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?