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5 Things to Know About Military Car Loans

Posted on Dec 06, 2011 by Thalia Green
Dec 06

As a military member, you may either be looking into purchasing your first car or upgrading your vehicle to something a little more attractive or eco-friendly. When looking for military car loans, though, there are a few things to keep in mind.

 

Check With Your Command
Before getting into any kind of auto loan, but particularly those specializing in military car loans, it is highly recommended to check with your chain of command. Many commands have lists of trusted lenders and those recommended to stay away from. If you stick to the recommended lenders on the list, you're more likely to get command support if something goes wrong.

 

Rank Does Matter
Your lender will take your rank into serious consideration when you apply for an auto loan. They will be able to tell how much money you make per month, and they will be better able to base your monthly payments on your pay. While this is helpful, you should do a full budget of your expenses - both bills and discretionary money - to understand what you can afford prior to going in to the dealer.

 

Check Your Interest Rate
Be sure that you are getting the best interest rate possible. Interest adds up exponentially and can turn a $10,000 car into a $40,000 car instantly. Read the wording of the loan paperwork to make sure that if you choose to, you can make extra payments toward the principal of the loan without any penalties.

 

Pay-Off Penalties
Just as you may incur fees for paying in advance, you may also incur fees when it comes to paying off your loan early. Be sure you read the loan paperwork thoroughly.

 

Military Discounts and Specials
Not many places will advertise, but they may offer special military car loans, so don't hesitate to ask if they provide any discounts or special arrangements.

 

Being in the military means you get to travel, and whether that's traveling the globe or to the grocery store, you'll need a reliable vehicle. Do your homework before getting a military car loan, and you'll be sure to get a good vehicle that you can afford. 

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Military Advantage Program

Posted on Oct 21, 2011 by Thalia Green
Oct 21

Military car loansServing in the military can sometimes be tumultuous as you are told to move from one base to another. This can make making larger purchases like a car difficult. Fortunately the Military Advantage Program is available to help make the car buying process as smooth as possible.

 

What is the Military Advantage Program and who qualifies?
The Military Advantage Program is designed for active servicemen and women who are serving their country outside of the United States. If you choose to take advantage of this program, you would purchase the car remotely with the help of a representative. You can customize the vehicle just as if you were buying it in person, and then have it delivered to the location of your choice, either stateside or overseas. If you need a military car loan to purchase the vehicle, you can opt for financing through the lender of your choice. The Military Advantage program is available for cars in the Chrysler family of vehicles, as well as Ford and Lincoln.

 

What kind of guarantee do I have since I won't see the car until its delivered?
Rest assured that you have a Satisfaction Guarantee...if you are not happy with the car when it is delivered, you can receive a full refund. In addition, you will also have price protection, so even if the price goes up for some reason you will locked in at the lower price. Because they understand that your orders can change in an instant, the Military Advantage Program also permits you to change the delivery location or cancel the order outright if you wish. The program also guarantees delivery on the date specified.

 

Are there any perks?
Serving in the military requires sacrifice, but there are also benefits. The Military Advantage Program allows you to take advantage of special military-only discounts. You also get a Low-Price Guarantee, which will pay the difference if you find the same car elsewhere with the same promised delivery date.

 

To take advantage of this program visit www.ENCS.com. If you need financing for your new car, be sure to also visit Carloans.com, where we can match you up with the best military car loan for you. 

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Special Consideration Car Loans If You're In The Military

Posted on Sep 27, 2011 by Thalia Green
Sep 27

military car loansAre you serving in the armed forces? Or are you veteran? Few people sacrifice more for their country than those who agree to serve in the armed forces. If you are a current or past member of the military, we want to thank you for your service and help you with some tips on how to get the best deal on your next military car loan.

 

1) Beware of dealers located near military bases.
Although there are many dealers who operate their business honestly, there are also a number who attempt to scam those who buy cars from them. The number of shady dealers is proportionately higher among those who do business close to a military base. These tend to attempt to take advantage of young soldiers looking to buy their first car, and often fly oversized flags and have big signs that say "WELCOME MILITARY". Although the appearance outside is inviting, inside you might feel like you've stepped into a hornet's nest. Unscrupulous lenders will set up what seems like a good deal for a buyer, and then call a few days later and say that the terms have changed for some reason that is "beyond their control". Of course the dealer will give the buyer the option to back out of the deal, but they will find that the car they brought for a trade in has already been sold, making them feel compelled to take the new, less favorable terms of the loan. If you're in the military, it might benefit you to drive a little further off base to do your auto shopping.

 

2) Consider buying through a federal credit union.
Navy Federal Credit Union is the largest credit union in the world and welcomes people from all four branches of the military, as well as the Department of Defense. They are famous for having highly competitive car loan rates. If you aren't a member already, consider opening an account with Navy Federal Credit Union to take advantage of these great rates.

 

3) Do some research on special discounts.
Depending on the car you buy, the manufacturer may often have special discounts available to members of the military. These can be doubled up with current incentives, giving you an even greater discount.

 

If you are thinking about buying a car, get some advice from people who have been on base for a longer period of time. They may be able to give you a name of an honest, military-friendly dealer. 

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