Before deciding to buy a new car, make sure you know the difference between good debt and bad debt. Buying a car and making consistent, on-time auto loan payments can help create good credit for you.
Before they were famous, many truly influential men and women started by serving their country in the US military or grew up in military families.

Drive a Bargain, Not into Debt

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Depending on where you're stationed, a car may be a necessity for your military lifestyle. While it's true that the value of a new car decreases the moment you drive it off the lot, there are ways to determine and even maximize the value you'll get from your car, even before you're ready to buy it.

SIZE UP YOUR MILITARY FINANCES

Before deciding to buy a new car, make sure you know the difference between good debt and bad debt. Buying a car and making consistent, on-time auto loan payments can help create good credit for you. But first, consider your financial stability, your credit score, and the full cost of car ownership.

Do your financial homework. When calculating the total cost of your new car, include auto insurance and car maintenance. Make sure the total monthly cost of car ownership will not exceed 12 percent of your monthly, after-tax military income.

USE GOOD CREDIT TO SCORE A WINNING AUTO DEAL

A high credit score can help you get the lowest auto loan rates. To score the best auto loan, your credit should score higher than 700. There are even some good auto loan deals for the credit scores in the 600-700 range.

If your credit score is below 600, you may want to steer away from a new-car buy just now. Take steps to increase your credit score before you buy a new car.

Or you can check out the potential of military bad-credit loans which may offer better rates than other bad-credit or no-credit loans. Do take steps to increase our credit score, as it will serve you best in your financial future.

DISCOUNTED MILITARY AUTO INSURANCE

Find out about discounted military auto insurance that may be available. As a member of the military, a veteran, or a member of the National Guard or Reserves, you may be eligible for up to 15 percent discounted military auto insurance.

Military auto insurance discounts can also available to the Air Force Association, Fleet Reserve Association, Navy Federal Credit Union, Marine Corps League, Association of the United States Army, Air Force Sergeants Association, National Military Family Association, Pentagon Federal Credit Union, US Coast Guard Chief Petty Officers Association.

A new car can be beneficial to your military lifestyle and your credit, if you can truly afford it. Even in a downward economy, your military job and your military pay are more secure than most civilians. That's good news for military car buyers who can count on their military job security and financial stability as they prepare to take on a new car expense.



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