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I'm in the Military and need a
car - what do I have need to do to get a car loan?
Get
Approved for Your Car loan before You Walk into the Car Dealership
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Home > Bad
Credit Car Loan Help
If you're in the military and you need a car, this
article will explain some of the things that you can do to get
approved for a car loan, even if you have bad credit or no credit.
First, if you're in the military, take advantage of a military
car loan. These types of loans are unique, low interest rate loans
that some financial lenders give to military personnel. Interest
rates for military loans are highly competitive with other financial
lenders such as larger banks. Military loans help get you emergency
funding when you need it, and usually military loans don't require
stringent qualifications such as good credit. Even if you have
bad credit, or even no credit at all, but you're in the military,
you should be able to apply and get approved for a military loan.
You should also be able to find different levels of military loans
available, from loans for servicemen and servicewomen who have
good credit, to those that have damaged credit or no credit. Know
that bad credit car loans typically have higher interest rates
than good credit car loans.
Military loans tend to be very flexible, and are usually approved
quickly because of the aforementioned more relaxed credit check
requirements. If you're in the military, your job is guaranteed
which contributes to the relative ease and speed of getting approved.
Another reason why military loans can be of benefit for those
with bad credit is that an auto loan has one of the biggest impact
on your credit score. If you pay off the loan as agreed, after
six to 12 months of making payments, your credit score will go
up considerably.
As always when applying for any loan, make sure to do your research.
Again, it's about options. Make sure you're fully aware of a car
loan's terms and conditions to ensure that you're getting a good
deal.
Online, you can find many financial lenders that specialize in
military personnel, and helping them get loans for any reason,
and with or without good credit. As well, many credit unions can
get give you better car loan interest rates depending on your
military rank. Many military posts actually have credit unions
on base for this very reason.
For those with bad credit, here's another piece of advice. Get
a recent copy of your own credit report BEFORE you visit lenders.
Show the lenders your recent report, and request that they DON'T
run your credit report unless they can pre-approve your car loan
beforehand. Every time a lender runs a credit report, your FICO
score is impacted, so the less frequently it's run, the better.
Though, as mentioned, military car loans have a relatively fast
approval turnaround time, if you're able to make any level of
a down payment, you'll speed up that approval process even faster,
along with improving your car loan terms, such as contractual
duration, interest rates and monthly car payments.
If you need a car loan and you're serving our country, consider
letting the country serve you with a military car loan.
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