Written by Mark Hergert1
Published on 03 September 2012 Hits: 5022
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The Ins and Outs of Auto Financing

for Members of the Military



In the past and even today, a number of lenders and car dealers take
advantage of members of the military. The biggest culprits have been
the local used car lots that advertise “buy here, pay here” loans.
Young servicemen who do not bring home a lot of money have gotten
locked into loans with 30, 40, and even 50 percent interest rates for
poorly running vehicles. The federal government has cracked down on
companies trying to exploit military families, and plenty of
legitimate lenders including Auto Credit Financial can help people in
all branches of the Armed Services.

 

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Military Finance Specialists


Some dishonest lenders have tried to use the fact that military
members move around a lot as a reason to issue unfair car loans.
However, reputable lenders recognize that while military members are
often on the move that they are employed by the United States
government. Thus, if a service member defaults on a loan the company
can get in touch with the Armed Services and petition to garnish a
portion of his wages to satisfy the loan. Most military members do not
want trouble with their commanding officers, so they take their
repayment responsibilities seriously.


The good news is that more and more lenders are recognizing the value
service members provide to their country and that they have one of the
most stable jobs in the world. If you are a member of the military and
have bad credit, you still can probably get a car loan at a lower
interest rate than a civilian who has a poor credit rating.


When applying for a car loan, have the names and addresses of several
references as well as your military ID and any proof of active
service. This will help reassure any skeptical financing
representatives and help you get all the discounts and considerations
to which you are entitled.

What's My Payment?

Down Payment($):
Auto loan amount ($):
Your Credit Rating:
Interest rate (%):
Auto loan term (months):

Credit Information Before You Buy

AUTOLOAN

After years of delays, the credit industry finally agreed to give consumers access to their personal "credit scores." This is important, because lenders use credit scores to determine who to give credit to and at what rates. Knowing your credit score can be empowering,If it's low you can take steps to improve your credit worthiness and if it's high you may be able to use it as leverage when shopping for your next car loan.