xmp

I could have posted this question in an automotive forum but most of the posters there would likely not understand the additional layer of complexity involved in the decision making process for us expats. So, here goes:

For a new immigrant on a work visa who is planning to stay in the country for good but would also prefer a newer car in 3 years' time, what would be the best way to go?

As a new immigrant, we have lots of options right now to get excellent credit (finance/lease) even without a credit score, thanks to "Foreign Professionals Plans" by automakers like Audi, BMW, VW, Ford, Mazda, etc. But, will one's credit score improve enough in three years to qualify for an equally excellent loan when it's time to purchase the next lease/car? None of those options above would exist then!

Bob

A car loan is a piece of piss to get, so don't even worry about it. Plus you only need 2 years worth of credit history to get the best rates.

xmp

I stumbled upon this thread which got me worried: united states - What's a reliable way for a non-permanent resident alien in the USA to get an auto loan? - Personal Finance & Money Stack Exchange

The OP has posted his entire experience there (in the first post as well as in the second answer). He had five years of credit history and still had some difficulty getting the loan (although he eventually did get one through the dealership). So, I started wondering how hard it would be for me to get a loan with only three years of history.

Complicating matters, like with the OP there, is that I will have only one year left on my H1-B visa then (fourth year of medical residency). And my credit risk would hinge on the underwriter's assessment of my ability to find a job at the end of my training.

Pulaski

His problem appears to be his "non-permanent status" not his credit history. After just a year you should have enough credit history for a decent car loan, after three years of (good) credit history, your credit history won't give you any problems at all; your "non-permanent status" might.

xmp

You're right. He does mention about the bank wanting to see more open cards, but the real problem was more likely the residency status. I can't adjust my status either until I complete the training on the H1-B and take up a job so I might have the exact same problem in three years too. Thanks for pointing that out. I think I'll stick to financing as it just seems to be less of a risk.

Hotscot

Just go to International Autosource.

lansbury

He is asking about in 3 years time when he wants to change his vehicle. He will be living in the US then so cannot use International Autosource.

Hotscot

Oh so he is...what the worry then. He'll have a credit trail.

docholywood

Re how long is left on your visa vs new car in 3 years. Cross that bridge when you get there (I.e buy a car) or just do a lease now for the duration of your visa, stick with it and if you have another visa to roll into, get a new one then.

My friend didn't even present his passport and got 3 years on an American car (who dont have international business person schemes etc and dont even get involved with ppl on visas alot of the time) even though his visa is only 2 remaining. He had built up enough credit score that they just did his deal no questions.he only has 3 yrs credit history. Every situation is different of course.

hungryhorace

FWIW, I leased. I came here not knowing if I would want to stay or not, and had a non-immigrant visa. I was originally going for a 36 month lease, yet because I had been in the country for a couple of weeks already they had to shift it forward to 30 months (they don't do 35 month leases).

So even though I had a 5 year visa, they knew (from presenting my passport) that I had only been stamped in for 36 months at the POE. Something to bear in mind.

xmp

Completely off-topic this, but does a 36 month stamp at POE mean you have to leave the country in 36 months? My visa is just one year long (medical residency visas are renewed every year because the contracts are only one year long). So I'll have to leave the country and re-enter at the end of each year? I'm assuming the POE stamp will not be longer than the visa itself. I was under the impression that I wouldn't have to! :S

hungryhorace

Unless you successfully adjust your status (ie, AOS to Permanent Resident), then yes. You must leave by the date stamped in your passport.

You will have to leave every year, correct. The border guard at the POE will (should) stamp you in until the expiry of your visa. You will need to depart before that period, obtain a new visa, and then re-enter on that.

BTW - you can just take a trip up to Canada to do this. You don't have to go home to Blighty.

xmp

Ugh. What a PITA. Thanks for letting me know though! It would've come as a complete surprise to me because everyone at the institution told me not to worry about the year-long visa because until I have to travel out of the country, I won't need to get another visa, and I could just stay in the country with the H1-B visa extension letter.

hungryhorace

You need to double check this with your employers immigration lawyer, as I can only tell you my experience on the visa I was on. Yours may be different.

Bob

That's correct. You will be land locked but in status. If you leave the US, you will need to visit a consulate/embassy to get a new visa to come back in on though.