On Active Duty is it possible to apply and get approved for a small auto loan even though you have bad credit and debts?

SSG Private RallyPoint Member — Sun, 22 Jul 2018 12:18:51 -0400

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?

Response by SFC Ralph E Kelley made Jul 22 at 2018 1:54 PM

SFC Ralph E Kelley — Sun, 22 Jul 2018 13:54:42 -0400

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.

Response by SGT Joseph Gunderson made Jul 22 at 2018 1:59 PM

SGT Joseph Gunderson — Sun, 22 Jul 2018 13:59:12 -0400

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.

Response by MSG Private RallyPoint Member made Jul 22 at 2018 2:29 PM

MSG Private RallyPoint Member — Sun, 22 Jul 2018 14:29:37 -0400

SSG Private RallyPoint Member 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.