Hi yes i heard when ur husband gets deployed or if you wanna get a car the interest should go down and the APR should go higher than 6%.. how true is that? bc i have 2 credit cards out and i would like to get the APR down on them? I heard it goes for the spouses of the military too.. hope you guys can help me ou on this
2007-12-12 11:47:18 · 9 answers · asked by armyfiance1722 1 in Politics & Government ➔ Military
whats the APR if i was to go get a loan out for a car? I heard of one APR but im not sure if its right or not
2007-12-12 12:29:45 · update #1
You've got some details mixed around:
In some cases, financial institutions are required to lower your interest rate under the Servicemembers' Civil Relief Act.
Any debt you incurred before coming onto active duty may qualify for a 6 percent interest-rate cap. This applies to debts for mobilized or activated reserve and National Guard members, as well as debts incurred by active-duty members before entering service.
Or if military service materially affects your ability to repay the debt, you qualify for the 6 percent rate.
There is a link to a form letter that you can send to your creditors below.
2007-12-12 12:17:02 · answer #1 · answered by RTO Trainer 6 · 4⤊ 0⤋
No, I've NEVER heard of that... I know most businesses will go out of their way to be helpful and understanding regarding deployments, but I've never hear or read about such a "program".
The Soldiers & Sailors Act does NOT cover that...
Personally, I don't think it's needed... all US military personell are now on Direct Deposit (since 1990's), and with the technology available to communicate I'd be surprised if business would yield to such a program
2007-12-12 12:09:10 · answer #2 · answered by mariner31 7 · 0⤊ 2⤋
The APR, or Annualized share fee, will supply you the definitely return on your funds. the adaptation between this and the nominal fee is frequently simply by compounding. case in point, in case you place $a million,000 in an account that paid 5% pastime, if it became compounded on a regular basis then your APR could be 5.127%, and you will have $a million,051.27 on the tip of the 12 months. basically whilst the pastime paid is common (non-compounded) does the nominal fee equivalent the APR.
2016-11-03 02:00:34 · answer #3 · answered by ? 4 · 0⤊ 0⤋
it does NOT apply to stuff that is in the spouses name only. it only applies to loans and such that are in the Servicemember's name. and it also only applies to debt acquired before the deployment, not on debt accrued during it.
also, interest rates do NOT have to be lowered if you were delinquent already or if the creditors think your income is not drastically reduced due to deployment.
2007-12-12 12:26:38 · answer #4 · answered by Mrsjvb 7 · 1⤊ 0⤋
no but there is a set rate that they have. When you are a military member your Apr can only be so much.
2007-12-12 12:11:04 · answer #5 · answered by crewdawg 2 · 0⤊ 2⤋
it's the soldiers and sailors act
Not every one does it if the loans were taken out while the service member was on Active Duty.
2007-12-12 11:54:21 · answer #6 · answered by MP US Army 7 · 1⤊ 1⤋
It is the Soldiers and Sailors Act, the company's can honor it or they don't, it is up to them. Your best bet is to contact the companies and find out if they will.
2007-12-12 11:58:10 · answer #7 · answered by NWIP 7 · 0⤊ 2⤋
Never heard that one. It may be something specific to one lender.
2007-12-12 11:50:33 · answer #8 · answered by Anonymous · 0⤊ 2⤋
Sounds like propaganda to get people to enlist.
2007-12-12 11:54:04 · answer #9 · answered by Arcanum Noctis 5 · 0⤊ 5⤋