Posted on Jul 22, 2018
On Active Duty is it possible to apply and get approved for a small auto loan even though you have bad credit and debts?
1.21K
17
19
0
0
0
I’m at my duty station and desperately need a car. I have a good of mine who is selling one for a good price, but I would need a small auto loan to pay for it. Is there anything I can do?
Posted >1 y ago
Responses: 3
3
3
0
SSG (Join to see) as a fellow 36B, one thing I can tell you is that you don't want to lose your security clearance because of bad credit. Because we are stewards of tax payers funds they'll yank it away from you quickly.
(3)
(0)
MSG (Join to see)
SSG (Join to see) your credit will improve over time...no worries. Just make good decisions when it comes to things like this. Your squad leader or NCOs will assist you.
(2)
(0)
SSG (Join to see)
MSG (Join to see) Thanks 1SG. I definitely will and by the way congrats on your promotion.
(0)
(0)
2
2
0
You don't need a car. Pay off your debts and get your credit up. Go link up with your CFNCO and they will get you on the right track. Either do that (the smart thing) or you can go to some dealership and pay something in upwards of 28% interest on a POS that is going to break down in a few years anyways.
(2)
(0)
SSG (Join to see)
Good point. I appreciate your input. I will definitely do that instead and work on my credit in the meantime.
(1)
(0)
SGT Joseph Gunderson
SSG (Join to see) - I wish you luck. It's a process, and it will not fix itself overnight, but I promise that putting the work in now will be better than having to deal with it later. Like I said, go talk to your Command Finance NCO and they should be able to help you create a plan to get on track. Look into options for an AER loan perhaps. If they approve it, you can pay down a lot of your debt now, save on the interest that you would be paying on, and instead have a no interest direct payment to AER. These are the kinds of options that you should be looking at. Do right by you, do right by setting an example for your soldiers. Good luck, bud.
(2)
(0)
SSG (Join to see)
Much appreciated brother. I will definitely do that first thing tomorrow morning. Thanks.
(1)
(0)
SFC Ralph E Kelley
SGT Joseph Gunderson - Good advice on all, definitely gotta fix that credit.
I had a similar problem when I was a SGT but I divorced her.
I had a similar problem when I was a SGT but I divorced her.
(1)
(0)
2
2
0
Go to a Bank or Credit Union.
Explain the issues and the circumstances you have bad credit.
Sign a authorization for direct payroll deduction from your military pay. Commonly called an allotment.
It should state that it is an agreement of both parties and cannot be stopped without agreement of both parties, prior to repayment of the loan amount.
The financial organization you choose will only make the loan till your next ETS date, but will most likely have a minimum time you have to left to serve before they will loan money under these terms.
EXAMPLE: Your Bank, "ETS in 2 years 3 months? We'll loan you $xxxx.00 for a 18 month loan"
The time, amount, terms and interest will be their decision not yours.
Hope this helped.
Explain the issues and the circumstances you have bad credit.
Sign a authorization for direct payroll deduction from your military pay. Commonly called an allotment.
It should state that it is an agreement of both parties and cannot be stopped without agreement of both parties, prior to repayment of the loan amount.
The financial organization you choose will only make the loan till your next ETS date, but will most likely have a minimum time you have to left to serve before they will loan money under these terms.
EXAMPLE: Your Bank, "ETS in 2 years 3 months? We'll loan you $xxxx.00 for a 18 month loan"
The time, amount, terms and interest will be their decision not yours.
Hope this helped.
(2)
(0)
SFC Ralph E Kelley
SSG (Join to see) - Where are you located? A place near your post would be best as they would be likely have retired or be more understanding of military problems. They will put a lien on the car.
(1)
(0)
SFC Ralph E Kelley
Unless my information is outdated - here's a list of a couple of Credit Unions in the Fort McCoy area.
I recommend a Credit Union over a bank because they are owned by the people that use them. You have more say (in a bank you have none) as to what goes on within them.
Their interest is generally lower than a bank's interest.
You will have to join them, but that's simply opening an account.
Have the person you starts your account introduce you to the Credit Union's Chief Loan Officer. Tell them your situation.
Be sure to discuss the check-to-financial-institution, the loan you want AND the allotment as separate items.
#1 - Right on Fort McCoy. That's an advantage.
R.I.A. Federal Credit Union
1501 S 10th Ave, Fort McCoy, WI 54656
#2 - This one is 9 miles West on State Hwy WI-21W
1st Community Credit Union
1000 W Wisconsin St, Sparta, WI 54656
#3 - This one is 10 miles East on State Hwy WI-21E
Tomah Area Credit Union
940 N Superior Ave, Tomah, WI 54660
I recommend a Credit Union over a bank because they are owned by the people that use them. You have more say (in a bank you have none) as to what goes on within them.
Their interest is generally lower than a bank's interest.
You will have to join them, but that's simply opening an account.
Have the person you starts your account introduce you to the Credit Union's Chief Loan Officer. Tell them your situation.
Be sure to discuss the check-to-financial-institution, the loan you want AND the allotment as separate items.
#1 - Right on Fort McCoy. That's an advantage.
R.I.A. Federal Credit Union
1501 S 10th Ave, Fort McCoy, WI 54656
#2 - This one is 9 miles West on State Hwy WI-21W
1st Community Credit Union
1000 W Wisconsin St, Sparta, WI 54656
#3 - This one is 10 miles East on State Hwy WI-21E
Tomah Area Credit Union
940 N Superior Ave, Tomah, WI 54660
(0)
(0)
Read This Next
Continue with Facebook 
Continue with Google