Getting help with Military Auto Financing
If you are in the active duty military or retired from the military, it is important to take advantage of the special financing or deals available for military service members. When looking for a new or used car it is best to locate and secure financing first, and then find the car. Loan denial for military personnel from a credit union or bank institution can be discouraging and does make it more difficult to get a loan. This does not however mean that it is impossible to get the military car loans needed to get the auto you want.
Loans are generally denied for one or more of the following reasons: past credit issues, too high of a debt to income ratio, and lack of sources. If you have had issues maintaining good credit in the past due to defaulted or late payments it can affect your desirability to lenders. A current of previous bankruptcy will affect whether or not you can get a loan. A repossession of an automobile in the past can lead to loan denial.
If your current debt to income ratio is too high you may not be a considered a good candidate for a loan. In order to find your debt to income ration you can divide your total gross income by the total dollar amount of your current debts. Gross income includes any money received from your job. The total of your debts includes any housing fees, credit card payments, and any child support or alimony payments that you may have.
Lack of sources is a main reason for which automobile loans can be denied. Many lenders require a minimum amount of time employed in your current job position. There is also a minimum length of time residing at your current residence that is required by most lenders. If you are unable to prove your income for any reason you may be denied for a loan. Ways to prove your income include current bank statements as well as current pay stubs.
Each person is different and each loan candidate considered individually when searching for military car financing with bad credit. There can be many different reasons why someone would be denied a loan. There are lenders who provide loans to past and present military service persons in consideration of special circumstances. There are services that connect military personnel with lenders or dealers who can help customers that have past credit issues, high debt to income ratio, or lack of sources. Researching your options and finding the service that is right for you can help to get you into the auto that you need while allowing loan providers who want to help out those who have served our country to serve you.
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