputs.

 

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Senior Contributor

Re: Duration of auto loan while on work visa?

Someone here might know, but you might get your question answered more quickly by calling a dealer, bank, or credit union and asking them. 


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