Guide to Bad Credit and Auto Military Loans
Posted by Greg Martin | Under Finance: GeneralSaturdayFeb 21, 2009
If you’re currently on active duty in the US - or have been in the past - a military loan is something you should consider. These loans are usually at a much lower interest rate than those available to civilians making them a very attractive proposition. For example auto loans from military are popular.
Most lenders have a lending cap of around $10000 for first time borrowers. However this does depend entirely on whether or not you have a bad credit rating and other factors (more on that later). On the application form it will ask you how much you wish to borrow. Sometimes the lender will think the amount you request is acceptable while other times they won’t so keep that in mind.
A major advantage of a military loan is that you can often get them within a few days of applying. For example some companies will receive your application and approve/deny it in a day, and then have the money transferred into your account within a day of the approval. So you can get a large amount of money whenever you need it.
Bad credit rating military loans are quite common but you must be especially careful as they are often at an increased interest rate. You should be careful with bad credit military loans because they can often have much stricter terms and conditions. There may also be a late payment penalty which is very steep - so make sure you do full research before committing yourself to a loan that you can’t hope to pay back in time.
If you’re currently in active service, your actual duty branch may be able to lend you money at an even better interest rate. This option could save you a lot of money. Whether you are getting a