Auto Loans

Written by Liza Hartung
Bookmark and Share

Being in the military, especially on active duty, you may not have had need for a car. However, now that you are getting out, that need has suddenly become quite apparent. Even though you need a car, you might not have the money to get a decent one, or any one at all. This is when you will want to apply for a loan. Being a member of the military, you can apply for military loans where you'll receive special consideration.

When you are applying for an auto loan, you will need to think about a few things. First, do you just need a loan for the initial down payment, or will you need more to make the first few months' worth of payments? This will help you figure out how much you need to apply for. If you are having trouble, you can talk with a financial planner.

Your goal should be to take out as little as possible without running yourself into the ground. Remember, the more you take out, the more you have to pay back. Not only that, but remember that you'll also be paying back the interest on your loan. The longer you take to pay your loan back, the more money you will have to pay beyond the initial loan amount. If you have bad credit, your interest rate could be quite high.

Personal Loans

A personal loan is the kind of loan you will use to purchase a car. You can also use such a loan for things like remodeling your home, buying a new television or purchasing any major appliances. You don't have to specify that you are going to buy a car unless you are asked. Your loan will be treated differently if you say it's a personal loan, as opposed to saying that the loan is for an auto.


Bookmark and Share