If you are the spouse of someone who is serving in any branch of the military, and you need a new car but cannot afford it without a loan, you may find yourself in a complicated spot. Your spouse's military pay plays a big part in your ability to get a car, but, if he or she is not stateside to help you get the loan, there are several new car loan programs that focus on helping spouses of military personnel. Here are just a few.
Navy/Federal Loan Programs
Even though the word "navy" is involved in these loan programs, the truth is that these programs are established by the federal government to assist all branches of military personnel and their families, especially any spouses that are left behind. That said, you can apply for a new car loan through these programs, and, because they are connected to the federal government and military branches, they can easily verify your spouse's income as a soldier and your overall ability to repay the loan.
Online Lending Programs
Many online lending programs do no ask for more than your personal information and your annual income. While these could be a quick solution to getting a car loan, do be careful of predatory online practices. Some will lend you the money you need with very little information about you, but the interest rates may be jaw-dropping. If you decide you have no alternative but an online lender, be sure to read all of the fine print before you give the lender your "e-signature." Deposits of the loan funds are often made within a few days, which is about the only real benefit this option provides.
Credit Unions
Credit unions have lending terms that are much more lax than traditional banks. Additionally, many credit unions offer low interest rates on car loans to military families, sort of their way of saying "thanks" for the service provided by military personnel. You will have to provide your household income, and there may be a credit check involved, but again, the regulations are more relaxed in light of the financial difficulties many military families face in the absence of their soldier-spouses. You may also have to become a member of the credit union, but that typically involves a very small deposit into a savings account, and then you are good to go.
If you need a new car loan and your spouse is in the military, be sure to check out these options to get the best payment plan available.
