Being in the military has certain advantages in the personal finance market, such as lower rates on car insurance, discounts at certain stores, as well as the ability to apply for military loans. These are personal finance instruments tailor-made for service men and women.
Not only may you get a good deal on a car because of being a service member, you may also qualify for an auto loan with lower interest rates, lower fees, and more comfortable repayment terms, even if your credit rating is somewhat missing. A bad credit military auto loan can put you in the driving seat.
Guilty or Innocent
Bad credit happens, especially in the rough and tumble financial times in which we find ourselves. Many individuals have taken some bad hits on their credit reports, either because of late payments, defaults, or even bankruptcy.
Or, maybe you just have not had a chance to establish yourself when it comes to using credit. Having no credit puts one into pretty much the same state as having bad credit. You have yet to prove yourself when it comes to using credit wisely.
Car Loans Are Available
In spite of the fact that you have a credit history that is not perfect or is just not existent, you can land a loan and you will not have to pay through the nose to get it. While bad credit auto loans are available to the general public, interest rates and fees are rather high because of the risk the lender is taking. Also, repayment terms might not be so comfortable.
With bad credit military auto loans, you will be paying interest fees that are higher than those for good credit borrowers, but you will find that military loans have better interest rates, lower fees, and more comfortable repayment terms than those for the bad credit general public. Shopping and scrutinizing are very important.
Traditional vs. Private Lenders
Traditional lenders such as banks and credit unions have tightened up their requirements for credit. Nowadays even good credit borrowers have a little trouble getting loans. Seeing this gap in the market has called forth some private lenders willing to take a risk with bad credit military auto loans. In fact, so many are out there now that you will be able to do some shopping to find the best bad credit auto loan to suit your financial situation.
Your best bet is to go shopping on the internet. Many lenders have set up shop there. Simply punch the key phrase into your browser: Bad Credit Military Auto Loans. You will be rewarded with the websites of many lenders willing to extend auto loans to you. You will even find brokers who will take your general information and compile a list of lenders most likely to approve your loan in light of your present financial situation. Since many will forgo a credit check, the turnaround time to get your loan approved could be as little as 24 hours.
Get That Car
Before you go shopping for a loan, you need to go shopping for a car. Be prepared to tell your lender the model and cost of the car you desire. If the lender is willing to cover you, you can walk onto the dealer lot with enough confidence to wrangle a good deal since your financing is pre-arranged.