Military Automobile Loans?
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My husband and I are new to the military and are shopping for automobile financing. A lot of places I’ve been finding online are "fast" and "bad credit ok!"- this puts me on guard. We both have a good credit, and are looking for a decent rate. Anyone have any insight or lenders they’ve used? We’re looking for a 13,000 dollar loan
I don’t really want to go through the dealer for financing since my dad owns the dealer (we’re getting a good price) and our finances will be available for him and the finance manager to view. It’s not a big deal- I just hate having my parents in my finances.
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AD said:
Look at some of the military banks and credit unions out there. PenFed is offering 3.99% but they may not finance you if you don’t have a lot of things on your credit report. Navy Federal is more leinent but their interest rate is a little higher, around 5.25%. USAA offers good deals but they can go either way.
Whatever you do, be careful and read all of the terms and conditions if you pick anybody other than those three I mentioned. Some are strictly out there to rip you off and will go as far as having your husband sign a waiver allowing them to contact his chain of command if anything goes wrong because otherwise it would be illegal for them to contact his boss to discuss the loan according to the Fair Credit Reporting Act.
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0November 15th, 2009 at 7:32 pm -
rejectedsoul said:
gonna be hard right now go through a national dealer
use a bank
there are no military car loan programs to my knowledgeLike or Dislike:
0 0November 15th, 2009 at 7:32 pm -
ghost said:
um depends on what base ur at but im at fort bragg and i just got a brand new car and i had fort bragg credit union finance it for me..i got the best deal i could find from them…try and look up and see if theres any credit unions around they are usually the best..in my choice.. also ask for any programs they might have ..alot of em help out soldiers especially if u have no credit they give u a break..
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0 0November 15th, 2009 at 7:32 pm -
Curtis B said:
Go to a bank or credit union. Steer clear of lots that offer loans for military. The "E-1 and up" "buy here-pay here" places will give you a lemon, and charge you through the nose for financing. It would be better to buy a car from home than buy one from right off the base, or at least go a few towns away to look for one, but that might not be possible for you, so all I can say is, buy from a reputable new car dealer (even if you are buying used) and try to get financing lined up ahead of time.
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0 0November 15th, 2009 at 7:32 pm -
Kat said:
Join Navy Federal Credit Union [not affiliated with the Navy} But they have great rates like3.75% Talk to them today. You can sign up online. Or USAA Insurance. Both are backed by retired Military personnel.
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0 0November 15th, 2009 at 7:32 pm -
Am said:
My bank account is through USAA, they also carry my home and vehicle loans. I have good interest rates, and have always had good service.
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0 0November 15th, 2009 at 7:32 pm -
Mrsjvb said:
his command will have a list of all the places in town that are OFF LIMITS to him.
go through your bank first.
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0 0November 15th, 2009 at 7:32 pm -
John M said:
Try Omni Financial, Omni Financial has been around for years and will lend you up to 10,000 dollars. Loans are usually quick and easy to approve. Good luck
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0 0November 15th, 2009 at 7:32 pm
