Posted on Aug 2, 2017
PVT Aviation Operations Specialist
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BTW I have no credit history and 18 years old
Posted in these groups: 7d495cb Financial ServicesB9316429050z.1 20150301153016 000 g67a2u12p.1 0 Loans
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1SG Vet Technician
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Don't get a car. I am amazed at how many folks I see simply driving their car from barracks or work site to the DFAC that is a 10 minute walk away. Consider instead, putting 30-50% of your paycheck into savings at one of the mentioned credit unions. Assuming you are single and living on post, what do you need the money for anyway. Partying and food will burn a hole in your pocket. Sure, there are times when you will want a car to do stuff off base, but with military rates at most major rental agencies, you will spend way less on car rental expenses then you would spend on monthly car payments and fairly expensive insurance. (You are in a demographic that tends to be more expensive to insure).

If you can learn to live on this budget for a couple years, you will be surprised what you end up with in the bank. You may even have enough to almost pay off a decent used car up front. You should also consider trying to build up good credit. You are also in the demographic that a lot of credit card providers like to offer cards to, knowing that the typical one will likely max the card rapidly and pay minimums. My suggestion is to set up that savings account as I mentioned earlier, and get a credit card. Set up some sort of automatic payment to your card that pays it off every month. Again, after a couple years of this you will have established decent credit and have a good base savings.
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CWO3 Us Marine
CWO3 (Join to see)
>1 y
Hadn't thought this but it's actually not a bad idea. Just don't go wild with a hot (and expensive) ride to keep up with your peers. If you need one then consider being frugal or getting a better quality car that is certified used. While the rest are sporting a 2017 sub-compact you could be in a more substantial ride for less money. At your age savings needs to be on your mind, because time is your best friend when it comes to money later in life.
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Col Joseph Lenertz
Col Joseph Lenertz
>1 y
Great advice!
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Sgt Dennis Gray
Sgt Dennis Gray
>1 y
Keep in mind too, that if you go overseas. That big car payment and insurance will be financing a piece of yard art at your parents house.
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SN Greg Wright
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NFCU or USAA all the way. There are no better choices.
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SGM Erik Marquez
7
7
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USAA, PFCU, Navy Fed Credit
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SGM Erik Marquez
SGM Erik Marquez
>1 y
To expand based some other great advice your getting here..
While you will get best offers from a Credit union that supports the military, a down side is the lack of locations to do business with.
I Have an account with Alaska Federal Credit union, I have had since 2000 when I was stationed in AK. They have a check deposit application i use from my phone and a no add on fee ATM policy (though you will still pay the local provider fee)
As I still get great service and the service works for my needs I have retained that account and use it as my primary
We also have a PFCU account that has the same benefits as the AK one above, remote deposit, No add on ATM fee, and i actually have a local branch here at Fort Hood.
No financial institution has been able to beat PFCU;s' credit offerings on car or home since we got that account in the 1990's.
We have credit shopped for every car we have bought and always came back to PFCU. Apply on line, approved in the same day or next. More then a dozen car loans over the years, plus two for RVs and trailers.
They provided 1 of 3 mortgages for the three homes we have bought ...through they do not have that account now as I refinanced our latest home with a better offer they could not match.

Point is, the smaller credit unions MAY be a good deal, but check the limitations as well as the benefits before you leap at an offer.
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