I’m military. I have debt. Probably about close to 6,000 dollars in debt. I am in desperate need of a car. I just got to my duty station and have no means on transportation. How can I get a loan?
How Can I Get A Loan For A Car, When I Have Delinquent Payments On My Credit?
February 12th, 2010 by Home Loans Leave a reply »
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About the only thing you might be able to do will be to go to a used car outlet that caters to people with less than stellar credit (a “pay here” dealer or similar). Be advised that you will pay an extremely high interest rate (it could be 2% a month/24% a year in some places). You may also be required to bring any current delinquencies up to date.
You might have a more sympathetic ear with one of the credit unions that caters to military members, such as Navy Federal, Pentagon Federal, etc. They are offering car loans at 3.99% right now. I would try there.
The $6,000 in debt isn’t a whole lot, but if you are active duty, make sure you look into the soldiers and sailors relief act, which provides strict limitations on what creditors can do to collect money from service members. It also reduces interest rates in many cases.
Good luck and thank you for your service.
If you are unfortunate enough to have a bad credit rating then you will probably know how hard it is to get any kind of credit. Lenders will turn you down for as long as you are seen as too big a risk even if the credit problem was long in the past and you are back on your feet again. When it comes to loans for those with a bad history of credit then they are available and your best option is to look for the best deal for bad credit loans online. When shopping for a car loan, it is important to compare many aspects of the different car loans you might be offered. You will want to compare car loan rates, terms, and read all of the fine print. The best way to begin to compare auto loans is to familiarize yourself with the different types of auto loans out there. The first type of auto loan is a loan with a fixed interest rate. this means the interest rate does not change through the life of the loan. this is the most important typical type of car loan.
try paying 3/4 of the price of the car. not a promise, but just a try…although there is a strong possibility that you won’t get any loan.
your credit card is the source of your credit history that if bad that could lead to a very unacceptable low fico score.
I know its easy to get alone from Omni Financial, have you tired getting in touch with them? They will only work with military personal and give them loans up to $10,000. their web site is http://www.militaryloans.com