Need a loan. I am in the NAVY?

Question

Is it easy to get a loan if you have bad credit and you are in the navy? Does anyone with military experience know? I leave for basic training in February and I need to know if I should keep my car or sell it. If I am not gonna be able to get a loan I will probably keep the one I have. 10 points to best answer.

Answer 1

Jesse- If you still owe on the car and making payments is a concern while at boot camp, then under federal law you can call your bank and get the payments deferred for up to one year. You'll have to fax your DD form 4 (enlistment contract) and be up to date on payments.

You can do the same with credit cards and cell phone companies. Just call them all now and tell them that your leaving for boot camp and need to defer payments.

Once you ship, you will start to receive a regular pay check. At boot camp, you will be offered Navy Federal Credit Union (NFCU). Take it. Concentrate on paying your dept, don't get anymore credit. After boot camp and school, you will select a duty station, you really won't need a car for about a year or so. Once established, at a duty station, and you want a car, go to NFCU and they will help. DO NOT BUY A CAR AT A BUY HERE PAY HERE LOT. These are a dime a dozen around military bases and they will screw you. If NFCU can not qualify you then wait until they can.

Good Luck, hope this helps.

Answer 2

If you have bad credit its hard to get a car. The Navy has its own bank but they will still check you credit before they give you a car loan. Near the bases there are lots of car lots that will do their own loans BUT they are crappy cars and VERY HIGH interest rates! If I were you I would keep my car and save up some money! If you have any old bills out, pay them off and fix your credit. If you don't have any outstanding bills causing your bad credit, you may have a better chance of the Navy federal helping you get a car, if you have a down payment.

Answer 3

Go with Chief's answer. That is your best bet right now. And please beleive him about the Buy Here Pay Here places around the military bases. We had one guy do one of those and after all was said and done his interest was....don't choke...72%!!!!! It was unbelievable. If you think your getting screwed, tell them that you want to take the contract to Navy Legal. If they are on the up and up they will have no problem w/ that deal. If not, then hand it back to them and say "Thanks, but no thanks!" Be careful. Build your credit back up, defer all payment while in boot and have a savings plan in place. If you go overseas, that is the time to save money as well. Also, if you go to a ship that is PRIME time to save lots of cash. Pay as much as you can a month and live off the rest. It might take you about 2 yrs to get your credit to a good score, but it will pay off in the end.. Good luck at boot...just remember to keep your mouth shut, do what they tell you, don't talk back or argue and keep in your mind that it's not going to last forever!

Answer 4

keep the car you have. you won't be using it much..not at all during Boot camp, and possibly not even at A school. Once you Hit the Fleet, save up your money but pay close attention to the blacklist at each base. these are businesses which have been found to have unsavory business practices and prey on junior enlisted.

Your status as a squid will have zero bearing on whether or not you can get a loan. Just be aware if your credit is bad enough, oyu can be denied a Clearance, and if your rating requires one, you will be forced to choose another one.

Answer 5

if u are a memeber of navy federal credit union, if you have a credit score of at least 500 then they will work you for a personal or car loan...you should definetely check them out.. i would keep the one that you have and wait until you at least get to A school before trying to get a new one..see what they can do for you and THEN trade on or sale it

Answer 6

best wishes