Reply
New Member
sushji
Posts: 2
Registered: ‎11-01-2012

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.

 

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

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. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+